justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 725a — Short-Term Loans and

ORS 725a.054. Duty to report defalcation; audit. (1) A director or officer of a licensee who has reason to believe that a defalcation has occurred at an office of the licensee shall report the defalcation to the local, state or federal law enforcement officer with jurisdiction. (2) A licensee, within five days after the discovery of a defalcation that occurs at an office of the licensee, shall notify the Director of the Department of Consumer and Business Services. If the director instructs the licensee to do so, the licensee shall cause an audit to be made of the business of the licensed office where the defalcation occurred, in accordance with the directors instructions. (3) The Director of the Department of Consumer and Business Services may report a defalcation to a federal, state or local law enforcement agency with jurisdiction if the licensee has not reported the defalcation in accordance with subsection (1) of this section.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.056. Loan disclosure requirements; receipt; procedure after full loan repayment. A licensee shall: (1) Deliver to the borrower at the time the licensee makes a loan a statement in the English language that shows in clear and distinct terms: (a) The borrowers and the licensees names and addresses. (b) The amount of the loan, the date on which the licensee made the loan and the maturity of or payment terms for the loan. (c) The interest rate to which the licensee and borrower agreed and the consideration the licensee will charge for the loan. (d) The nature of the security for the loan, if the licensee has taken a lien on personal property by chattel mortgage, bill of sale, collateral agreement or otherwise. (2) Make available to the borrower upon request a plain and complete receipt for all payments the borrower made on a loan at the time the licensee receives the payments. The receipt must: (a) Specify the amount, if any, that the licensee applied toward interest; (b) Identify the date to which the interest is paid; (c) Specify the amount, if any, the licensee applied toward principal; and (d) State the unpaid principal balance for the loan, if a principal balance remains. (3) Permit a borrower at any time to pay any amount in advance on any loan. (4) Mark the word Paid or Renewed indelibly on the note, or on other evidence of the debt or obligation that bears the borrowers signature, whenever the borrower pays the loan in full or renews the loan. If the borrower repays the loan in full, the licensee shall also: (a) Release a mortgage or security agreement that no longer secures the loan and restore any security or collateral, to the extent and in the manner required by law. (b) Release a Uniform Commercial Code filing that no longer secures the loan, to the extent and in the manner required under ORS 79.0513. (c) Return any assignment the borrower gave. (d) Return to the borrower the canceled note or other evidence of the loan or, alternatively, acknowledge to the borrower in writing that the borrower has repaid the loan.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.058. Dissemination of false, misleading or deceptive statement. A licensee or other person may not advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast in any manner whatsoever a statement or representation that is false, misleading or deceptive with respect to a rate, term or condition for a payday loan or title loan.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.060. Prohibited conduct generally. (1) A licensee or a person required under ORS 725A.020 to obtain a license may not: (a) Take from a consumer: (A) A power of attorney, except a power of attorney to transfer ownership of a motor vehicle at the time the licensee or the person makes a loan secured by a motor vehicle. (B) A note or promise to pay that does not accurately disclose the actual amount or the term of the loan, the rate of interest charged and the schedule of payments for the loan. (C) An instrument in which blank spaces remain to be filled in after execution. (D) An assignment of earnings as payment or as security for a loan. An assignment that violates this subparagraph is unenforceable by the assignee and revocable by the assignor. For purposes of this subparagraph, if the licensee or the person pays money to or on behalf of a consumer in return for a right or claim to all or a portion of the consumers unpaid earnings, the licensee or the person has made a loan to the consumer that is secured by an assignment of earnings. This subparagraph does not preclude an employee from authorizing deductions from the employees earnings if the authorization is revocable. (b) Conduct business where liquor or lottery tickets are sold or where gambling devices are located. (c) Charge a consumer: (A) More than the actual amount that the vendor or service provider charges the licensee or the person for access to or use of the system described in ORS
ORS Chapter 725a — Short-Term Loans and

