justicedao/ipfs_state_laws huggingface dataset:
441-735-0310 Refund of Unearned Interest and Charges (1) If a borrower pays off a loan prior to the due date, the licensee must refund all unearned interest and charges. (2) For purposes of this rule, a licensee must calculate earned interest and charges by multiplying the loan amount by the interest rate and dividing by 365 to find daily interest then multiply that quotient by the number of days from the date the loan was made to the date of pay-off counting the day after the loan was made as the first day. Example: A borrower gets a loan of $200 on the 5th day of the month at 36 percent interest and comes on the 25th of the month to pay off the loan. The interest is calculated as follows: $200 x 0.36 = $72 divided by 365 = $0.20 per day x 20 days = $4.00 interest. If the borrower gave a lender a check on the 5th for the full 31-day term ($206.12), the lender must refund the unearned interest of $2.12. There is no minimum interest amount. Statutory/Other Authority: ORS 725A.092 Statutes/Other Implemented: ORS 725A.056 & 725A.092 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10
441-735-0320 Licensee Reporting Licensees are required to file an annual report by March 31for operations during the previous calendar year. Licensees must also provide known information on any felony conviction, or any conviction involving theft or fraud, of any executive officer, director, managing partner, or the manager of any office location that occurred during the reporting period that had not already been reported to the director. This applies to: (1) A new qualified person or office manager; (2) A new experienced person; (3) Material changes in business plan; or (4) Any criminal conviction entered against any person named in the application. Statutory/Other Authority: ORS 725A.092 Statutes/Other Implemented: ORS 725A.030 History: FCS 2-2012, f. & cert. ef. 7-23-12 FCS 7-2010, f. & cert. ef. 6-4-10
441-740-0000 Definitions (1) "Advertising" includes signs, inside or outside of a business premise, advertising in newspapers and print media, on radio, television, and electronic media by the licensee or on the licensee’s behalf. (2) “Large item” means: (a) A boat as defined in ORS 830.005, a snowmobile as defined in ORS 801.490, a trailer as described in ORS 726.010(2)(a)(D), or an all-terrain vehicle as described in ORS 726.380; and (b) An item that a pawnshop in the usual course of business would prefer to place in off-site storage due to its size, shape, or weight. (3) “Reasonable care” means: (a) Having a method or system of promptly notifying the police or a security company when a burglary or theft occurs or is in progress; and (b) Having a structure or enclosure in which the business is conducted and at any off-site storage location that is designed, constructed, furnished and maintained to create physical deterrents to unauthorized entry or unauthorized removal of pledged goods, giving special consideration to security of high value items and weapons. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.010, 726.040 & 726.380 History: FSR 15-2019, amend filed 12/16/2019, effective 01/01/2020 FCS 5-2010, f. & cert. ef. 5-6-10 FCS 11-2008, f. & cert. ef. 11-13-08 FID 2-1985, f. & cert. ef. 7-22-85, Renumbered from 805-076-0050
441-740-0010 Fees Payable by Pawnbrokers to the Director (1) The annual fees paid pursuant to ORS 726.125(2) shall be $350. For license renewals after January 1, 2020, the renewal and fee are due with the filing of the annual report. (2) Whenever the director provides extra services to a pawnbroker under ORS 726.125(3) or conducts an examination of a licensed pawnbroker under ORS 726.250, the director will collect the cost to the division for the director and the examiners and other division employees used in providing the extra services or conducting the examination. The rate of charge is $75 an hour per person. (3) In addition to the charges fixed by section (2) of this rule, the director will collect any additional costs directly attributable to extra services provided under ORS 726.125(3) or an examination made under ORS 726.250. (4) The director may, by order, reduce the fees assessed for any specific year. Statutory/Other Authority: ORS 726.125 & 726.250 Statutes/Other Implemented: ORS 726.125 & 726.250 History: FSR 15-2019, amend filed 12/16/2019, effective 01/01/2020 FCS 5-2010, f. & cert. ef. 5-6-10 FCS 8-2008, f. & cert. ef. 8-28-08 FCS 3-2005, f. & cert. ef. 9-6-05 FCS 4-2002, f. & cert. ef. 10-25-02 FCS 8-2001, f. & cert. ef. 8-1-01 FCS 11-2000, f. 10-5-00, cert. ef. 9-1-01 FCS 5-1994, f. & cert. ef. 4-25-94 FID 7-1985, f. & cert. ef. 12-31-85, Renumbered from 805-076-0100
