83.850 Definitions for ORS 83
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/or/ors-chapter-83/retail-installment-contracts/miscellaneous/83-850·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
83.850 Definitions for ORS 83.850 and 83.860. As used in ORS 83.850 and 83.860:
(1)“Financing agency,” “motor vehicle dealer,” “retail lease,” “retail lessee” and “retail lessor” have the meanings given those terms in ORS 83.510.
(2)“Goods” has the meaning for that term provided in ORS 83.010.
(3)“Motor vehicle” means a motor vehicle as defined in ORS 83.510 purchased primarily for personal, family or household purposes and not primarily for business or commercial purposes.
(4)A loan is made “in close connection with a sale of goods or motor vehicles” if:
(a)The lender directly or indirectly controls, is controlled by or is under common control with the seller or motor vehicle dealer, unless the relationship is remote and is not a factor in the transaction;
(b)The lender gives a commission, rebate or credit in any form to a seller or motor vehicle dealer who refers the borrower to the lender, other than payment of the proceeds of the loan jointly to the seller or motor vehicle dealer and the borrower;
(c)The lender is related to the seller or motor vehicle dealer by blood or marriage;
(d)The seller or motor vehicle dealer directly and materially assists the buyer in obtaining the loan;
(e)The seller or motor vehicle dealer prepares documents that are given to the lender and used in connection with the loan; or
(f)The lender supplies documents to the seller or motor vehicle dealer used by the consumer in obtaining the loan.
(5)A lease is made or funded “in close connection with a retail lease of a motor vehicle” if:
(a)The retail lessor or financing agency directly or indirectly controls, is controlled by or is under common control of the motor vehicle dealer supplying the vehicle to the retail lessee, unless the relationship is remote and is not a factor in the transaction;
(b)The retail lessor or financing agency gives a commission, rebate, financing reserve or credit in any form to a motor vehicle dealer who refers the retail lessee to the retail lessor or financing agency, other than payment of the proceeds of the lease;
(c)The retail lessor or financing agency is related to the motor vehicle dealer by blood or marriage;
(d)The motor vehicle dealer directly or materially assists the retail lessee in obtaining the lease;
(e)The motor vehicle dealer prepares documents that are given to the retail lessor or financing agency and used in connection with the lease; or
(f)The retail lessor or financing agency supplies documents to the motor vehicle dealer used by the retail lessee in obtaining the lease.
(6)Credit extended pursuant to a credit card issued by a lender is not a loan “in close connection with a sale of goods or motor vehicles” or a loan “in close connection with a retail lease of a motor vehicle” unless the credit card is issued contemporaneously with the extension of the credit. [1973 c.626 §1; 2001 c.117 §3]