Charging off losses. An institution shall charge off all debts

ORS 708A.600 — under Chapter 708A.

ORS 708A.600

(1) On which interest is past due and unpaid for 12 months, unless the debt is fully secured and in process of collection;

(2) That an examiner has classified as a loss; or

(3) Upon the instruction of the Director of the Department of Consumer and Business Services. [1997 c.631 §195; 2015 c.244 §72]