441-740-0016 Daily-Interest Computation Interest on a loan must be computed on a daily basis using a 365-day year. The maximum charge for each day shall be 1/365th of the annual rate when calculating the elapsed time of the loan. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.390 History: FCS 11-2008, f. & cert. ef. 11-13-08
441-740-0020 Pawnbrokers Required to Use Reasonable Care in Caring for Pledges (1) A pawnbroker shall exercise reasonable care to protect pledges from damage, theft, and burglary while storing or transporting pledged items. (2) In complying with this rule, a pawnbroker shall give serious consideration to: (a) An alarm system with a direct connection to an off-site security company or a police agency; (b) Bars on the windows, extra thick doors, vaults of heavy metal and similar structural deterrents to unauthorized entry; (c) Safes for jewelry, gems and coins and storage areas for guns, all of which are so constructed and located as to deter and delay unauthorized entry and to provide time for a police agency or other security company to respond to a call in the event of a burglary or theft; (d) The suggestions and recommendations of the local law enforcement agency or agencies; and (e) Other or similar security precautions and systems. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.380 History: FSR 15-2019, amend filed 12/16/2019, effective 01/01/2020 FCS 11-2008, f. & cert. ef. 11-13-08 FID 2-1985, f. & cert. ef. 7-22-85, Renumbered from 805-076-0300
441-740-0025 Description of Pledged Items (1) The description of items in the register maintained by the pawnbroker, to satisfy needs of local law enforcement, must include: (a) Brand name; (b) Model number, if evident; (c) Serial number, or indicate that the item doesn’t have one or that the serial number isn’t legible due to normal wear; (d) Any other unique identifying marks, numbers, names, or letters; and (e) A note that the item is stored off-site, if applicable. (2) Notwithstanding section (1) of this rule, in the case of multiple similar items delivered in one transaction which do not bear model or serial numbers and which do not include precious metal or gemstones, the description of the items is adequate if it contains the quantity of items and a description of the type of items delivered. For example, if a tool box containing hand tools was pledged, it would be sufficient to identify the number of hand tools and the type of hand tools contained in the tool box. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.280 History: FSR 15-2019, amend filed 12/16/2019, effective 01/01/2020 FCS 11-2008, f. & cert. ef. 11-13-08
441-740-0029 Pawnbrokers Requirements for Off-Site Storage (1) The following requirements apply to the use off-site storage for large items: (a) Reasonable care must be exercised to protect pledged items when transporting or storing a pledged item; (b) A pawnbroker must notify the department, in a form approved by the department, at least 30 days before using an off-site storage location to store large pledges and within 30 days after the pawnbroker stops using the location to store any large items; (c) The off-site storage location must be in Oregon; (d) The pawn ticket must include a place where the pledgor can, in writing, agree to off-site storage of the pledged item. Signing the pawn ticket alone does not constitute agreement unless the pawn ticket is specific for off-site storage; (e) The pawn ticket must include a notice in legible writing, with the pledgor’s acknowledgement, that either, the pawnbroker may take up to two days to return the item once it is redeemed, or the pawnbroker may require the pledgor to notify the pawnbroker two days before redemption. If a pledgor gives two days notice and redeems the pledge loan at a scheduled appointment, the pawnbroker will return the large item when the pledge loan is redeemed; (f) Large items must be transported to the off-site storage as soon as reasonably possible; (g) A pawnbroker must provide the address of the off-site location to department staff or law enforcement when requested; (h) Large pledge items stored at an off-site location alongside non-pledged items must be clearly marked as pledged items. If multiple licensees are storing pledged items in the same off-site storage, the licensee for each pledged item must be easily identifiable; (i) Customers are not permitted access to an off-site storage location; and (j) Pawnbrokers may not store more than 10 percent of the number of pledged items at the off-site storage location. The 10 percent is calculated at the time the pledge loan is made. If the number