74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
HA to HB 2205
 
LC 874/HB 2205-1
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2205
 
               By COMMITTEE ON CONSUMER PROTECTION
 
                           February 5
 
  On page 1 of the printed bill, after line 13, insert:
  ' (3) 'In the business of making consumer finance loans ' means
conducting lending activities or making loans that have the
characteristics described in section 3 of this 2007 Act.'.
  In line 14, delete '(3)' and insert '(4)'.
  Delete lines 15 and 16 and insert:
  ' (5) 'Loan underwriting' means a documented evaluation, made
before a lender grants a loan, of the risk the lender would
assume in granting a loan to a specific borrower.'.
  In line 17, delete '(5)' and insert '(6)'.
  In line 23, delete 'is in the business of making consumer
finance loans if' and insert 'that is issued a consumer finance
loan license must ensure that,'.
  On page 2, line 3, after 'crops' insert 'or made in accordance
with ORS 725.345 or 725.347'.
  In line 17, before the period insert 'or has taken other
commercially reasonable steps to be added as a holder of a
security interest in the vehicle'.
  In line 19, delete 'post-dated'.
  Delete lines 21 through 26 and insert:
  ' (3) A borrower at the borrower's sole discretion may deliver
to a lender in the business of making consumer finance loans, if
the lender so permits, one or more checks or debit authorizations
to facilitate timely future payments. The Director of the
Department of Consumer and Business Services by rule shall set
standards for the use of borrowers' checks or debit
authorizations in consumer finance loans.'.
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