Oregon Statutes - Chapter 725 - Consumer Finance; Title and Payday Loans - Section 725.045 - Prohibition on making certain consumer loans in course of business without license; application of license requirement.

(1) Without first obtaining a license under this chapter, a person may not conduct a business in which the person makes a loan described in subsection (2) of this section or acts as an agent, broker or facilitator for a person that makes a loan described in subsection (2) of this section, except as provided under ORS 82.010, 82.020 and 82.025.

(2) This section applies to loans of $50,000 or less that are:

(a) Payday loans, as defined in ORS 725.600;

(b) Title loans, as defined in ORS 725.600; or

(c) Consumer finance loans.

(3) This section does not apply to a person that does not collect a fee or consideration in connection with a loan described in subsection (2) of this section or an application for a loan described in subsection (2) of this section and that:

(a) Does not interact directly with a borrower or consumer;

(b) Acts solely as an intermediary between the borrower or consumer and a lender or a person that conducts business as a broker or facilitator for a loan described in subsection (2) of this section;

(c) Transmits information, electronically or otherwise, concerning the borrower or consumer to a lender or a person that conducts business as a broker or facilitator for a loan described in subsection (2) of this section; or

(d) Prepares, issues or delivers a negotiable instrument to a lender or a person that conducts business as a broker or facilitator for a loan described in subsection (2) of this section for subsequent delivery to a borrower or consumer. [1989 c.424 §2; 2007 c.603 §2]

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Last modified: August 7, 2008