ORS 708A.255
Interest rates on loans or uses of money

  • late charges

(1)

Except as otherwise provided in this section, the rate of interest or the amount of other charges that a financial institution may contract for and receive for a loan or use of money is not subject to limitation.

(2)

If a borrower repays before maturity a loan that an Oregon commercial bank made, the Oregon commercial bank shall refund or credit to the borrower as provided in this subsection the unearned portion of the charges, if any. The amount of the refund may not be less than the total interest contracted for to maturity, less the greater of:

(a)

Ten percent of the amount financed, or $75, whichever is less; or

(b)

The interest earned to the installment due date nearest the date of prepayment, computed by applying the simple interest rate of the loan to the actual principal balances outstanding, for the periods of time the balances were actually outstanding. For purposes of computations under this paragraph, the installment due date that precedes the date of prepayment is nearest if prepayment occurs 15 days or less after that installment date. If prepayment occurs more than 15 days after the preceding installment due date, the next succeeding installment due date is nearest the date of prepayment. In determining the simple interest rate, an Oregon commercial bank may apply to the scheduled payments the actuarial method, by which each scheduled payment is applied first to accrued and unpaid interest and any amount remaining is applied to reduce the principal balance.

(3)

Any installment of an installment loan or payment under an open-end credit arrangement that the borrower does not pay when due continues to bear interest until paid. In addition, if the borrower does not pay the installment or payment when due, the installment or payment may bear a late charge in an amount to which the Oregon commercial bank and the borrower agree. Except for loans secured by real property, an Oregon commercial bank may impose a late charge only if:

(a)

The Oregon commercial bank does not receive the installment or payment within 10 days after the due date or, if the open-end credit arrangement is a credit card account, the Oregon commercial bank does not receive the payment on or before the due date;

(b)

The loan agreement or open-end credit arrangement provides for a late charge upon delinquent installments or payments; and

(c)

The Oregon commercial bank provides a monthly billing, coupon or notice that discloses the date on which installments or payments are due and states that the Oregon commercial bank may impose a late charge if:

(A)

The Oregon commercial bank does not receive payment within 10 days after the date on which the installment or payment is due; or

(B)

In the case of an open-end credit arrangement that is a credit card account, the Oregon commercial bank does not receive payment on or before the date on which the payment is due. If the Oregon commercial bank and the borrower have provided in the note or other written loan agreement that the borrower will make payments on the loan by means of automatic deductions from a deposit account that the borrower maintains, this paragraph does not require the Oregon commercial bank to provide the borrower with a monthly billing, coupon or notice on any occasion in which insufficient funds are in the borrower’s account to cover the amount of a loan payment on the date the loan payment becomes due and within the periods described in paragraph (a) of this subsection. [1997 c.631 §139; 1997 c.631 §139a; 2001 c.440 §1; 2015 c.244 §43]

Source: Section 708A.255 — Interest rates on loans or uses of money; late charges, https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html.

708A.005
Powers of institutions
708A.010
Investments and activities of Oregon commercial banks
708A.115
Investment in government obligations
708A.120
Investment in stock of other entity
708A.125
Stock in corporations acquired to strengthen capital or eliminate undesirable assets
708A.130
Definition for ORS 708A.135 to 708A.145
708A.135
Investment in bank service corporation
708A.140
Discrimination by bank service corporation prohibited against nonstockholding depository institution
708A.145
Authorized services of bank service corporations
708A.150
Community development corporations
708A.155
Investment in foreign banks
708A.160
Corporation or limited liability company created to establish ATMs
708A.165
Membership in Federal Reserve System
708A.170
Securities powers
708A.175
Right to purchase, hold and dispose of real and personal property
708A.180
Acquisition of personal property for leasing purposes
708A.185
Purchase of real estate contracts
708A.190
Acceptance of drafts and bills of exchange
708A.195
Disposition of real and personal property
708A.210
Challenge to validity of institution action
708A.250
Lending money
708A.255
Interest rates on loans or uses of money
708A.260
Accepting own stock as collateral
708A.265
Accepting stock of other institutions as collateral
708A.270
Real estate loans
708A.275
Establishment of loan production office
708A.290
“Capital” defined for ORS 708A.290 to 708A.375
708A.295
Limitations on amount of obligations to Oregon commercial bank
708A.300
Obligations secured by readily marketable collateral
708A.305
Obligations of other financial institutions
708A.310
Obligations of indorser of discounted commercial paper
708A.315
Noncommercial short-term notes
708A.320
Obligations secured by shipping documents
708A.325
Installment consumer paper
708A.330
Bankers’ acceptances of other financial institutions
708A.335
Obligations secured by documents covering readily marketable staples
708A.340
Obligations secured by documents covering livestock
708A.345
Obligations secured by government obligations or shares of mutual fund or unit trust
708A.350
Obligations secured by government bonds
708A.355
Insured and guaranteed obligations
708A.360
Obligations secured by deposits
708A.365
Obligations secured by life insurance policy values
708A.370
Obligations secured by first lien on real estate
708A.375
Obligations of guarantors
708A.400
Deposit accounts
708A.405
Deposits
708A.410
Savings accounts
708A.415
Securing deposits by surety bond, letter of credit or insurance
708A.420
Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate
708A.425
Deposit made in name of minor
708A.430
Disposition of deposit on death of depositor
708A.435
Adverse claim to deposit
708A.440
Checks drawn by agents presumed to be in authorized manner
708A.445
Checks of intoxicated, drugged or financially exploited persons
708A.450
Certified checks
708A.455
Definitions for ORS 708A.455 to 708A.515
708A.460
Application of ORS 708A.465 to 708A.475
708A.465
Ownership of multiple-party accounts
708A.470
Multiple-party accounts
708A.475
Rights of survivorship based on form of account
708A.480
Transfer of moneys upon death of depositor or trustee is not testamentary disposition
708A.485
Payment of deposit in multiple-party account to one or more parties
708A.488
Withdrawal or payment conditioned on advance notice
708A.490
Joint account
708A.495
P.O.D. account
708A.500
Trust account
708A.505
Discharge of institution from liability for payments made
708A.510
Right of institution to setoff
708A.515
Designation of agent for account
708A.535
Granting security interests in institution assets
708A.555
Generally accepted accounting principles
708A.560
Real and personal property used in institution’s business
708A.565
Certain stock
708A.570
Community development corporations
708A.575
Market-making corporations
708A.580
Capital-strengthening corporations
708A.585
Claims and judgments as assets
708A.590
Charging off real estate assets
708A.595
Charging off personal property assets
708A.600
Charging off losses
708A.605
Separate accounts for foreign branches
708A.630
Negligent, excessive, dishonest or unlawful loans
708A.635
Written policies regarding reporting to and obtaining approval of board
708A.640
Receiving illegal compensation
708A.645
Illegal guaranty or indorsement
708A.650
Banking days
708A.655
Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box
708A.660
Savings promotion raffles
708A.670
Definitions for ORS 708A.670 and 708A.675
708A.675
Authority of financial institutions in cases of suspected financial exploitation
708A.680
Contractual rights not restricted
708A.990
Civil penalties
708A.995
Criminal penalties
Green check means up to date. Up to date