Pawnbrokers

ORS 726.010
Definitions


As used in this chapter:

(1)

“Pawnbroker” means a person, copartnership, association or corporation that:

(a)

Lends money at a rate of interest greater than 10 percent per annum on the deposit or pledge of personal property;

(b)

Purchases personal property on the direct or implied condition of selling the personal property back at a stipulated price that would amount to paying interest or consideration in excess of 10 percent per annum; or

(c)

Does business as a storage warehouse operator and lends money at a rate of interest greater than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security.

(2)

(a) “Personal property” means tangible property a person owns, including:

(A)

Chattels and movables, such as merchandise, furniture, goods, machinery, tools and equipment, supplies and media;

(B)

Pledges that are not required to be registered with the Department of Transportation;

(C)

Snowmobiles, as defined in ORS 801.490 (“Snowmobile”);

(D)

Trailers that have a loaded weight of not more than 8,000 pounds and that are designed or manufactured, or are otherwise suitable, for carrying a boat, snowmobile or all-terrain vehicle; and

(E)

Equipment used for farming.

(b)

“Personal property” does not include:

(A)

Pledges that are required to be registered with the Department of Transportation, unless the pledge is a snowmobile or a trailer described in paragraph (a) of this subsection;

(B)

Choses in action;

(C)

Securities or printed evidence of indebtedness; or

(D)

Intangible property.

(3)

“Pledge” means personal property deposited with a pawnbroker in the course of the business of the pawnbroker.

(4)

“Pledgor” means a person who delivers a pledge into the possession of a pawnbroker, unless the person discloses that the person is or was acting for another, in which event “pledgor” means the disclosed principal.

(5)

“Pledge loan” means a loan that a pawnbroker makes to a pledgor and that is secured by a pledge. [Amended by 1971 c.168 §1; 1985 c.762 §135; 1987 c.373 §71; 1993 c.744 §27; 2013 c.261 §1]

Source

Last accessed
Jun. 26, 2021