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Oregon Revised Statutes

Or. Rev. Stat. § 646A.770 (2026)

Definitions

✓ current as of May 2026
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      646A.770 Definitions. As used in ORS 646A.770 to 646A.787:

      (1) “Borrower” means an individual who enters into a finance agreement that is secured by a motor vehicle or who, in connection with purchasing or leasing a motor vehicle, incurs an obligation to pay money to a creditor under terms and conditions that are specified in a finance agreement.

      (2) “Creditor” means:

      (a) A person that:

      (A) Permits another person to defer or to pay in installments an amount due under a finance agreement that is secured by a motor vehicle; or

      (B) Otherwise extends credit to another person under a finance agreement that is entered into in connection with purchasing or leasing a motor vehicle; or

      (b) An assignee of a person described in paragraph (a) of this subsection.

      (3) “Evaluation period” means a period of at least 30 days after the date on which a borrower purchases a guaranteed asset protection waiver during which, if the borrower did not receive a benefit from the guaranteed asset protection waiver, the borrower may cancel the guaranteed asset protection waiver and receive a full refund of the purchase price.

      (4) “Finance agreement” means a contract or other agreement that is evidence of a borrower’s obligation to pay money to a creditor and that specifies the terms and conditions under which the borrower must repay the obligation.

      (5) “Guaranteed asset protection waiver” means a contractual provision of or an addendum to a finance agreement that is secured by a motor vehicle under the terms of which a creditor agrees to waive the creditor’s right to collect all or part of an amount due from a borrower under the terms of the finance agreement or to release a borrower from an obligation to pay the creditor an amount due under a finance agreement if the motor vehicle:

      (a) Suffers physical damage that is equivalent to a total loss; or

      (b) Is stolen and is not recovered.

      (6) “Insurer” means an insurer that is licensed, registered or otherwise authorized to transact insurance in this state.

      (7) “Motor vehicle” means a self-propelled or towed vehicle that is designed for personal or commercial use, such as an automobile, truck, motorcycle, recreational vehicle, all-terrain vehicle, snowmobile, camper, boat, personal watercraft or a trailer for a motorcycle, boat, camper or personal watercraft.

      (8) “Reimbursement insurance policy” means an insurance policy under the terms of which an insurer reimburses a creditor for an amount the creditor must waive under a guaranteed asset protection waiver. [2015 c.523 §1]

Notes of Decisions
Cited in 2 cases (2 in the last 5 years), 2023–2026 · leading case: Willcot (D. Or. 2026).
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Willcot (D. Or. 2026). · cites it 6× “[v]iolates a provision of ORS 646A.770 to 646A.787.” Because ORS 646A.”
Warre v. Portfolio Servs. Ltd., Inc. (D. Or. 2023). · cites it 2× “[v]iolates a provision of ORS 646A.770 to 646A.787.” b. The methodology for determining the amount the creditor will waive; and the length of the evaluation period.”
— Or. Rev. Stat. § 646A.770(2) — 1 case
Willcot (D. Or. 2026). “[v]iolates a provision of ORS 646A.770 to 646A.787.” Because ORS 646A.”
— Or. Rev. Stat. § 646A.770(2)(b) — 1 case
Willcot (D. Or. 2026). “[v]iolates a provision of ORS 646A.770 to 646A.787.” Because ORS 646A.”
— Or. Rev. Stat. § 646A.770(5) — 1 case
Willcot (D. Or. 2026). “[v]iolates a provision of ORS 646A.770 to 646A.787.” Because ORS 646A.”
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