(1) Except as provided in subsection (2) of this section, a seller or extender of credit may submit to the Department of Justice a consumer contract issued by the seller or extender of credit for the purpose of obtaining review of the consumer contract for the consumer contract’s compliance with plain language standards in ORS § 180.545.

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Terms Used In Oregon Statutes 180.540

  • Contract: A legal written agreement that becomes binding when signed.

(2) For the purpose of obtaining a review of a consumer contract for the consumer contract’s compliance with plain language standards in ORS § 180.545, if a consumer contract:

(a) Is an insurance policy, the seller or extender of credit issuing the policy may submit the policy to the Director of the Department of Consumer and Business Services.

(b) Is an agreement for a loan or other extension of credit in which the extender of credit is an insured institution, as defined in ORS § 706.008, the extender of credit under the agreement may submit the agreement to the Director of the Department of Consumer and Business Services.

(c) Is an agreement for a loan or other extension of credit in which the extender of credit is a credit union, as that term is defined in ORS § 723.006, or a licensee under ORS Chapter 725, the extender of credit under the agreement may submit the agreement to the Director of the Department of Consumer and Business Services.

(3) For purposes of this section, a consumer contract is a written contract made in the course of a consumer transaction to the value of $50,000, excluding interest or finance charges, in which the contract involves any of the following, primarily for personal, family or household use:

(a) Real estate, goods or services as defined in ORS § 646.605.

(b) Any extension of credit, including the lending of money. [1985 c.587 1,6,9; 1997 c.631 § 421; 2009 c.541 § 5]

 

180.540 to 180.555 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS Chapter 180 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.