Storm damage recovery

7.26.020 Definitions.

City Code Section

(Amended by Ordinance No. 186746, effective August 6, 2014.)  As used in this Chapter unless the context requires otherwise:

A.  “Borrower” means a natural person who receives a payday loan.  

B.  “Cancel” means to annul the payday loan agreement and, with respect to the payday loan agreement returning the borrower and the payday lender to their financial condition prior to the origination date of the payday loan.

C.  “Director” means the Director of the Revenue Division.

D.  “Payday Lender” means a “lender” in the business of making payday loans as defined in ORS 725.600.   

E.  “Payday Loan” means a payday loan as defined by state law.

F.  “Principal” means the original loan proceeds advanced for the benefit of the borrower in a payday loan excluding any fee or interest charge.