(b) A person may not act as an agent, broker or facilitator for making a payday loan or title loan unless the person obtains a license under ORS 725A.024, regardless of whether the principal that makes the payday loan or title loan must obtain a license under paragraph (a) of this subsection.
(2) If at the time a person made a payday loan or title loan the person did not have a license from the Director of the Department of Consumer and Business Services under ORS 725A.024, the payday loan or title 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 payday loan or title loan.
(3) Subsection (1) of this section does not apply to a person that does not collect a fee or consideration in connection with a payday loan or title loan or an application for a payday loan or title loan and:
(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 payday loan or title 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 payday loan or title 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 payday loan or title loan, for subsequent delivery to a borrower or consumer.
(4) The director by order may determine whether and how a person may collect principal, interest, a fee or a charge related to or in connection with a payday loan or title loan if the director determines that a license the director issued under ORS 725A.024 lapsed inadvertently or by mistake. [2010 c.23 §3; 2015 c.490 §2]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 725A - Short-Term Loans and Student Loan Servicing
Section 725A.010 - Definitions.
Section 725A.012 - Application.
Section 725A.020 - Licensing requirement.
Section 725A.022 - License application; contents; fee; rules.
Section 725A.026 - Grounds for disapproving license application.
Section 725A.028 - License fee; other fees; rules.
Section 725A.030 - Annual report; contents; penalty; rules.
Section 725A.032 - Business name and location.
Section 725A.034 - License revocation and suspension.
Section 725A.036 - License reinstatement; fee.
Section 725A.038 - License surrender.
Section 725A.050 - Director’s power to examine or investigate; costs.
Section 725A.054 - Duty to report defalcation; audit.
Section 725A.056 - Loan disclosure requirements; receipt; procedure after full loan repayment.
Section 725A.060 - Prohibited conduct generally.
Section 725A.062 - Prohibited conduct for title loan lender.
Section 725A.064 - Prohibited conduct for payday loan lender.
Section 725A.080 - Complaint and administrative remedy.
Section 725A.082 - Cease and desist order.
Section 725A.084 - Suspension or removal of officer or director of licensee.
Section 725A.090 - Loan tracking and counseling system; rules; fees.
Section 725A.500 - Definitions.
Section 725A.509 - Duties of licensee; assumed business name.
Section 725A.515 - Required notifications from licensee to director.
Section 725A.530 - Ombudsman; duties; report to Legislative Assembly.