OAR 441-730-0120: Account Record to Be Maintained for Each Loan

(1) The licensee must maintain a separate individual account record for each loan made to any borrower showing: (a) The loan number; (b) The date of the loan; (c) The name and address of the borrower; (d) A brief description of the security, if any; (e) The agreed interest rate or rates and the amount of each charge, if any; (f) The terms of repayment, including the expiration date of the loan, and any modifications of the terms. (g) The amount of each payment made on the loan and in accordance with sections (2) and (3) of this rule, how the payment is allotted to principal, interest and charges; (h) The date of the final entry when the loan is paid in full or otherwise finally settled or closed; and (i) A clear, brief explanation of any other entries that result in the reduction or addition to the principal balance or interest. (2) The account record for a daily interest loan must show, for each loan payment received: (a) The amount, if any, applied to interest; (b) The date to which the interest is paid; (c) If payment is insufficient to pay interest to date, the dollar amount short; (d) The amount applied to principal, if any; and (e) The unpaid principal balance of the loan, if any. (3) The account record for a precomputed-interest loan may comply with section (2) of this rule or it must show, for each loan payment received: (a) The amount of the payment applied to installments, identifying which installments; (b) The amount applied to any default charges; and (c) The unpaid balance of the loan and charges, if any. (4) When a licensee makes advances to perform covenants, the account record must specify: (a) The amount of the advance which is added to the principal of the loan. (b) A brief description of what the advance is paying; and (c) When the advance is to purchase insurance coverage, the type and extent of coverage. (5) All entries to the account record made by the licensee must be accurate and posted by close of business on the day the transaction occurred. If the licensee is unable to post a transaction as required by this section, the posting when made must reflect the actual date of the transaction.