71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
Enrolled
Senate Bill 394
Printed pursuant to Senate Interim Rule 213.28 by order of the
President of the Senate in conformance with presession filing
rules, indicating neither advocacy nor opposition on the part
of the President (at the request of Governor John A. Kitzhaber,
M.D., for Department of Consumer and Business Services)
CHAPTER ................
AN ACT
Relating to credit services organizations; amending ORS 646.384.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 646.384 is amended to read:
646.384. (1) A credit services organization, its salespersons,
agents, representatives and independent contractors who sell or
attempt to sell the services of a credit services organization
shall not do any of the following:
(a) Misrepresent directly or indirectly in any advertising,
promotional materials, sales presentation or in any other manner:
(A) The nature of the services to be performed.
(B) The time within which the services will be performed.
(C) The ability to improve the consumer's credit report or
credit rating.
(D) The amount or the type of credit a consumer can expect to
receive as a result of the performance of the services offered.
(E) The qualifications, training or experience of the
organization's personnel.
(b) Make, counsel or advise any consumer to make any statement
that is untrue or misleading or that should be known by the
exercise of reasonable care to be untrue or misleading with
respect to a consumer's creditworthiness, credit standing or
credit capacity to a credit reporting agency or a person to whom
a consumer is applying for an extension of credit.
(c) Charge or receive any money or other valuable consideration
prior to full and complete performance of the services the credit
services organization has agreed to perform for the consumer
{ - , unless the credit services organization has obtained a
surety bond - } .
(d) Charge or receive any money or other valuable consideration
solely for referral of the consumer to a credit provider who will
or may extend credit that is or will be extended to the consumer
on substantially the same terms as those available to customers
of the credit provider.
(e) Transact any business as a credit services organization
without first having registered with the Department of Consumer
and Business Services as required by ORS 646.386.
(2) A consumer may cancel any contract between the consumer and
a credit services organization at any time prior to midnight of
Enrolled Senate Bill 394 (SB 394-INTRO) Page 1
the third business day after the date the contract is entered
into. The consumer shall be entitled to a full refund of any fees
paid.
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Passed by Senate March 7, 2001
...........................................................
Secretary of Senate
...........................................................
President of Senate
Passed by House May 11, 2001
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Speaker of House
Enrolled Senate Bill 394 (SB 394-INTRO) Page 2
Received by Governor:
......M.,............., 2001
Approved:
......M.,............., 2001
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2001
...........................................................
Secretary of State
Enrolled Senate Bill 394 (SB 394-INTRO) Page 3