of pledged items off-site exceeds 10 percent, no additional pledged items can be stored off-site until the percentage is 10 percent or less. (2) By order, the director may prohibit a licensee from use of the off-site storage location if the director has determined that the licensee is not using the off-site storage in accordance with the purpose of ORS chapter 726 and related administrative rules. The director may prohibit future pledged items from being stored off-site and may require that pledged items currently stored off-site are transported back to the place of business. If the licensee is allowed to continue to keep some pledged items at the off-site storage location, the licensee must store the items using reasonable care. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.380 History: FSR 15-2019, adopt filed 12/16/2019, effective 01/01/2020
441-740-0035 Other Information to be Submitted with Annual Report At the same time the pawnbroker files an annual report, the pawnbroker must include with that annual report: (1) A copy of the front and back of the pawn ticket currently used by the pawnbroker plus any modifying language added to the ticket, especially that regarding off-site storage; (2) Any change of its mailing address; (3) Details about any change in or addition of locations used to store pledged items; (4) Specific details about any change of ownership of the pawnbroker; (5) Any change in the surety bond or issuer of the surety bond; (6) The current rate of interest and schedule of fees being charged; (7) A copy of the declarations page of an insurance policy or policies showing current fire, theft and burglary coverage for place of business and storage locations; (8) Specific details about any insurance claims regarding theft or damage of items since the last annual report; and (9) Websites and assumed business names used by the licensee. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.130 History: FSR 15-2019, amend filed 12/16/2019, effective 01/01/2020 FCS 11-2008, f. & cert. ef. 11-13-08
441-740-0040 Loan Agreement A pawnbroker may not capture a pledgor’s race or sex on any copy of a loan agreement other than the copy to be provided to law enforcement. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.280 and 726.285 History: FCS 11-2008, f. & cert. ef. 11-13-08
441-740-0045 Advertising (1) A licensed pawnbroker must use its Oregon license number in any paid advertising. (2) Without a pawnbroker license, a business may not use an assumed business name or advertising of a business that would lead the public to believe the business is a licensed pawnbroker, including use of "pawn," "hawk," "hock," or any synonym of any of those terms, in the assumed business name or in advertising referring to the business, whether used as a single word or part of a word. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.040 History: FCS 11-2008, f. & cert. ef. 11-13-08
441-740-0055 Surrender of License When a pawnbroker surrenders a license, the written notice to the director must include: (1) The original pawnbroker license; (2) A copy of the notice posted on the front of the pawnbroker’s place of business notifying customers of the closure of the pawnbroker business; (3) A list of outstanding pledge loans and a description of how those loans will be handled; (4) The physical location where pledged items will be held; and (5) The physical location where the pawnbroker’s books and records will be held. Statutory/Other Authority: ORS 726.260 Statutes/Other Implemented: ORS 726.190 History: FCS 11-2008, f. & cert. ef. 11-13-08
441-745-0000 Definitions (1) Unless a specific definition is provided or the context otherwise requires, the words and phrases used in OAR Chapter 441, Division 745 have the meaning given them in ORS 183.310. (2) A "Director" means the Director of the Department of Consumer and Business Services and the Director's authorized representatives. (3) A "Department" means the Department of Consumer and Business Services. (4) “Nationwide Multistate Licensing System and Registry” or “NMLS” means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and successors develop and maintain for participating state agencies to use to register and license mortgage loan originators and non-depository companies and made available at www.nationwidelicensingsystem.org. (5) A "Person" includes individuals, partnerships, corporations, associations, firms, and joint stock companies. Statutory/Other Authority: ORS 717.310 Statutes/Other Implemented: ORS 717.200 History: FSR 7-2017, f. & cert. ef. 4-14-17 FCS 8-2000, f. & cert. ef. 6-27-00
