Oregon Law
Law as of Jan 1, 2024
Chapter contents
725.010Definitions 725.015Construction of chapter 725.020Short title 725.025[1955 c.71 §14; repealed by 1987 c.650 §21] 725.026[1955 c.71 §16; repealed by 1999 c.469 §7] 725.027[1955 c.71 §15; 1985 c.762 §113; repealed by 1999 c.469 §7] 725.030[Amended by 1955 c.71 §2; 1971 c.450 §1; 1973 c.428 §1; 1975 c.567 §1; repealed by 1981 c.412 §9 (725.031, 725.036 and 725.041 enacted in lieu of 725.030)] 725.031[1981 c.412 §10 (725.031, 725.036 and 725.041 enacted in lieu of 725.030); repealed by 1987 c.215 §24] 725.036[1981 c.412 §11 (725.031, 725.036 and 725.041 enacted in lieu of 725.030); repealed by 1987 c.215 §24] 725.040[Renumbered 725.015] 725.041[1981 c.412 §12 (725.031, 725.036 and 725.041 enacted in lieu of 725.030); repealed by 1987 c.215 §24] 725.045Prohibition on making certain consumer finance loans without license; application of license requirement 725.050Prohibited transactions 725.060False advertising prohibited 725.110Requirement that licensee be qualified to conduct business in this state 725.120Application for license; annual fee 725.125[1971 c.450 §5; repealed by 1973 c.428 §11] 725.130[Repealed by 1955 c.71 §17] 725.140Issuance of license; conditions 725.145Disapproval of application for license 725.150Notice of disapproval of application 725.160Form of license; posting; transferability 725.170[Repealed by 1955 c.71 §17] 725.180[Amended by 1955 c.71 §7; 1977 c.135 §53; repealed by 1985 c.762 §196] 725.185License fees; fees for extra service 725.190Report of licensee; penalty for failure to report 725.200[Repealed by 1971 c.743 §432] 725.210Additional licenses to same applicant 725.220Change of place of business 725.230Revocation and suspension of licenses 725.235Procedure for license denial, revocation or suspension 725.240[Repealed by 1971 c.734 §21] 725.250Surrender of license 725.260Effect of revocation, suspension or surrender of license 725.270Reinstatement of revoked license; fee 725.310Investigation and examination by director 725.312Inspection and examination of licensees 725.315Removal or suspension of officer of licensee 725.317Removal of officer of licensee for reasons stated in ORS 725.145 725.319False information in course of investigation or examination prohibited 725.320Rulings of director 725.330Books and records of licensee 725.340Interest and other charges 725.342[1979 c.326 §2; repealed by 1981 c.412 §24] 725.345Open-end loan plan; interest; security for plan; necessary disclosures 725.347Open-end credit card plan authorized 725.349Application of ORS 725.210 to certain loans and advances 725.350[Repealed by 1971 c.232 §4] 725.355Prohibition against assignment of earnings for loan security 725.360Licensee duty toward borrowers 725.370Lawful loans in other jurisdictions not affected by this chapter 725.380[Repealed by 1975 c.544 §62] 725.385Duty to give notice of defalcation to law enforcement officer, director; audit 725.390[1979 c.88 §39; 1985 c.762 §132; repealed by 1987 c.650 §21] 725.395Director to give notice of suspected defalcation to law enforcement agency; exceptions 725.400Cease and desist order 725.410Enforcement actions 725.505Rulemaking authority; notice 725.510Person not liable for good faith acts or omissions 725.600[2001 c.445 §197; 2003 c.359 §1; 2007 c.473 §1; repealed by 2010 c.23 §34] 725.602[2007 c.472 §4; repealed by 2010 c.23 §34] 725.605[2001 c.445 §198; repealed by 2010 c.23 §34] 725.610[2001 c.445 §200; 2003 c.359 §2; 2007 c.603 §7; repealed by 2010 c.23 §34] 725.615[2001 c.445 §199; 2007 c.472 §2a; 2007 c.473 §2; 2007 c.603 §8c; repealed by 2010 c.23 §34] 725.620[2001 c.445 §201; 2007 c.603 §9; repealed by 2010 c.23 §34] 725.622[2003 c.359 §4; 2006 c.3 §1; 2007 c.472 §3; 2007 c.603 §10; repealed by 2010 c.23 §34] 725.624[2003 c.359 §5; repealed by 2010 c.23 §34] 725.625[2001 c.445 §202; repealed by 2007 c.603 §11] 725.626[2007 c.472 §6; repealed by 2010 c.23 §34] 725.630[2007 c.472 §5; repealed by 2010 c.23 §34] 725.910Civil penalties 725.990[Amended by 1971 c.743 §424; repealed by 1975 c.544 §62]

Chapter 725 — Consumer Finance

ORS 725.045 Prohibition on making certain consumer finance loans without license; application of license requirement

(1)(a)

Except as provided in ORS 82.010, 82.020 and 82.025 and subject to paragraph (b) of this subsection, a person may not conduct a business in which the person makes a consumer finance loan of $50,000 or less or acts as an agent, broker or facilitator for a person that makes a consumer finance loan of $50,000 or less unless the person first obtains a license under this chapter.

(b)

If at the time a person made a consumer finance loan of $50,000 or less the person did not have a license that the Director of the Department of Consumer and Business Services issued under this chapter, the consumer finance loan is void, and the person, or a successor, assignee or affiliate of the person, may not deposit a borrower’s or consumer’s check, withdraw moneys from a borrower’s or consumer’s account or otherwise collect, receive or retain principal, interest, a fee or a charge related to or in connection with the consumer finance loan.

(2)

This section does not apply to a person that does not collect a fee or consideration in connection with a consumer finance loan or an application for a consumer finance loan and that:

(a)

Does not interact directly with a borrower or consumer;

(b)

Acts solely as an intermediary between the borrower or consumer and a lender or a person that conducts business as a broker or facilitator for a consumer finance loan;

(c)

Transmits information, electronically or otherwise, concerning the borrower or consumer to a lender or a person that conducts business as a broker or facilitator for a consumer finance loan; or

(d)

Prepares, issues or delivers a negotiable instrument to a lender or a person that conducts business as a broker or facilitator for a consumer finance loan for subsequent delivery to a borrower or consumer.

(3)

A person may collect principal, interest, a fee or a charge related to or in connection with a consumer finance loan if the license the director issued under this chapter lapsed inadvertently or by mistake.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.