Oregon Revised Statutes
As used in ORS 725A.010 to 725A.092 and 725A.990: “Broker or facilitator” means a person that conducts a business in which, for a fee or consideration, the person: Processes, receives or accepts for delivery to a lender an application for a loan, individually or in conjunction or cooperation with another person; Accepts and delivers to a lender all or mos…
ORS 725A.010 to 725A.092 and 725A.990 do not limit a person’s rights, powers or privileges under a law of this state or of the United States that regulates the person’s lending money or extending credit, provided that the person complies with the provisions of the law. Except as otherwise provided in subsection (3) of this section, ORS 725A.010 to 725A.092 …
Except as provided in ORS 82.010, 82.020 and 82.025 and subject to subsection (2) of this section, a person may not conduct business as a payday loan lender or a title loan lender unless the person obtains a license under ORS 725A.024. A person may not act as an agent, broker or facilitator for making a payday loan or title loan unless the person obtains a …
An applicant for a license as a payday loan lender or a title loan lender shall apply to the Director of the Department of Consumer and Business Services in writing on a form and in a manner that the director prescribes by rule. An application for a license as a payday loan lender or a title loan lender must: List the applicant’s name, residence address and…
Within 90 days after receiving an application under ORS 725A.022, the Director of the Department of Consumer and Business Services shall issue and deliver to the applicant a license to conduct business in accordance with ORS 725A.010 to 725A.092 at the location identified in the application if the director finds that: The applicant and the applicant’s membe…
The Director of the Department of Consumer and Business Services may disapprove an application submitted under ORS 725A.022 and deny a license to the applicant if a person named in the application: Cannot meet financial obligations as the obligations mature, has liabilities that exceed assets or is in a financial condition that prevents the person from cond…
A licensee each year shall pay to the Director of the Department of Consumer and Business Services a license fee in an amount the director specifies by rule. The licensee shall pay the fee not later than the date the director sets in the rule. The director shall specify the amount of the fee described in subsection (1) of this section after considering: Th…
On or before February 15 of each year, or on a date the Director of the Department of Consumer and Business Services establishes by rule, a licensee shall file a report with the director in a form and with the content the director prescribes by rule. The report must contain information the director requires concerning the licensee’s business and the operatio…
A licensee may not conduct a business that is subject to ORS 725A.010 to 725A.092 and 725A.990 except under the name and at the place of business named in the license. The licensee at all times shall display the license conspicuously in the licensee’s place of business. A licensee that changes the location at which the licensee conducts business as a payday…
The Director of the Department of Consumer and Business Services may revoke a license issued under ORS 725A.024 if the director: Gives the licensee 10 days’ written notice in which the director specifies the action the director will take and the general grounds for the action; Provides the licensee with reasonable opportunity for a hearing under ORS chapte…
The Director of the Department of Consumer and Business Services may reinstate a license the director revoked if the licensee: Complies with applicable provisions of law; Complies with a demand, ruling or requirement the director issues or imposes; and Pays a fee of $25.
A licensee may deliver a written notice to the Director of the Department of Consumer and Business Services to surrender a license the director issued to the licensee under ORS 725A.024. A licensee shall surrender a license under which no material loan activity has occurred for a period of 12 consecutive months. For purposes of this subsection, “material l…
Revocation, suspension or surrender of a license issued under ORS 725A.024 does not impair or affect the rights or obligations specified in a lawful contract between the licensee and a borrower that existed before the revocation, suspension or surrender. (Regulation)
The Director of the Department of Consumer and Business Services, to secure information the director requires and to ensure compliance with ORS 725A.010 to 725A.092 and 725A.990 and rules the director adopts under ORS 725A.010 to 725A.092 and 725A.990: May at any time investigate a licensee or a person required under ORS 725A.020 to obtain a license. Shall…
The Director of the Department of Consumer and Business Services may specify the form and content of the books and records the licensee must keep in accordance with the provisions of ORS 725A.010 to 725A.092 and 725A.990. The licensee shall preserve and make available the books and records for a period of at least two years after the licensee makes the final…
A director or officer of a licensee who has reason to believe that a defalcation has occurred at an office of the licensee shall report the defalcation to the local, state or federal law enforcement officer with jurisdiction. A licensee, within five days after the discovery of a defalcation that occurs at an office of the licensee, shall notify the Director…
A licensee shall: Deliver to the borrower at the time the licensee makes a loan a statement in the English language that shows in clear and distinct terms: The borrower’s and the licensee’s names and addresses. The amount of the loan, the date on which the licensee made the loan and the maturity of or payment terms for the loan. The interest rate to whic…
A licensee or other person may not advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast in any manner whatsoever a statement or representation that is false, misleading or deceptive with respect to a rate, term or condition for a payday loan or title loan.
