As used in ORS 725.600 to 725.630:
(1) A lender is:
(a) “In the business of making title loans” if at least 10 percent of all loans made by the lender are title loans.
(b) “In the business of making payday loans” if at least 10 percent of all loans made by the lender are payday loans.
(2) “Lender” includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. “Lender” does not include a financial institution or trust company, as those terms are defined in ORS 706.008.
(3)(a) “Payday loan” means a loan, other than a purchase money loan:
(A) Made primarily for personal, family or household purposes;
(B) Made for a period of 60 days or less or for which the lender may demand repayment within 60 days; and
(C) Usually evidenced by a check or electronic repayment agreement provided by or on behalf of the borrower.
(b) “Payday loan” does not include a loan for a period of more than 60 days, the repayment of which the lender may accelerate upon a default by the borrower.
(4) “Title loan” means:
(a) A loan, other than a purchase money loan, that is:
(A) Secured by the title to a motor vehicle, recreational vehicle, boat or mobile home;
(B) Made for a period of 60 days or less with a single payment payback; and
(C) Made by a lender in the business of making title loans;
(b) A loan that is secured, substantially equivalent to a title loan as defined in paragraph (a) of this subsection, and designated as a title loan by rule or order of the Director of the Department of Consumer and Business Services; or
(c) A sale-leaseback arrangement between a consumer and a purchaser for a motor vehicle, recreational vehicle, boat or mobile home when:
(A) Title and all rights to the vehicle, boat or mobile home do not transfer from the consumer to the purchaser in a bona fide sale of the vehicle, boat or mobile home, or the consumer retains equity in the vehicle, boat or mobile home following the consumer’s sale to the purchaser;
(B) The purchaser and the consumer agree within 60 days of the consumer’s sale of the vehicle, boat or mobile home to the purchaser that the consumer has an option to or will repurchase the vehicle, boat or mobile home from the purchaser for a nominal price or a price other than the market value of the vehicle, boat or mobile home determined at the time the lease expires;
(C) The purchaser or an agent of the purchaser, during the term of any lease of the vehicle, boat or mobile home to the consumer, holds a check, electronic repayment agreement or other evidence provided by or on behalf of the consumer of the consumer’s agreement to repurchase the vehicle, boat or mobile home; or
(D) The director by rule or order designates the sale-leaseback arrangement as a title loan. [2001 c.445 §197; 2003 c.359 §1; 2007 c.473 §1]
Section: Previous 725.385 725.390 725.395 725.400 725.410 725.505 725.510 725.600 725.602 725.605 725.610 725.615 725.620 725.622 725.624 NextLast modified: August 7, 2008