Oregon Statutes 646A.640 – Definitions
As used in ORS § 646A.640 to 646A.673:
Terms Used In Oregon Statutes 646A.640
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) ‘Applicant’ means a person that applies for a license to engage in business as a debt buyer in this state.
(2) ‘Controller’ means:
(a) A director, officer or general partner of a business entity;
(b) A managing member of a limited liability company;
(c) A person that has a direct or indirect right to vote 10 percent or more of the securities of a business entity that have voting rights or the power to sell or cause the sale of 10 percent or more of any class of a business entity’s securities;
(d) A person that has contributed 10 percent or more to a partnership‘s capital or has the right to receive a distribution of 10 percent or more of a partnership’s capital or assets upon dissolution; or
(e) A person that, under the terms of a contract or because the person has an ownership interest in another person, has the power to manage or set policies for the other person, or otherwise direct the other person’s operations or affairs.
(3) ‘Debt buyer’ has the meaning given that term in ORS § 646.639.
(4) ‘Debt buying’ means conducting business as a debt buyer or conducting business activities that are subject to regulation under ORS § 646.639 (4), 646A.640 to 646A.673 and 646A.670.
(5) ‘Debtor’ has the meaning given that term in ORS § 646.639.
(6) ‘Legal action’ has the meaning given that term in ORS § 646.639.
(7) ‘Licensee’ means a person that has applied for and obtained a license from the Department of Consumer and Business Services to engage in business as a debt buyer in this state.
(8) ‘Nationwide Multistate Licensing System’ has the meaning given that term in ORS § 697.500. [2017 c.625 § 3]