Oregon Debt Settlement Laws
Debt Settlement License Registration Required:
Statute: Or. Rev. Stat. §697.602 et seq.
Definition: “Debt management service” means an activity for which a person receives money or other valuable consideration or expects to receive money or other valuable consideration in return for:
(a) Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among the consumer’s creditors in full or partial payment of the consumer’s debts, whether or not the person holds the consumer’s funds;
(b) Improving or offering to improve or preserve a consumer’s credit record, credit history or credit rating;
(c) Modifying or offering to modify terms and conditions of an existing loan from or obligation to a third party; or
(d) Obtaining or attempting to obtain as an intermediary on a consumer’s behalf a concession from a creditor including, but not limited to, a reduction in the principal, interest, penalties or fees associated with a debt.
“Debt management service provider” means a person that:
(a) Resides or does business in this state; and
(b) Provides or performs, or represents that the person can or will provide or perform a debt management service in return for or in expectation of money or other valuable consideration.