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Oregon Payday Loan Laws & LegislationOregon Payday loan laws. Oregon Payday loan legislation. The
Oregon State Legislature passed a new law in 2007 that placed a
36% APR (Annual Percentage Rate) on small consumer loans.
Virtually all the Oregon payday loan brick-n-mortars closed
their doors as a result.
This has had an abysmal impact on residents of Oregon who
sometimes require access to small, $300 - $1000 temporary loans.
See Oregon Payday Loan Consumers Suffer Without Access to Small
Loans
For a thorough discussion of the payday loan industry and access
to our payday loan training materials, we recommend you proceed
to PaydayLoanIndustry.com
If you have an interest in pursuing a payday loan business in
Oregon, we suggest you concentrate your research on the Payday
Loan Internet Model and the Credit Services Organization as
described here. Although our discussion focuses on the Texas
Credit Services Organization Model, you and your team may
determine it is appropriate for a multiplicity of states.
This Credit Service Organization Model is quite new to the
payday loan industry but, in the opinion of many legal minds,
offers great promise.
House passes bills on payday lenders, rates Loans - Business
owners say the regulations will put them out of business
Wednesday, February 14, 2007
The Oregonian
SALEM -- The Oregon House on Tuesday passed four bills to
regulate check cashing businesses and plug loopholes in a law
that caps soaring interest rates charged by payday lenders.
"Oregon has long needed this kind of legislation to protect low
-income families from predatory lending practices," said Rep.
Paul Holvey, D-Eugene, chairman of the House Consumer Protection
Committee that urged approval of the bills.
Payday lenders say the legislation will put them out of
business. Rep. Jerry Krummel, R-Wilsonville, who led a 90-minute
floor debate against the bills, argued the Legislature might as
well ban payday and car-title lenders.
"We are telling a particular class of businesses that we are
going to over regulate you until you go out of business because
we don't have the guts to prohibit you flat out," he said.
Supporters argued check cashing businesses and short-term
lenders have survived similar regulations in other states. All
of the bills passed by more than a two-thirds majority and will
go to the Senate, where they will be assigned to a committee.
Gov. Ted Kulongoski requested the bills and says he will sign
them.
House Majority Leader Dave Hunt, D-Gladstone, said the passage
of the bills reflects how dramatically the political climate has
changed in Salem with Democrats in control of both legislative
chambers and the governor's office. Two years ago, he said,
Democrats couldn't get a payday lending bill to the floor for a
vote.
The new bills put a 36 percent interest rate cap on short-term
car title loans and on Internet payday loans that do business in
Oregon, restrict fees charged by check cashers, create an
electronic tracking system for payday loan borrowers and make it
difficult for short-term lenders to use a different lending
license to circumvent interest rate caps.
Oregon's 360 payday loan stores make small advance loans on
paychecks averaging about $300, usually for about two weeks.
They commonly charge an annual interest rate of 521 percent. Car
title lenders also make small, short-term loans using the title
as collateral.
The law passed by the Legislature last year limits payday
lenders to charging a one-time fee of $10 per $100 loaned, plus
36 percent annual interest on a maximum of two renewals or
rollovers. The bills passed by the House on Tuesday would extend
those same restrictions to car title lenders and Internet payday
lenders. The bills would not be enacted until July 1, when the
law passed last April takes effect.
Some lenders have tried to avoid interest caps by making loans
under a conventional consumer license, which have no caps on
interest. In an effort to close that loophole, the House passed
another bill Tuesday that requires 90 percent of the loans made
under a conventional license to exceed six months.
The check cashing bill would limit charges for state, federal or
city checks to $5 or 2 percent of the check's value, whichever
is greater. Check cashing businesses, currently unregulated,
could charge 3 percent for payroll and other government checks
or up to 10 percent for personal checks because of greater risk.
That law would take effect Jan. 1.
Opponents said the bills overstep the role of government, give
too much oversight authority to the state and restrict
individual choice.
"Why are we trying to make financial decisions for people?"
Krummel asked.
Supporters argued government has a role to protect consumers
from usurious interest rates.
"The practice of charging an unfair or excessive amount of
interest," said Rep. Suzanne Bonamici, D-Beaverton, "has been
criticized, scorned and restricted on moral, ethical and legal
grounds for thousands of years."
Staff writer Michelle Cole contributed to this story.
Citation:54 Or. Rev. Stat. Ann. § 725.600 et seq.
Loan Terms:Maximum Loan Amount: Not SpecifiedLoan Term: Min. 31 daysMaximum Finance Rate and Fees: 36% APR interest, $10/$100 fee up
to $30Finance Charge for 14-day $100 loan: $13 for 31 day loanAPR for 14-day $100 loan: 156% APR for 31 day loan
Debt Limits:Maximum Number of Outstanding Loans at One Time: OneRollovers Permitted: Two (renewals)Cooling-off Period: 7 days after prior loan expiresRepayment Plan:
Collection Limits:Collection Fees: One $20 NSF fee + additional bank charges Criminal Action: Not Specified
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