Oregon Statutes 697.602 – Definitions for ORS 697.602 to 697.842
As used in ORS § 697.602 to 697.842:
Terms Used In Oregon Statutes 697.602
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- 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) ‘Consumer’ means an individual who is obligated or is allegedly obligated to pay a debt and on whose behalf a debt management service provider performs or agrees to perform a debt management service.
(2) ‘Debt management service’ means an activity for which a person receives money or other valuable consideration or expects to receive money or other valuable consideration in return for:
(a) Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among the consumer’s creditors in full or partial payment of the consumer’s debts, whether or not the person holds the consumer’s funds;
(b) Improving or offering to improve or preserve a consumer’s credit record, credit history or credit rating;
(c) Modifying or offering to modify terms and conditions of an existing loan from or obligation to a third party; or
(d) Obtaining or attempting to obtain as an intermediary on a consumer’s behalf a concession from a creditor including, but not limited to, a reduction in the principal, interest, penalties or fees associated with a debt.
(3) ‘Debt management service provider’ means a person that:
(a) Resides or does business in this state; and
(b) Provides or performs, or represents that the person can or will provide or perform a debt management service in return for or in expectation of money or other valuable consideration.
(4) ‘Nationwide Multistate Licensing System’ means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or assigns of the Conference of State Bank Supervisors or the American Association of Residential Mortgage Regulators, develop and maintain for participating state agencies to use in licensing and registering mortgage loan originators and other persons that provide nondepository financial services.
(5) ‘Nonprofit entity’ means a person, corporation, organization, board, association or other entity described in 26 U.S.C. § 501(c)(3), as in effect on June 26, 2009, that is exempt from taxation under 26 U.S.C. § 501(a). [1983 c.17 § 2; 1987 c.373 § 45; 1993 c.744 § 21; 2009 c.604 § 1; 2015 c.118 § 4]
[1959 c.635 § 1; repealed by 1981 c.631 § 2]