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
  • File complaint: https://www.ok.gov/okdocc/Complaints/
    index.html

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