Short-Term Loans and Student Loan Servicing

ORS 725A.064
Prohibited conduct for payday loan lender

A payday loan lender may not:


Make or renew a payday loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the payday loan lender may charge for the loan.


Charge during the term of a payday 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.


Make or renew a payday loan for a term of less than 31 days.


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).


Include in a payday loan contract:


A hold-harmless clause;


A confession of judgment or other waiver of the right to notice and the opportunity to be heard in an action;


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; or


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.


Renew an existing payday loan more than two times.


Make a new payday loan to a consumer within seven days after the date on which the consumer fully repays a previous payday loan. [2010 c.23 §21; 2019 c.188 §3]


Last accessed
Mar. 11, 2023