Oregon Statutes 725.347 – Open-end credit card plan authorized
(1) As used in this section, ‘open-end credit card plan’ means an open-end loan plan under which:
Terms Used In Oregon Statutes 725.347
- Licensee: means a person licensed under this chapter. See Oregon Statutes 725.010
- Open-end credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or revolving credit.) Source: OCC
(a) The licensee issues one or more cards, checks, letters of credit or other devices to the borrower; and
(b) The borrower may obtain advances from the licensee, either directly or in connection with purchases of goods and services, by using the card, check, letter of credit or other device.
(2) A licensee may transact business and extend credit to borrowers under an open-end credit card plan. A licensee may offer an open-end credit card plan in conjunction with noncredit features or services available to the borrower through use of the card or other device. The noncredit features or services shall not be subject to regulation under this chapter.
(3) The agreement between the licensee and the borrower relating to the open-end credit card plan shall conform to the requirements of ORS § 725.345 (5), except that the borrower’s name and address and the date of the agreement need not be included in the agreement if the borrower has submitted a signed and dated application to the licensee seeking the issuance of one or more cards or other devices. [1985 c.370 § 4; 2007 c.603 § 5]