Oregon Cash Advance Laws & Regulations
In an effort to curb predatory lending practices and protect consumers, Oregon instituted a wave of reforms in 2007 to regulate loan requirements, particularly with respect to loan origination fees, maximum interest rates, maximum loan amounts, loan terms, extensions, and the number of outstanding cash advance loans that an individual may have at one time. To equip yourself with the knowledge necessary to ensure your financial security, review the following summary of legal requirements governing the loan process in Oregon.
Here are some specific Oregon regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
60 days - Maximum Finance Charges and Fees
36% APR - Maximum Loan Amount
No more than 30% of the borrower's gross monthly income - Number of Rollovers
Two - Outstanding Loans Allowed at Once
One - Cool-Off Period
7 days
- Payment Plan
N/A - Collection Fees
$20 NSF fee - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
N/A
References:
Oregon Statute 725.600 et seq. 2010, Chapter 23
Oregon Department of Consumer & Business Services
Division of Finance & Corporate Securities
350 Winter St. NE, Rm. 410
Salem, OR 97301
Phone: (503) 378-4140
Fax: (503) 947-7862
Website: http://www.cbs.state.or.us/dfcs/index.html
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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