A licensee or a person required under ORS 725A.020 to obtain a license may not: Take from a consumer: A power of attorney, except a power of attorney to transfer ownership of a motor vehicle at the time the licensee or the person makes a loan secured by a motor vehicle. A note or promise to pay that does not accurately disclose the actual amount or the te…
A title loan lender may not: Make or renew a title loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the title loan lender may charge for the loan. Charge during the term of a title loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichev…
A payday loan lender may not: Make or renew a payday loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the payday loan lender may charge for the loan. Charge during the term of a payday loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whi…
A person who claims to be aggrieved by a practice that violates a provision of ORS 725A.020, 725A.060, 725A.062 or 725A.064 or a rule adopted under ORS 725A.092 that regulates a licensee or a person required under ORS 725A.020 to obtain a license may, not later than one year after the date of the alleged violation, file with the Director of the Department of…
If the Director of the Department of Consumer and Business Services has reasonable cause to believe that a person violated, is violating or is about to violate a provision of ORS 725A.010 to 725A.092 and 725A.990 or a rule the director adopted or an order the director issued under ORS 725A.010 to 725A.092 and 725A.990, the director may order the person to ce…
If the Director of the Department of Consumer and Business Services finds that an officer or director of a licensee is dishonest, reckless or incompetent or refuses to comply with the law, with a rule the Department of Consumer and Business Services adopted or with a written requirement or instruction the department imposed or issued, the Director of the Dep…
A person is not personally liable for an act the person does or fails to do in good faith and in compliance with a rule or order the Director of the Department of Consumer and Business Services adopted or issued under ORS 725A.010 to 725A.092 and 725A.990, even if the director amends or rescinds the rule or order or a judicial or other authority determines t…
The Director of the Department of Consumer and Business Services, by contract with a vendor or service provider or otherwise, may develop and implement a system by means of which a licensee may: Determine whether a consumer has an outstanding loan; Determine the number of loans the consumer has outstanding; Determine the dates on which the consumer entere…
The Director of the Department of Consumer and Business Services, in accordance with ORS chapter 183, may adopt rules for the purposes of protecting borrowers and consumers, providing clarity to licensees and otherwise carrying out and enforcing the provisions of ORS 725A.010 to 725A.092 and 725A.990. The rules may include, but are not limited to, provisions…
As used in ORS 725A.500 to 725A.530: “Affiliate” means a person that controls, is controlled by or is under common control with another person. “Applicant” means a person that applies for a license to engage in business as a student loan servicer in this state. “Borrower” means a resident of this state who has received or agreed to pay a student loan or a…
A person may not directly or indirectly service a student loan in this state unless the person obtains or renews a license under ORS 725A.506. Subsection (1) of this section does not apply to: A financial institution, as defined in ORS 706.008. A financial holding company or bank holding company, both as defined in ORS 706.008, if the financial holding co…
A person that is subject to the requirement to obtain or renew a license under ORS 725A.503 shall submit an application to the Director of the Department of Consumer and Business Services in the manner, on a form and with the contents that the director specifies by rule. The director by rule may require an applicant to submit the application described in pa…
A licensee shall designate and maintain a principal place of business at or from which the licensee services student loans in this state and shall designate a registered agent in this state. If a licensee does not maintain a principal place of business in this state, the licensee shall nevertheless designate a registered agent in this state. The registered …
A licensee shall maintain in accordance with generally accepted accounting principles sufficient liquidity, operating reserves and tangible net worth to permit the licensee to adequately meet all costs, expenses and other financial requirements related to servicing student loans in this state. The Director of the Department of Consumer and Business Services …
A licensee shall notify the Director of the Department of Consumer and Business Services in writing at least 30 days before the licensee: Relocates or closes the licensee’s principal place of business or a branch office in this state; or Opens a branch office that the licensee did not list in an application under ORS 725A.506. In a notice under paragraph …
The Director of the Department of Consumer and Business Services has general supervisory authority over: Each licensee in this state; Any person that services a student loan in this state, if the person is subject to ORS 725A.500 to 725A.530 or if the director required the person to obtain a license under ORS 725A.503 (3); and Any person that had a licens…
Except as otherwise required under federal law, in a federal student loan agreement or in a contract between the federal government and a person that services a student loan, a person that services a student loan shall: Assess any fee that the person may assess against a borrower within 45 days after the borrower incurs the fee. Accept and credit, or treat…
If the Director of the Department of Consumer and Business Services receives a complaint concerning a person that services a student loan, the director: Shall notify the person of the complaint, provide a copy of the complaint in the notice and require the person to respond to the complaint and to the director within 30 days after the date of the notice; M…
If, after conducting an investigation, the Director of the Department of Consumer and Business Services determines that a person that services a student loan has violated ORS 725A.500 to 725A.530, violated a rule the director adopted or an order the director issued under ORS 725A.500 to 725A.530 or violated another applicable law, the director may order the …
The Director of the Department of Consumer and Business Services shall appoint or designate an ombudsman within the Department of Consumer and Business Services for the purposes set forth in subsection (2) of this section. The ombudsman that the director appoints or designates under subsection (1) of this section shall, in consultation with the director or …
The Director of the Department of Consumer and Business Services may assess a civil penalty of not more than $2,500 against a person who violates a provision of ORS 725A.010 to 725A.092 and 725A.990 or a rule the director adopted or final order the director issued under ORS 725A.010 to 725A.092 and 725A.990. The director, in addition to imposing a penalty un…