Or. Admin. Code § 441-735-0271

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-735-0271 - Requirements for Payday Loans and Title Loans

A license must comply with the following when making payday loans or title loans:

(1) Interest may not be compounded.

(2) The loan agreement must have the following information displayed prominently in bold print on the first page of the agreement:

(a) The APR;

(b) The amount of the loan;

(c) The amount of interest or finance charge if paid when the loan is due;

(d) The total amount due on the due date; and

(e) The due date must comply with the disclosure requirements of Truth In Lending Act, 15 U.S.C. 1601 et seq., and Regulation Z, 12 C.F.R. Part 1026, to satisfy the requirements of this section.

(3) If a licensee permits a borrower to renew a loan after the due date, the renewal must be effective on the due date of the loan.

(4) If the licensee does not cash the borrower's check, the licensee must return the note marked "Paid" and the requirements of subsection (4) of this rule would not apply. The licensee must also mark the check "Void" and return it to the borrower with the note marked "Paid."

Or. Admin. Code § 441-735-0271

FCS 7-2010, f. & cert. ef. 6-4-10; FCS 2-2012, f. & cert. ef. 7-23-12

Stat. Auth.: ORS 725A.080 & 725A.092

Stats. Implemented: ORS 725A.056, 725A.062, 725A.064, 725A.064, 725A.080, & 725A.092