441-745-0010 Waiver by Director The Director may, either upon request or upon the Director’s motion, waive or modify the application of any particular rule to a particular person when, in the Director’s opinion, just and reasonable cause exists for such action and the waiving or modifying of such a rule would not be contrary to the provisions of ORS Chapter 717. Statutory/Other Authority: ORS 717.310 Statutes/Other Implemented: ORS 717 History: FCS 8-2000, f. & cert. ef. 6-27-00
441-745-0300 Application Procedure (1) Each person desiring to obtain a money transmitters license shall apply to the Director by submitting all information required pursuant to ORS 717.220 plus a list of permissible investments pursuant to 717.215(3), if required. (2) A person seeking a license must submit an application attested to by an authorized owner or officer of the applicant through the NMLS. (3) Applicants and licensees must comply with the registration, application, licensing, and renewal processes set forth in the NMLS. Statutory/Other Authority: ORS 717.310 Statutes/Other Implemented: ORS 717.215 & 717.220 History: FSR 7-2017, f. & cert. ef. 4-14-17 FCS 8-2000, f. & cert. ef. 6-27-00
441-745-0310 Renewal of License (1) A licensee may renew their license to conduct the business of a Money Transmitter by submitting through the Nationwide Multistate Licensing System and Registry (NMLS): (a) A completed renewal application. (b) A renewal fee of $1000 pursuant to ORS 717.240(1) and any fee required by NMLS. (c) The information required pursuant to ORS 717.240(2). (2) The director may by order reduce the fees assessed for any specific year. Statutory/Other Authority: ORS 717.240 & 717.310 Statutes/Other Implemented: ORS 717.240 History: FSR 2-2025, amend filed 02/11/2025, effective 03/01/2025 FSR 7-2017, f. & cert. ef. 4-14-17 FCS 3-2005, f. & cert. ef. 9-6-05 FCS 8-2000, f. & cert. ef. 6-27-00
441-745-0330 Security Device Persons who were originally licensed as Sale of Checks licensees who renew their license under the provision of ORS 717.245 and who currently have on file a security device may continue the use of the security device provided: (1) The security device is in an amount sufficient to meet the requirements of ORS 717.225; or (2) The security device has been amended, by filing a rider or otherwise, to increase the amount of the security device to an amount required by ORS 717.225 and to reference 717.225. (3) The security device must be submitted through the NMLS. Statutory/Other Authority: ORS 717.310 Statutes/Other Implemented: ORS 717.225 History: FSR 7-2017, f. & cert. ef. 4-14-17 FCS 8-2000, f. & cert. ef. 6-27-00
441-745-0340 Fees, Charges Money Transmitters Pay to the Director (1) The rate of charge payable by a licensee is $60 an hour per person payable by the licensee for the Director and each examiner or other division employee used in an examination conducted under ORS 717.255 and for extra services provided a license under 717.255(2). (2) Notwithstanding the rate of charge fixed by section (1) of this rule: (a) If an examiner or other division employee or the Director is required to travel out of state in conducting the examination or providing the extra services, the rate of charge payable by the licensee is $60 an hour per person, plus actual cost of travel; (b) If the extra services or examination is performed by a consultant hired by contract for the particular service or examination, the charge payable by the licensee is the actual cost to the division of the contract consultant. (3) As used in this rule: (a) "Extra services" means any attention other than an annual examination given under ORS 717.255(1). (b) Actual travel costs include air fare, lodging, food, car usage out of state, mileage to the Oregon airport and return, and travel time beginning from the departure time and ending at the departure time at the destination city. Statutory/Other Authority: ORS 717.310 Statutes/Other Implemented: ORS 717.255 History: FCS 7-2014, f. & cert. ef. 10-17-14 FCS 8-2008, f. & cert. ef. 8-28-08 FCS 8-2000, f. & cert. ef. 6-27-00
