Types of lender security protection provisions allowed
A lender may require a lender’s security protection provision under ORS 86.205 (Definitions for ORS 86.205 to 86.275) to 86.275 (Severability) either as a direct reduction provision, an escrow account, or a pledge of an interest-bearing savings account in an amount not to exceed the maximum amount which a lender may require a borrower to deposit in a lender’s security protection provision under ORS 86.240 (Limit on amount required in security protection escrow account) and bearing interest at a rate not less than the rate required on lender’s security protection provisions by ORS 86.245 (Interest on security protection deposits). [1975 c.337 §2; 1987 c.577 §1]
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