ORS 725A.062
Prohibited conduct for title loan lender


A title loan lender may not:

(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 (Prohibited conduct generally) (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]

Source: Section 725A.062 — Prohibited conduct for title loan lender, https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html.

725A.010
Definitions
725A.012
Application
725A.020
Licensing requirement
725A.022
License application
725A.024
License application approval
725A.026
Grounds for disapproving license application
725A.028
License fee
725A.030
Annual report
725A.032
Business name and location
725A.034
License revocation and suspension
725A.036
License reinstatement
725A.038
License surrender
725A.040
Effect of license revocation, suspension or surrender
725A.050
Director’s power to examine or investigate
725A.052
Record keeping requirements
725A.054
Duty to report defalcation
725A.056
Loan disclosure requirements
725A.058
Dissemination of false, misleading or deceptive statement
725A.060
Prohibited conduct generally
725A.062
Prohibited conduct for title loan lender
725A.064
Prohibited conduct for payday loan lender
725A.080
Complaint and administrative remedy
725A.082
Cease and desist order
725A.084
Suspension or removal of officer or director of licensee
725A.086
Limitation of personal liability
725A.090
Loan tracking and counseling system
725A.092
Rules
725A.500
Definitions
725A.503
Prohibition on servicing student loan without license
725A.506
Application for licensing
725A.509
Duties of licensee
725A.512
Requirement to maintain liquidity, operating reserves and tangible net worth
725A.515
Required notifications from licensee to director
725A.518
Supervisory powers of director
725A.521
Required practices under federal student loan agreement
725A.524
Investigation of complaints
725A.527
Violations
725A.530
Ombudsman
725A.990
Penalties
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