ORS Chapter 725a — Short-Term Loans and

ORS 725a.010. Definitions. As used in ORS 725A.010 to 725A.092 and 725A.990: (1)(a) Broker or facilitator means a person that conducts a business in which, for a fee or consideration, the person: (A) Processes, receives or accepts for delivery to a lender an application for a loan, individually or in conjunction or cooperation with another person; (B) Accepts and delivers to a lender all or most of the proceeds of a payment made in connection with a loan; or (C) Assists in making a loan in a material capacity other than as a lender. (b) Broker or facilitator does not include a mortgage broker, as defined in ORS 86A.100, a mortgage loan originator, as defined in ORS 86A.200, or an employee of a licensee. (2) Earnings means salary, wages or other compensation for service. (3)(a) Lender means an individual, corporation, association, firm, partnership, limited liability company or joint stock company that is engaged in the business of making loans. (b) Lender does not include a financial institution or a trust company, as those terms are defined in ORS 706.008. (4) Licensee means a person licensed under ORS 725A.024. (5) Nationwide Multistate Licensing System means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or assignees of the Conference of State Bank Supervisors or the American Association of Residential Mortgage Regulators, develop and maintain for participating state agencies to use in licensing and registering mortgage loan originators, as defined in ORS 86A.200, and other persons that provide nondepository financial services. (6)(a) Payday loan means a loan of not more than $50,000, other than a purchase money loan, in which: (A) The primary purpose is personal, family or household use; (B) The loan agreement specifies a term of not more than 60 days or specifies that a payday loan lender may demand repayment within 60 days; and (C) The evidence of the loan is usually a check or electronic repayment agreement provided by or on behalf of the borrower. (b) Payday loan does not include a loan with a term longer than 60 days in which a lender may accelerate repayment if the borrower defaults. (7) Payday loan lender means a lender that is engaged in the business of making loans, at least 10 percent of which are payday loans. (8) Title loan means: (a) A loan of not more than $50,000, other than a purchase money loan, in which: (A) The title to a motor vehicle, recreational vehicle, boat or mobile home is security for the loan; (B) The loan agreement specifies a term of not more than 60 days and requires the borrower to repay the entire amount in a single payment; and (C) The lender is a title loan lender; (b) A loan of a type substantially equivalent to a loan described in paragraph (a) of this subsection that the Director of the Department of Consumer and Business Services designates by rule or order as a title loan; or (c) A sale-leaseback arrangement between a consumer and a purchaser for a motor vehicle, recreational vehicle, boat or mobile home in an amount that does not exceed $50,000 if: (A) The title and all rights to the motor vehicle, recreational vehicle, boat or mobile home do not transfer from the consumer to the purchaser in a bona fide sale of the motor vehicle, recreational vehicle, boat or mobile home or the consumer retains equity in the motor vehicle, recreational vehicle, boat or mobile home after the consumers sale to the purchaser; (B) The purchaser and the consumer agree within 60 days of the date on which the consumer sells the motor vehicle, recreational vehicle, boat or mobile home to the purchaser that the consumer has an option to or will repurchase the motor vehicle, recreational vehicle, boat or mobile home from the purchaser for a nominal price or a price other than the market value, determined at the time the lease expires, of the motor vehicle, recreational vehicle, boat or mobile home; (C) During the term in which the consumer leases the motor vehicle, recreational vehicle, boat or mobile home, the purchaser or an agent of the purchaser holds a check, electronic repayment agreement or other evidence of the consumers agreement to repurchase the motor vehicle, recreational vehicle, boat or mobile home that was provided by or on behalf of the consumer; or (D) The director by rule or order designates the sale-leaseback arrangement as a title loan. (9) Title loan lender means a lender that is engaged in the business of making loans, at least 10 percent of which are title loans.