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Key Votes

HB 2203 - Expanding Payday and Title Loan Regulation - Key Vote

Oregon Key Votes




Stage Details

Legislation - Signed (Executive) -

Title: Expanding Payday and Title Loan Regulation

Legislation - Concurrence Vote Passed (House) (39-17) -
Legislation - Bill Passed With Amendment (Senate) (20-10) - (Key vote)

Title: Expanding Payday and Title Loan Regulation

Vote Smart's Synopsis:

Vote to pass a bill that applies state regulations to out-of-state Title or Payday lenders who lend to Oregon residents.

- Applies Oregon financial regulations to all lenders making loans to Oregon residents regardless of the lender's physical location. Includes fee limits, a 36 percent annual interest rate limit, restrictions on loan renewals, and restrictions on lending to borrowers within seven days of a previous loan (sec. 4). - Includes loans made over the Internet, by mail, or over the phone (sec. 4). - Requires the Director of the Department of Consumer and Business Services to implement a system that allows lenders to check a borrowerÂ’s outstanding loans and the dates on which the borrower entered into or renewed any loan contract. This system is intended to aid lenders in compliance with this act (sec. 5). - Requires that lenders have a current and valid license to make loans in the state of Oregon before collecting fees, charges, or payments from a consumer (sec. 6).
Legislation - Bill Passed (House) (41-17) - (Key vote)

Title: Expanding Payday and Title Loan Regulations

Vote Smart's Synopsis:

Vote to pass a bill that establishes limits on payday loans.

-Prohibits the lender from requiring keys to a motor vehicle, recreational vehicle, boat, or mobile home for collateral for the loan (Sec. 2). -Prevents a lender from including the following: a hold-harmless clause, an agreement by the consumer not to assert any claim or defense arising out of the contract against the lender or any holder in due course, a clause continuing interest accumulation after repossession of consumers goods (Sec. 2). -Prohibits a payday loan lender from charging more than one fee for each dishonored check issued to the lender. However, the lender is able to recover charges from the consumer any fee imposed on the lender by unaffiliated financial institutions for the dishonored checks (Sec. 2). -Prohibits the lender from charging more than 36% per year in interest on a payday loan (sec. 3). -Prohibits a lender from charging more than $10 for every $100 of a payday loan (Sec. 3). -Requires the director of the department of consumer and business services to implement, by contract a system which will allow a lender to determine how many outstanding loans a consumer has and the dates of those loans (Sec. 5). -Requires lenders to have a valid license before collecting any money from the consumer (Sec. 6).
Legislation - Introduced (House) -

Title: Expanding Payday and Title Loan Regulations


  • Jeffery A. 'Jeff' Merkley (OR - D) (Out Of Office)

By Requests

  • Theodore 'Ted' Kulongoski (OR - D) (Out Of Office)
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