Oregon Statutes 646A.770 – Definitions
As used in ORS § 646A.770 to 646A.787:
Terms Used In Oregon Statutes 646A.770
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Borrower’ means an individual who enters into a finance agreement that is secured by a motor vehicle or who, in connection with purchasing or leasing a motor vehicle, incurs an obligation to pay money to a creditor under terms and conditions that are specified in a finance agreement.
(2) ‘Creditor’ means:
(a) A person that:
(A) Permits another person to defer or to pay in installments an amount due under a finance agreement that is secured by a motor vehicle; or
(B) Otherwise extends credit to another person under a finance agreement that is entered into in connection with purchasing or leasing a motor vehicle; or
(b) An assignee of a person described in paragraph (a) of this subsection.
(3) ‘Evaluation period’ means a period of at least 30 days after the date on which a borrower purchases a guaranteed asset protection waiver during which, if the borrower did not receive a benefit from the guaranteed asset protection waiver, the borrower may cancel the guaranteed asset protection waiver and receive a full refund of the purchase price.
(4) ‘Finance agreement’ means a contract or other agreement that is evidence of a borrower’s obligation to pay money to a creditor and that specifies the terms and conditions under which the borrower must repay the obligation.
(5) ‘Guaranteed asset protection waiver’ means a contractual provision of or an addendum to a finance agreement that is secured by a motor vehicle under the terms of which a creditor agrees to waive the creditor’s right to collect all or part of an amount due from a borrower under the terms of the finance agreement or to release a borrower from an obligation to pay the creditor an amount due under a finance agreement if the motor vehicle:
(a) Suffers physical damage that is equivalent to a total loss; or
(b) Is stolen and is not recovered.
(6) ‘Insurer’ means an insurer that is licensed, registered or otherwise authorized to transact insurance in this state.
(7) ‘Motor vehicle’ means a self-propelled or towed vehicle that is designed for personal or commercial use, such as an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, personal watercraft or a trailer for a motorcycle, boat, camper or personal watercraft.
(8) ‘Reimbursement insurance policy’ means an insurance policy under the terms of which an insurer reimburses a creditor for an amount the creditor must waive under a guaranteed asset protection waiver. [2015 c.523 § 1]