441-755-0000 Definitions For purposes of ORS 697.500 through 697.555 and the rules in Division 755: (1) "Automated check-cashing machine" means an unstaffed communications terminal that cashes payment instruments and charges a fee. (2) "Conspicuously post" means to place in plain and unobstructed public view in a location and in a way, including form and size and typeface, that any person seeking the services of a licensee could clearly and easily see and read the contents of the posted notice. (3) "Control" means: (a) In the case of a corporation, direct or indirect ownership or the right to control 25 percent or more of the voting shares of the corporation, or the ability to elect a majority of the directors; (b) In the case of an entity other than a corporation, the ability to change the principles, policies or practices of the organization, whether through active or passive means. (4) "Control persons" means the president, vice-president, secretary, treasurer, and directors of a corporation, partners, members, or persons with equivalent titles or duties. (5) "Director" means the Director of the Department of Consumer and Business Services. (6) "Licensed location" means a staffed or unstaffed place other than the principal place of business where the activity of cashing checks is conducted. (7) "Mobile unit" means any vehicle or other movable means from which the business of cashing payment instruments is to be conducted. (8) "Person" means an individual, partnership, company, corporation, association or any other form of legal entity, other than the state or any political subdivision of the state. Statutory/Other Authority: ORS 697.550 Statutes/Other Implemented: ORS 697.504, 697.510 & 697.526 History: FCS 3-2012, f. & cert. ef. 7-23-12 FCS 8-2007, f. & cert. ef. 11-30-07
441-755-0100 Initial Application In addition to the items specified in ORS 697.510, an applicant must submit: (1) The applicant’s business telephone number and fax number, if any; (2) The mailing address for the applicant’s principal place of business, if different than the street address; (3) The applicant’s taxpayer identification number; (4) A statement of current financial condition, including a compiled balance sheet and profit-and-loss statement, or if the applicant is a newly formed entity, the source of funds to be used for check cashing activity; (5) A resume or other document listing the past five (5) years work experience for control persons, or persons with equivalent duties for the applicant; (6) Identifying information for control persons sufficient to conduct an investigation to determine the person's financial responsibility; (7) Disclosures for the applicant and each person identified in section (5) of this rule, including dates and specific details, for any of the following events that occurred in the 10 years before the date the application is submitted: (a) A felony conviction; (b) A misdemeanor conviction involving fraud, misuse of money, or theft; (c) An entry of a money judgment that currently remains entirely or partially unpaid; (d) An administrative action in any state resulting in civil penalties or action taken against a license held by the person; or (e) A voluntary or involuntary filing for bankruptcy protection; (8) A listing of any other business regulated by the Division of Financial Regulation being conducted or to be conducted at the licensed location; and (9) A copy of the check-cashing fees to be charged, and if the fee schedule will be different at some licensed locations, what fee schedule applies to which locations. Statutory/Other Authority: ORS 697.550 Statutes/Other Implemented: ORS 697.510 History: FSR 13-2019, minor correction filed 07/03/2019, effective 07/03/2019 FCS 3-2012, f. & cert. ef. 7-23-12 FCS 8-2007, f. & cert. ef. 11-30-07
441-755-0110 Licensing Exemptions (1) A person engaging in the bona fide retail sale of goods or services, cashing checks only from time to time, and not purporting to be a check-cashing business, is exempted from licensing, regulatory fees and record keeping requirements. (a) A person purports to be a check-cashing business if the person: (A) Advertises its check-cashing service through radio, television, print media, or the Internet; or (B) Places signs on the outside or facing outside of its retail location offering its check-cashing service to the public. (b) A person cashes checks only from time to time when the number of checks cashed in a calendar year does not exceed three percent of the number of retail transactions at that retail location during the previous calendar year. (2) A money transmitter licensed in Oregon that is conducting check-cashing activity is exempt from licensing and regulatory fees, but must keep records and provide annual reports. The exemption from licensing and regulatory fees extends to any location of the licensed money transmitter where: (a) The location is listed in filings with the director; (b) Revenue and expenses of that location are incorporated into the license money transmitter's annual financial statements; and (c) The licensed money transmitter owns and operates, through its employees, that location. Statutory/Other Authority: ORS 697.550 Statutes/Other Implemented: ORS 697.502 History: FCS 3-2012, f. & cert. ef. 7-23-12 FCS 8-2007, f. & cert. ef. 11-30-07