Regulator Details

Oregon Department of Consumer & Business Services

Division of Finance & Corporate Securities
350 Winter St. NE, Rm. 410
Salem, OR 97301
Phone: (503) 378-4140
Fax: (503) 947-7862
Contact: Michael McCord, Program Manager, Financial Services

Oregon Payday Loan Laws

Oregon Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Oregon payday loan laws contact the Oregon Department of Consumer & Business Services.

Payday loans are permitted in Oregon (see Oregon Payday Loans or Oregon Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) Not Specified
Rates or Fees (max) 36% APR interest, $10 per $100 of loan amount as fee, up to $30
Term Limitations Minimum 31 days
General Loan Terms

In Oregon, two renewals are permitted. The cooling period between loans is 7 days before or 7 days after prior loan expires. Oregon has no requirements for extended repayment plans.

For example, in Oregon the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $13 for 31 day loan
APR 156% APR for 31 day loan
Sample Loan Terms

Oregon also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees One $20 NSF fee + additional bank charges 
Criminal Action None, only civil penalties
Regulations on Collections
Finally, a more detailed excerpt from Oregon's statutes on finance charges is listed below. In general the tables above summarize this.

No licensee shall: (1) Charge check-cashing fees in excess of three percent of the face amount of the check, or $5, whichever is greater, if the check is the payment of any kind of state public assistance or federal social security benefit; (2) Charge check-cashing fees for personal checks in excess of 10 percent of the face amount of the personal check or $5, whichever is greater; or (3) Charge check-cashing fees in excess of five percent of the face amount of the check or $5, whichever is greater, for all other checks. (4) Charge deferred deposit transaction fees in excess of 10 percent of the amount of funds advanced.

Citation: 54 Or. Rev. Stat. Section 725A.064 and 2010 Chapter 23.