OAR 441-910-0000: Definitions

The definitions of terms used in ORS 697.602 and the rules of OAR chapter 441, division 910 are: (1) “Act as a broker” or “brokering” includes any of the following activities undertaken for the payment of money or other valuable consideration: (a) Soliciting or receiving an application from a consumer for a debt management service; (b) Providing a consumer’s name, address or other information that identifies the consumer to a debt management service provider for the purpose of arranging the provision of a debt management service; (c) Referring a consumer to another debt management service provider, if the person is a debt management service provider; or (d) Forwarding or providing a completed application for a debt management service to a debt management service provider. (2) “Advantageous to the consumer” means a plan for a debt management service that places a consumer in a more favorable or beneficial position in relation to the consumer’s debt than if the consumer did not agree to debt management services, taking into consideration the suitability of the proposed services and the customer’s ability to pay for services. A plan under this section includes, but is not limited to, the following: (a) A plan that improves or preserves a consumer’s credit record, history or rating; (b) A plan that enables a consumer to obtain or use credit in the future; or (c) A plan that obtains favorable or beneficial changes to the principal, interest, loan term, or other key terms of an existing debt obligation. (3) “An activity for which a person receives money or other valuable consideration or expects to receive money or other valuable consideration” under ORS 697.602 does not include a negotiation, an offer, an attempt or an agreement to negotiate the sale, exchange, purchase, rental or leasing of real estate by a licensed real estate broker if: (a) The sale price of the real estate is for an amount that is less than the amount of the seller's outstanding obligation on the home loan, commonly known as a short sale; and (b) The real estate broker receives compensation that is usual and customary for a real estate broker and under the terms of an executed real estate contract with the debtor as a real estate seller. (4) “Director” means the Director of the Department of Consumer and Business Services. (5) “Trust account” means an account held at an insured institution taking deposits at its headquarters in Oregon or a branch in Oregon into which all funds received or handled on behalf of Oregon consumers by the debt management service provider are initially deposited.