ORS 725a.062. Prohibited conduct for title loan lender. A title loan lender may not: (1) Make or renew a title loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the title loan lender may charge for the loan. (2) Charge during the term of a title loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less. (3) Make or renew a title loan for a term of less than 31 days. (4) Make or renew a title loan to a consumer without forming a good faith belief that the consumer has the ability to repay the title loan. In forming a good faith belief, the title loan lender shall consider factors that the Director of the Department of Consumer and Business Services specifies by rule. A title loan lender complies with this subsection if the title loan lender meets the conditions the director specifies. (5) Charge a consumer a fee or interest other than a fee or interest described in subsection (1) or (2) of this section or in ORS 725A.060 (1)(c) or (d). (6) Include in a title loan contract: (a) A hold-harmless clause; (b) A confession of judgment or other waiver of the right to notice and the opportunity to be heard in an action; (c) A provision in which the consumer agrees not to assert against the lender or a holder in due course a claim or defense arising out of the contract; (d) An executory waiver or a limitation of exemption from attachment, execution or other process on real or personal property the consumer holds, owns or is due, unless the waiver or limitation applies only to property that is subject to a security interest executed in connection with the loan; or (e) A clause that permits interest to continue after the consumers motor vehicle, recreational vehicle, boat or mobile home has been repossessed. (7) Require or accept from a consumer a set of keys to the motor vehicle, recreational vehicle, boat or mobile home the title to which secures the title loan. (8) Make more than one outstanding title loan that is secured by one title. (9) Renew an existing title loan that is secured by one title more than two times after the loan is first made. (10) Make a new title loan to a consumer within seven days after the date on which the consumer fully repays a previous title loan.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.064. Prohibited conduct for payday loan lender. A payday loan lender may not: (1) Make or renew a payday loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the payday loan lender may charge for the loan. (2) Charge during the term of a payday loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less. (3) Make or renew a payday loan for a term of less than 31 days. (4) Charge a consumer a fee or interest other than a fee or interest described in subsection (1) or (2) of this section or in ORS 725A.060 (1)(c) or (d). (5) Include in a payday loan contract: (a) A hold-harmless clause; (b) A confession of judgment or other waiver of the right to notice and the opportunity to be heard in an action; (c) A provision in which the consumer agrees not to assert against the lender or a holder in due course a claim or defense arising out of the contract; or (d) An executory waiver or a limitation of exemption from attachment, execution or other process on real or personal property the consumer holds, owns or is due, unless the waiver or limitation applies only to property that is subject to a security interest executed in connection with the loan. (6) Renew an existing payday loan more than two times. (7) Make a new payday loan to a consumer within seven days after the date on which the consumer fully repays a previous payday loan. [2010 c.23 21; 2019 c.188 3] (Enforcement)
ORS Chapter 725a — Short-Term Loans and

ORS 725a.080. Complaint and administrative remedy. (1) A person who claims to be aggrieved by a practice that violates a provision of ORS 725A.020, 725A.060, 725A.062 or
ORS Chapter 725a — Short-Term Loans and

ORS 725a.082. Cease and desist order. (1) If the Director of the Department of Consumer and Business Services has reasonable cause to believe that a person violated, is violating or is about to violate a provision of ORS 725A.010 to 725A.092 and
ORS Chapter 725a — Short-Term Loans and

ORS 725a.084. Suspension or removal of officer or director of licensee. (1) If the Director of the Department of Consumer and Business Services finds that an officer or director of a licensee is dishonest, reckless or incompetent or refuses to comply with the law, with a rule the Department of Consumer and Business Services adopted or with a written requirement or instruction the department imposed or issued, the Director of the Department of Consumer and Business Services may order the licensee to suspend the licensees officer or director from the officer or directors office or position. (2) The Director of the Department of Consumer and Business Services, for any of the reasons set forth in ORS 725A.026, may order a licensee to remove an officer or director of the licensee from office.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.086. Limitation of personal liability. A person is not personally liable for an act the person does or fails to do in good faith and in compliance with a rule or order the Director of the Department of Consumer and Business Services adopted or issued under ORS 725A.010 to 725A.092 and 725A.990, even if the director amends or rescinds the rule or order or a judicial or other authority determines that the rule or order is invalid. [2010 c.23 25] (Miscellaneous)
ORS Chapter 725a — Short-Term Loans and

