Oregon Statutes 469.710 – Definitions for ORS 469.710 to 469.720
As used in ORS § 469.710 to 469.720, unless the context requires otherwise:
Terms Used In Oregon Statutes 469.710
- Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
- Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
(1) ‘Annual rate’ means the yearly interest rate specified on the note, and is not the annual percentage rate, if any, disclosed to the applicant to comply with the federal Truth in Lending Act.
(2) ‘Commercial lending institution’ means any bank, mortgage banking company, trust company, savings bank, savings and loan association, credit union, national banking association, federal savings and loan association or federal credit union maintaining an office in this state.
(3) ‘Cost-effective’ means that an energy conservation measure that provides or saves a specific amount of energy during its life cycle results in the lowest present value of delivered energy costs of any available alternative. However, the present value of the delivered energy costs of an energy conservation measure may not be treated as greater than that of a nonconservation energy resource or facility unless that cost is greater than 110 percent of the present value of the delivered energy cost of the nonconservation energy resource or facility.
(4) ‘Dwelling’ means real or personal property within the state inhabited as the principal residence of a dwelling owner or a tenant. ‘Dwelling’ includes a manufactured dwelling as defined in ORS § 446.003, a floating home as defined in ORS § 830.700 and a single unit in multiple-unit residential housing. ‘Dwelling’ does not include a recreational vehicle as defined in ORS § 174.101.
(5) ‘Dwelling owner’ means the person who has legal title to a dwelling, including the mortgagor under a duly recorded mortgage of real property, the trustor under a duly recorded deed of trust or a purchaser under a duly recorded contract for purchase of real property.
(6) ‘Energy audit’ means:
(a) The measurement and analysis of the heat loss and energy utilization efficiency of a dwelling;
(b) An analysis of the energy savings and dollar savings potential that would result from providing energy conservation measures for the dwelling;
(c) An estimate of the cost of the energy conservation measures that includes:
(A) Labor for the installation of items designed to improve the space heating and energy utilization efficiency of the dwelling; and
(B) The items installed; and
(d) A preliminary assessment, including feasibility and a range of costs, of the potential and opportunity for installation of:
(A) Passive solar space heating and solar domestic water heating in the dwelling; and
(B) Solar swimming pool heating, if applicable.
(7) ‘Energy conservation measures’ means measures that include the installation of items and the items installed that are primarily designed to improve the space heating and energy utilization efficiency of a dwelling. These items include, but are not limited to, caulking, weatherstripping and other infiltration preventative materials, ceiling and wall insulation, crawl space insulation, vapor barrier materials, timed thermostats, insulation of heating ducts, hot water pipes and water heaters in unheated spaces, storm doors and windows, double glazed windows and dehumidifiers. ‘Energy conservation measures’ does not include the dwelling owner’s own labor.
(8) ‘Finance charge’ means the total of all interest, loan fees and other charges related to the cost of obtaining credit and includes any interest on any loan fees financed by the lending institution.
(9) ‘Fuel oil dealer’ means a person, association, corporation or any other form of organization that supplies fuel oil at retail for the space heating of dwellings.
(10) ‘Residential fuel oil customer’ means a dwelling owner or tenant who is billed by a fuel oil dealer for fuel oil service for space heating received at the dwelling.
(11) ‘Space heating’ means the heating of living space within a dwelling.
(12) ‘Wood heating resident’ means a person whose primary space heating is provided by the combustion of wood. [1981 c.894 § 22; 1987 c.749 § 5; 1989 c.648 § 69; 2005 c.22 § 342; 2019 c.422 § 36]