Or. Admin. R. 575-070-0090
Current through Register Vol. 63, No. 8, August 1, 2024
Section 575-070-0090 - Default(1) A loan shall be judged to be in default when an installment is due and not paid within 120 days. (2) The holder of a note may exercise the right of offset against any maker or co-maker of defaulted loans under the conditions set forth by the laws of the State of Oregon. The maker or co-maker shall pay any charges for assistance in exercising the right of offset incurred by the holder of the note. (3) The maker or co-maker shall pay all charges incurred should the note(s) be referred to an outside collection agency. (4) The application of offsets to a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments. (5) The prepayment of a portion of a defaulted loan shall not be credited to future payments nor be a substitute for regular monthly installments. Or. Admin. R. 575-070-0090
SSC 4-1987(Temp), f. 10-12-87, ef. 10-15-87; SSC 1-1988, f. & cert. ef. 1-6-88; OSAC 1-2015, f. & cert. ef. 12/18/2015Stat. Auth.: ORS 348
Stats. Implemented: ORS 329.757 - 329.780