ORS 725a.090. (B) More than one fee per loan transaction for dishonored checks or insufficient funds, regardless of how many checks or debit agreements the licensee or the person obtains from the consumer for the transaction. The fee may not exceed $20. (d) Collect a fee for a dishonored check under ORS 30.701 or seek or recover statutory damages or attorney fees from a consumer for a dishonored check under ORS 30.701. The licensee or the person may recover from the consumer a fee that an unaffiliated financial institution charges to the licensee or the person for each dishonored check. For a dishonored check or insufficient funds, the fees described in this subsection are the only remedy the licensee or the person may pursue and the only fees the licensee or the person may charge. (e) Make a loan to a consumer who has not fully repaid an outstanding payday loan or title loan. This paragraph does not prohibit a licensee or person from renewing an existing payday loan or title loan as provided in ORS 725A.010 to
ORS Chapter 725a — Short-Term Loans and

ORS 725a.092. (d) Was convicted of a crime, an essential element of which is fraud; (e) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing a practice or conduct in connection with making payday loans, title loans or consumer loans; or (f) Is subject to an order in which: (A) The director imposed a fine or other civil penalty on the person under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 to 725A.092 and 725A.990; (B) The director removed the person from an office in an entity regulated under the Bank Act, ORS chapter 723 or 725 or ORS 725A.010 to 725A.092 and 725A.990; or (C) A state or federal agency with authority over banking institutions, savings associations, credit unions or consumer finance companies, within a five-year period before the applicant submitted an application under ORS 725A.022: (i) Imposed a fine or other civil penalty on the person; or (ii) Removed the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company. (2) If the director denies a license to an applicant under this section, the director shall provide the applicant with a reasonable opportunity for a hearing under ORS chapter 183.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.500. Definitions. As used in ORS 725A.500 to 725A.530: (1) Affiliate means a person that controls, is controlled by or is under common control with another person. (2) Applicant means a person that applies for a license to engage in business as a student loan servicer in this state. (3) Borrower means a resident of this state who has received or agreed to pay a student loan or another person who shares responsibility with the resident for repaying a student loan. (4) Branch office means a location at which a business entity services a student loan other than the business entitys headquarters or principal place of business. (5) Business entity means a corporation, limited liability company, partnership, limited partnership, business trust, joint venture or other form of business organization the constituent parts of which share a common economic interest. (6) Controller means: (a) A director, officer or general partner of a business entity; (b) A managing member of a limited liability company; (c) A person that has a direct or indirect right to vote 10 percent or more of the securities of a business entity that have voting rights or the power to sell or cause the sale of 10 percent or more of any class of a business entitys securities; (d) A person that has contributed 10 percent or more to a partnerships capital or has the right to receive a distribution of 10 percent or more of a partnerships capital or assets upon dissolution; or (e) A person that, under the terms of a contract or because the person has an ownership interest in another person, has the power to manage or set policies for the other person or otherwise direct the other persons operations or affairs. (7) Licensee means a person that has applied for and obtained or renewed a license from the Director of the Department of Consumer and Business Services to engage in business as a student loan servicer in this state. (8) Manager means an individual who has supervisory authority over employees and operations at a business entitys branch office or other business location. (9) Person means an individual or a business entity. (10) Service a student loan means to: (a) Receive a scheduled periodic payment from a borrower under the terms of a student loan; (b) Apply payments of principal and interest and other payments from a borrower in accordance with the terms of a student loan; or (c) Perform other administrative services with respect to a student loan including, but not limited to, performing any of the following actions during periods in which a payment on a student loan is not due: (A) Maintaining account records for the student loan; (B) Communicating with the borrower about the student loan on behalf of the lender; or (C) Interacting with a borrower to prevent a default on a student loan or to enable the activities described in paragraphs (a) and (b) of this subsection. (11) Student loan means a loan the proceeds of which a borrower uses primarily for personal use to pay education expenses or other school-related expenses.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.503. Prohibition on servicing student loan without license; exceptions; powers of Director of Department of Consumer and Business Services; rules. (1) A person may not directly or indirectly service a student loan in this state unless the person obtains or renews a license under ORS 725A.506. (2) Subsection (1) of this section does not apply to: (a) A financial institution, as defined in ORS 706.008. (b) A financial holding company or bank holding company, both as defined in ORS 706.008, if the financial holding company or bank holding company does no more than control an affiliate or subsidiary, as defined in 12 U.S.C. 1841(d), and does not engage in business as a student loan servicer. (c) An attorney who is licensed or otherwise authorized to practice law in this state if the attorney services a student loan only incidentally in the course of practicing law. (d) A public body, as defined in ORS 174.109. (e) A public university listed in ORS 352.002. (f) A community college, as defined in ORS 341.005. (g) The Oregon Health and Science University. (h) A nonprofit, private, post-secondary institution that the Higher Education Coordinating Commission has authorized to confer academic degrees under ORS 348.594 to 348.615. (i) A state agency or a private nonprofit institution or organization that has an agreement with the United States Secretary of Education under section 428(b) of the Higher Education Act of 1965 (20 U.S.C. 1078(b)), solely to the extent of the agencys, institutions or organizations actions as a guarantor that engages in averting defaults. The exemption set forth in this paragraph does not extend to the agencys, institutions or organizations actions in servicing a student loan. (j) A person that the Director of the Department of Consumer and Business Services designates by rule or order as exempt. (3) Notwithstanding subsection (2) of this section, the director may require any person to obtain a license under ORS 725A.506 before the person services a student loan in this state if the director determines that the person has violated state or federal law or has engaged in a course of dealing that is fraudulent, deceptive or dishonest. (4)(a) If the director reasonably believes that a person is subject to ORS 725A.500 to
ORS Chapter 725a — Short-Term Loans and

