Oregon Statutes - Chapter 725 - Consumer Finance; Title and Payday Loans - Section 725.140 - Issuance of license; conditions.

(1) Conditioned upon the applicant’s compliance with this chapter and the payment of the license fee, the Director of the Department of Consumer and Business Services, within 90 days after the date of filing the application referred to in ORS 725.120, shall disapprove the application or shall issue and deliver a license to the applicant to make loans in accordance with this chapter at the location specified in the application. However, before issuing a license, the director must first find upon investigation:

(a) That the financial responsibility, experience, character and general fitness of the applicant, and of the members thereof if the applicant is a partnership or association, and of the officers and directors thereof if the applicant is a corporation, are such as to command the confidence of the community and to warrant the belief that the business will be operated honestly, fairly and efficiently within the purposes of this chapter; and

(b) That grounds for disapproval of an application described in ORS 725.145 do not exist and that, in the judgment of the director, there are no other reasons or conditions that would warrant the refusal to grant a license.

(2) A license issued under this section shall be a continuing license and shall remain in full force and effect until the license is surrendered by the licensee as provided in ORS 725.250 or revoked or suspended as provided in ORS 725.230. [Amended by 1955 c.71 §5; 1963 c.167 §1; 1977 c.135 §50; 1985 c.762 §115; 1999 c.469 §2]

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Last modified: August 7, 2008