Oregon Law
Law as of Jan 1, 2026
Chapter contents
83.010Definitions for ORS 83.010 to 83.190 83.020Retail installment contract requirements; exceptions 83.030Contents of contract 83.040Subsequent purchases under original contract 83.050Contracts completed by mail and based on catalog of seller 83.060Filling blanks 83.070Delivery of copy of contract to buyer 83.080Informing buyer of service charge and right to prepay; monthly statement 83.090Service charge; other fees 83.095Service charge computed by actuarial method 83.100Extra charges; miscellaneous provisions of contract 83.110Insurance 83.120Receipts; schedule of payments 83.130Voluntary prepayment by buyer; refund 83.140Consolidation of purchases with prior contract 83.150Unenforceable contract provisions 83.160Waiver of ORS 83.010 to 83.190 83.170Effect of violation of ORS 83.010 to 83.190 by seller 83.180Enforcement of ORS 83.010 to 83.190 83.190Civil penalties 83.510Definitions for ORS 83.510 to 83.680 83.520Form and contents of retail installment contract 83.530Filling blanks 83.540Delivery of copy of contract to buyer 83.550[1957 c.625 §8; repealed by 1961 c.458 §1] 83.560Finance charge 83.565Finance charge computed by actuarial method; requirements; notice 83.570[1957 c.625 §22; repealed by 1981 c.412 §24] 83.580Insurance 83.590Delinquency and collection charges 83.600Schedule of payments; receipts 83.610Delivery to buyer of instrument indicating full payment; release of security 83.620Voluntary prepayment by buyer; refund 83.630Extension of scheduled due date; deferment of scheduled payment; refinance charge 83.635Acceptance of retail installment contract by lender 83.640[1957 c.625 §§10,11; repealed by 1961 c.726 §427] 83.650Effect of negotiation of notes on rights against motor vehicle dealer 83.660Acceleration provision 83.670Unenforceable contract provisions 83.680Waiver of provisions of ORS 83.510 to 83.680 83.710Definitions for ORS 83.710 to 83.750; application of ORS 83.710 to 83.750 83.715Telephone solicitation sale; contract; contents 83.720Cancellation of home solicitation sale; notice; exception 83.730Written agreement or offer to purchase; contents; notice of buyer’s right to cancel; form 83.740Duties of seller upon cancellation of sale or revocation of offer to purchase 83.750Rights and duties of buyer upon cancellation of sale or revocation of offer to purchase 83.810[1969 c.392 §2; 1977 c.274 §7; repealed by 1991 c.296 §4] 83.811Exemption from certain disclosure requirements for motor vehicle dealer or retail seller 83.813Exemption from certain disclosure requirements for assignee of retail installment contract 83.820Consumer paper; negotiability; exception; rights and liabilities of assignees 83.830[1971 c.744 §3; 1973 c.350 §1; 1981 c.573 §3; 1983 c.739 §1; 1987 c.479 §1; repealed by 1999 c.240 §1] 83.840[1971 c.744 §4; 1973 c.350 §2; 1981 c.573 §4; 1983 c.739 §2; 1987 c.479 §2; repealed by 1999 c.240 §1] 83.850Definitions for ORS 83.850 and 83.860 83.860Applicability of claims and defenses of borrower or lessee when loan made or lease funded in close connection with sale or retail lease 83.875Definitions for ORS 83.875, 83.880, 83.890 and 83.895 83.880Sale of motor vehicles, goods or services as time sale rather than loan 83.885Sale of motor vehicles, personal property or services for business or commercial purposes as time sale rather than loan 83.890Notice required in contract when seller intends to transfer contract 83.895Effect of seller’s failure to provide notice 83.990Penalties

Chapter 83 — Retail Installment Contracts

ORS 83.620 Voluntary prepayment by buyer; refund

(1)

Notwithstanding the provisions of a retail installment contract to the contrary, the buyer may pay in full at any time before maturity the obligation contained in the retail installment contract. Upon the premature payment, the buyer shall receive a refund credit. The amount of the refund credit shall not be less than the total finance charge to maturity provided for in the contract, less the greater of:

(a)

Ten percent of the amount financed or $75, whichever is less; or

(b)

Either of the following, at the discretion of the motor vehicle dealer or holder:

(A)

The finance charge earned to the date of prepayment, computed by applying the effective rate on the contract to the actual principal balances outstanding, for the periods of time such balances were actually outstanding. In determining the effective rate, the holder may apply to the scheduled payments the actuarial method by which each scheduled payment is applied first to the accrued and unpaid finance charges and any amount remaining is applied to the reduction of the principal balance.

(B)

The finance charge earned to the installment due date nearest the date of prepayment, computed by applying the effective rate on the contract to the actual principal balances outstanding, for the periods of time the balances were actually outstanding. For purposes of rebate computations under this subparagraph, the installment due date preceding the date of prepayment shall be considered to be nearest if prepayment occurs 15 days or less after that installment date. If prepayment occurs more than 15 days after the preceding installment due date, the next succeeding installment due date shall be considered to be nearest to the date of prepayment. In determining the effective rate, the holder may apply to the scheduled payments the actuarial method, by which each scheduled payment is applied first to the accrued and unpaid finance charges and any amount remaining is applied to reduction of the principal balance.

(2)

When the amount of the credit for premature payment is less than $2, no refund need be made.

(3)

This section does not prohibit the holder of a retail installment contract from collecting any charge, cost or fee under ORS 83.590.

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