ORS 725a.506. Application for licensing; required contents; fee; bonding; power of director to issue, deny, revoke or refuse to renew license; date of expiration; rules. (1)(a) A person that is subject to the requirement to obtain or renew a license under ORS
ORS Chapter 725a — Short-Term Loans and

ORS 725a.509. Duties of licensee; assumed business name. (1) A licensee shall designate and maintain a principal place of business at or from which the licensee services student loans in this state and shall designate a registered agent in this state. (2)(a) If a licensee does not maintain a principal place of business in this state, the licensee shall nevertheless designate a registered agent in this state. The registered agent must be available to receive on the licensees behalf any notice, demand or service of process permitted by law to be given, made or delivered to, or served upon, the licensee. (b) If the licensee does not designate a registered agent in this state, or if the licensees registered agent cannot with reasonable diligence be located, the Director of the Department of Consumer and Business Services is the licensees registered agent. (3) A licensee may not use or operate under an assumed business name unless the licensee first registers the assumed business name under ORS chapter 648 and lists the name on an application under ORS 725A.506 or in a notice to the director under ORS 725A.515.
ORS Chapter 725a — Short-Term Loans and

ORS 725a.512. Requirement to maintain liquidity, operating reserves and tangible net worth; taking possession of licensees property for failure to meet requirement; appointment of receiver. (1) A licensee shall maintain in accordance with generally accepted accounting principles sufficient liquidity, operating reserves and tangible net worth to permit the licensee to adequately meet all costs, expenses and other financial requirements related to servicing student loans in this state. The Director of the Department of Consumer and Business Services may specify by rule the standards a licensee must meet to comply with the requirements set forth in this subsection. (2)(a) If a licensee fails to meet the applicable standards for liquidity, operating reserves and tangible net worth set forth in subsection (1) of this section, the director may take and retain possession of the licensees property, business and assets located in this state until the licensee returns, under the directors supervision or oversight, to compliance with the applicable standards. (b) In taking and retaining possession of the licensees property, business and assets under paragraph (a) of this subsection, the director shall conduct an inventory appropriate for establishing a receivership for the licensee and file a copy of the inventory with: (A) The Department of Consumer and Business Services; and (B) Each of the licensees controllers, at the last address for each controller that the director has in the directors records. (3) If a licensee refuses to permit the director to take and retain possession of the licensees property, business and assets under subsection (2) of this section or if the director can show that the interests of the licensees borrowers or creditors require the appointment of a receiver, the director may apply to the circuit court in the county in which the licensees principal place of business in this state is located for an order to appoint a receiver to take and retain possession of, operate or liquidate the licensees property, business and assets. The court may appoint the director as the receiver. (4) If, 60 days after the date on which the director took possession of a licensees property, business and assets under subsection (2) of this section, the licensee has not returned to compliance with the applicable standards described in subsection (1) of this section, the director shall liquidate the licensees property, business and assets and revoke the licensees license to service student loans in this state. If the director is not the receiver for the licensees property, business and assets, the director shall apply to the circuit court in the county in which the licensees principal place of business in this state is located for an order to appoint the director or another person as receiver.