Oregon Statutes 725.050 – Prohibited transactions
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No licensee shall take:
Terms Used In Oregon Statutes 725.050
- Licensee: means a person licensed under this chapter. See Oregon Statutes 725.010
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(1) Any power of attorney from any borrower, except a power of attorney to effectuate the transfer of the ownership of any motor vehicle at the time of making a loan on a motor vehicle.
(2) Any note or promise to pay which does not accurately disclose the actual amount of the loan, the time for which it is made, the rate of interest charged or the schedule of payments agreed upon, or any instrument in which blanks are left to be filled in after execution. [Amended by 1955 c.71 § 3; 1971 c.450 § 2; 1979 c.88 § 41; 1981 c.412 § 13]