Oregon Payday Loan Laws
 | Max Term of Payday Loan: | 60 days | | Max Fees and Finance Charges: | Not specified | | Maximum Loan Amount: | Not specified | | Number of Rollovers: | 3 (renewals) | | Outstanding loans allowed at one time: | 1 | | Cool-off period: | 1 day if lender has renewed previous payday loan 3 times | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | One $25 NSF fee + additional bank charges | | Presentment Limit: | Not spe cified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order | | Private right of action: | Not specified |
Oregon Payday Loan Laws:
New legislation enacted in 2006 (S.B. 1105), sets new restrictions on lenders by limiting the maximum rate of interest on payday loans, the amount of the loan origination fees; sets a minimum 31-day loan term for payday loans; prohibits charges other than interest, origination fees and fees for dishonored check or insufficient funds; prohibits the renewal of payday loans more than two times; prohibits a lender from making a new payday loan to a consumer within seven days of expiration of the previous payday loan; Limits the amount of the fee for a dishonored check or insufficient funds; prohibits recovery of statutory damages and attorney fees from consumers for dishonored checks; and grants rulemaking authority to Director of Department of Consumer and Business Services.
| Payday Loan Laws: |
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