ORS 399.240
Limitation on rate of interest incurred by state service members during period of active service


(1)

As used in this section:

(a)

“Interest” includes service charges, renewal fees or other charges or fees associated with an obligation or liability.

(b)

“Service member” means:

(A)

A member of the organized militia who is called into active service of the state by the Governor under ORS 399.065 (Ordering organized militia into active state service) (1) for 30 or more consecutive days.

(B)

A member of the Oregon National Guard who is called into active federal service under Title 10 of the United States Code.

(2)

Notwithstanding ORS 82.010 (Legal rate of interest), 83.095 (Service charge computed by actuarial method), 708A.255 (Interest rates on loans or uses of money), 723.502 (Purposes), 723.730 (Corporate central credit union) and 725.340 (Interest and other charges), an obligation or liability bearing interest at a rate in excess of six percent per year incurred by a service member before being called into active service may not, during any part of the period of active service, bear interest in excess of six percent per year except by court order.

(3)

The service member shall provide written notice to the creditor requesting that the rate of interest be reduced to six percent per year and shall include proof of the official orders showing that the service member is being called into active service of the state by the Governor under ORS 399.065 (Ordering organized militia into active state service) (1) or into active federal service under Title 10 of the United States Code.

(4)

A creditor that receives a request under subsection (3) of this section to reduce a rate of interest may apply to the court for a determination that the ability of a service member to pay interest on an obligation or liability at a rate in excess of six percent per year is not materially affected because of the active service of the member. If a court determines that the ability of a service member to pay interest on an obligation or liability at a rate in excess of six percent per year is not materially affected because of the active service of the member, the court may order an interest rate that is just.

(5)

A creditor must recompute the payment schedule to amortize the balance of the obligation or liability over the remainder of the obligation or liability at a rate of interest determined under subsection (2) or (4) of this section. [2003 c.387 §4; 2005 c.79 §2; 2009 c.541 §20]
Note: See note under 399.238 (Applications for relief of obligations or liabilities or stay of civil or administrative proceedings by state service members).

Source: Section 399.240 — Limitation on rate of interest incurred by state service members during period of active service, https://www.­oregonlegislature.­gov/bills_laws/ors/ors399.­html.

399.015
Army National Guard
399.025
Air National Guard
399.035
Oregon Civil Defense Force
399.045
Organization and training
399.055
Assemblies, periodic training and other duty
399.065
Ordering organized militia into active state service
399.075
Ordering organized militia to state active duty
399.085
Credit for active federal service
399.105
Militia unit facilities
399.115
Trespassers and disturbers to be placed in arrest
399.125
Repossession of military property by state
399.135
Right of way on public streets and highways
399.145
Free passage through tollgates and tunnels and over toll bridges and ferries
399.150
Oaths and affirmations
399.155
Unlawful wearing of uniform or insignia
399.205
Complaints of wrongs
399.210
Eligibility to state office of federally paid members of organized militia
399.215
Exemption from jury duty
399.225
Relief from civil or criminal liability
399.238
Applications for relief of obligations or liabilities or stay of civil or administrative proceedings by state service members
399.240
Limitation on rate of interest incurred by state service members during period of active service
399.242
Suspension or termination of certain services by service members
399.245
Definitions for ORS 399.245 to 399.265
399.255
Scholarship program
399.265
Award prior to completion of service requirement
399.275
Tuition waiver program
399.280
Eligibility
399.405
Appointment of commissioned officers
399.410
Applicability of chapter to warrant officers
399.415
Qualifications of officers
399.420
Assignment and transfer of officers
399.425
Resignations
399.430
Absence without leave considered resignation
399.435
Efficiency and medical examining boards
399.440
Efficiency and medical examining boards
399.445
Officer bonds
399.450
Responsibility for public property
399.456
Uniform allowance
399.460
Oregon National Guard Association
399.505
Enlistment, period of service, transfer, discharge and extensions of enlistments
399.510
Contract and oath of enlistment
399.515
Explanation of military laws and Oregon Code of Military Justice to members of organized militia
399.520
Noncommissioned officers
399.525
Discharges
399.530
Dropping from rolls
399.990
Penalties
Green check means up to date. Up to date