2015 ORS § 725.045¹
Prohibition on making certain consumer finance loans without license
  • application of license requirement

(1)(a) Except as provided in ORS 82.010 (Legal rate of interest), 82.020 (Computation of interest) and 82.025 (Exemptions from application of ORS 82.010 (3) and (4) and 82.020) and subject to paragraph (b) of this subsection, a person may not conduct a business in which the person makes a consumer finance loan of $50,000 or less or acts as an agent, broker or facilitator for a person that makes a consumer finance loan of $50,000 or less unless the person first obtains a license under this chapter.

(b) If at the time a person made a consumer finance loan of $50,000 or less the person did not have a license that the Director of the Department of Consumer and Business Services issued under this chapter, the consumer finance loan is void, and the person, or a successor, assignee or affiliate of the person, may not deposit a borrowers or consumers check, withdraw moneys from a borrowers or consumers account or otherwise collect, receive or retain principal, interest, a fee or a charge related to or in connection with the consumer finance loan.

(2) This section does not apply to a person that does not collect a fee or consideration in connection with a consumer finance loan or an application for a consumer finance loan 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 consumer finance loan;

(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 consumer finance loan; 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 consumer finance loan for subsequent delivery to a borrower or consumer.

(3) A person may collect principal, interest, a fee or a charge related to or in connection with a consumer finance loan if the license the director issued under this chapter lapsed inadvertently or by mistake. [1989 c.424 §2; 2007 c.603 §2; 2010 c.23 §31; 2015 c.490 §1]