Oregon Credit Laws
| INTEREST RATE | (Legal: 9%) |
Judgment rate is 9% or the contract rate, if lawful, whichever is higher. The general usury rate for loans below $ 50,000 is 12% or 5% above the discount rate for commercial paper. |
| STATUTE OF LIMITATIONS | (In Years) |
Open Acct: 6 - Sale of Goods 6 (4 yrs UCC Transaction) - Written Contract 6 - Domestic Judgment 10 renewable at 10 - Foreign Judgment 10 |
| BAD CHECK LAWS | (Civil Penalty) | Can recover reasonable attorney fees & statutory damages of three times the amount of the NSF check or $500 maximum if demand letter is sent to debtor 30 days before suit is filed |
| GENERAL GARNISHMENT EXEMPTIONS |
75% of disposable earnings over and above minimum wage |
|
| HOMESTEAD EXEMPTION |
In Oregon is $25,000. The limit for couples is $33,000. If you do not own the land a mobile home is located on, then the exemption limit for the home is $23,000 or $30,000 for couples. The property can't exceed a one block area within a city or town, or 160 acres everywhere else. Sale proceeds are exempt for one year from the sale date, if the debtor intends to purchase another home |
|
| ADDING FEES |
It shall be an unlawful collection practice for a debt collector, while collecting or attempting to collect a debt to do any of the following: 1. Represent that an existing debt may be increased by the addition of attorney fees, investigation fees or any other fees or charges when such fees or charges may not legally be added to the existing debt. It shall be an unlawful collection practice for a debt collector, while collecting or attempting to collect a debt to do any of the following: 2. Collect or attempt to collect any interest or any other charges or fees in excess of the actual debt unless they are expressly authorized by the agreement creating the debt or expressly allowed by law. |