Payday loan laws in Oregon
Status: Legal (54 Or. Rev. Stat. § 725A.064)
For Lenders
Lending specifications:
- Maximum loan amount: Not Specified
- Loan tenure: 31 - 60 days
- Fees and finance charges: 36% APR; $10 as fee on every $100 advanced (up to $30)
- Finance charge on a 31-day $100 loan: $13
- APR on 31-day $100 loan: 156%
Collection restrictions:
- Collection fees: $20 NSF fee and bank charges
- Criminal procedures: None (only civil penlties)
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: No limit
- Rollovers allowed: Two
- Cooling-off phase: 7 days (before or after the loan expires)
Complaint cell:
- Regulator: Department of Consumer and Business Services
- Address: 350 Winter Street NE; PO Box 14480; Salem, OR 97309-0405
- Phone: 503-378-4100
- Fax: 503-378-6444
- Regulatory contact: Michael McCord, Program Manager
- Website: http://www.oregon.gov/DCBS/Pages/index.aspx
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File complaint: https://www.ok.gov/okdocc/Complaints/
index.html
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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