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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, no more than one origination fee of 10% of the loan amount or $30, whichever is less
  • Maximum Loan Amount
    $50,000
  • 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