ORS 725A.020
Licensing requirement
(1)
Intentionally left blank —Ed.(a)
Except as provided in ORS 82.010 (Legal rate of interest), 82.020 (Computation of interest) and 82.025 (Exemptions from application of ORS 82.010 (3) and (4) and 82.020) and subject to subsection (2) of this section, a person may not conduct business as a payday loan lender or a title loan lender unless the person obtains a license under ORS 725A.024 (License application approval).(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 (License application approval), 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 (License application approval), 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 (License application approval) lapsed inadvertently or by mistake. [2010 c.23 §3; 2015 c.490 §2]
Source:
Section 725A.020 — Licensing requirement, https://www.oregonlegislature.gov/bills_laws/ors/ors725A.html.
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