(1) 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.
(2) 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, whichever is less.
(3) Make or renew a title loan for a term of less than 31 days.
(4) Make or renew a title loan to a consumer without forming a good faith belief that the consumer has the ability to repay the title loan. In forming a good faith belief, the title loan lender shall consider factors that the Director of the Department of Consumer and Business Services specifies by rule. A title loan lender complies with this subsection if the title loan lender meets the conditions the director specifies.
(5) Charge a consumer a fee or interest other than a fee or interest described in subsection (1) or (2) of this section or in ORS 725A.060 (1)(c) or (d).
(6) Include in a title loan contract:
(a) A hold-harmless clause;
(b) A confession of judgment or other waiver of the right to notice and the opportunity to be heard in an action;
(c) A provision in which the consumer agrees not to assert against the lender or a holder in due course a claim or defense arising out of the contract;
(d) An executory waiver or a limitation of exemption from attachment, execution or other process on real or personal property the consumer holds, owns or is due, unless the waiver or limitation applies only to property that is subject to a security interest executed in connection with the loan; or
(e) A clause that permits interest to continue after the consumer’s motor vehicle, recreational vehicle, boat or mobile home has been repossessed.
(7) Require or accept from a consumer a set of keys to the motor vehicle, recreational vehicle, boat or mobile home the title to which secures the title loan.
(8) Make more than one outstanding title loan that is secured by one title.
(9) Renew an existing title loan that is secured by one title more than two times after the loan is first made.
(10) Make a new title loan to a consumer within seven days after the date on which the consumer fully repays a previous title loan. [2010 c.23 §20; 2019 c.188 §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.