Chapter 240 Oregon Laws 1999

Session Law

AN ACT

HB 2314

Relating to deficiency judgments; creating new provisions; amending ORS 83.811 and 83.813; and repealing ORS 83.830 and 83.840.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 83.830 and 83.840 are repealed.

SECTION 2. ORS 83.811 is amended to read:

83.811. (1) The disclosure provisions of ORS 83.010 to 83.680, 83.820 [to 83.840] and 83.990 shall not apply to any retail seller entering into a retail installment transaction when:

(a) The retail seller regularly enters into retail installment transactions; and

(b) The terms of the retail installment transaction provide for payment of a service charge or finance charge or for payment by written agreement in more than four installments.

(2) A retail seller regularly enters into retail installment transactions only if the retail seller entered into retail installment transactions more than 25 times in the preceding calendar year, or more than five times in the preceding calendar year for retail installment transactions secured by a dwelling. If a retail seller does not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year.

SECTION 3. ORS 83.813 is amended to read:

83.813. (1) The disclosure provisions of ORS 83.010 to 83.680, 83.820 [to 83.840] and 83.990 shall not apply to the assignee of any retail installment contract when:

(a) The assignor is a retail seller;

(b) The assignee regularly extends credit to natural persons primarily for personal, family or household purposes;

(c) The credit is subject to a service charge or finance charge or is payable by a written agreement in more than four installments; and

(d) The retail installment contract is in the form regularly used by the assignee in similar transactions.

(2) The assignee of a retail seller regularly extends credit to natural persons primarily for personal, family or household purposes only if the assignee extended credit more than 25 times in the preceding calendar year or more than five times in the preceding calendar year for transactions secured by a dwelling. If the assignee does not meet these numerical standards in the preceding calendar year, the numerical standards shall be applied to the current calendar year.

SECTION 4. The repeal of ORS 83.830 and 83.840 by section 1 of this 1999 Act and the amendments to ORS 83.811 and 83.813 by sections 2 and 3 of this 1999 Act do not apply to the commencement of any action for recovery of a deficiency arising from a repossession or voluntarily accepted surrender of goods or a motor vehicle that occurs prior to the effective date of this 1999 Act.

Approved by the Governor June 9, 1999

Filed in the office of Secretary of State June 9, 1999

Effective date October 23, 1999

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