OAR 441-735-0010: Definitions

(1) "Annual percentage rate” or “APR” means the annual percentage rate that every licensee is required to disclose to any credit customer in accordance with the Truth In Lending Act, 15 U.S.C. 1601 et seq., and Regulation Z, 12 C.F.R. Part 1026. (2) "Borrower" means a natural person. (3) "Charges" means any one or more of the fees, premiums or other charges described by ORS 725A.062, 725A.082, and 725A.092, and other items charged to a borrower's account; but the term does not include interest or deferral charges. (4) "Director" means the Director of the Department of Consumer and Business Services. (5) "Extension" has the same meaning as "renewal" as defined in section (11) of this rule. (6) “Finance charge” means the cost of consumer credit as a dollar amount. It includes any charge payable directly or indirectly by the consumer and imposed directly or indirectly by the creditor as an incident to or a condition of the extension of credit. It does not include any charge of a type payable in a comparable cash transaction. (7) "License" means a payday loan license or title loan license issued under ORS 725A.024. (8) “Legally qualified in this state” means a business is qualified to conduct business in this state, having made the appropriate filings with the Secretary of State. (9) "Person" means a natural person or an organization, including a corporation, partnership, proprietorship, association, limited liability company or cooperative. (10) "Renewal" of a loan means granting a borrower the right to postpone repayment of a payday loan or a title loan. (11) "Roll-over" has the same meaning as "renewal" as defined in section (10) of this rule. (12) "Same day transaction" means a payday loan or title loan made on the same day that a previous payday loan or title loan is paid-off and will be treated as a "renewal" defined in section (10) of this rule.