Oregon sets consumer loan coverage and license application rules

Oregon's consumer finance chapter applies to people who make, arrange or help arrange covered consumer loans. It covers loans of $50,000 or less involving Oregon residents or people domiciled in Oregon when the agreement is made in Oregon or payments use an Oregon account or financial instrument. A person remains subject to the chapter when acting as an agent, broker or facilitator for a covered lender. Other state or federal lending laws continue to apply when the person follows those laws. The chapter does not affect loans made or payable in another jurisdiction and lawful there, except as provided by ORS 725.015. Oregon declares that specified 1980 federal banking amendments do not apply to consumer finance loans made in this state. These rules apply to consumer finance loans made in Oregon on or after June 5, 2026, the effective date listed in the status information.

A person applying for a consumer finance license must use the form and provide the information required by the department director and the national licensing system. Applicants include individuals, partnership or association members, and corporate officers or directors seeking a license under ORS 725.045. The application must include names, residential and business addresses, the business location, and a Nationwide Mortgage Licensing System and Registry identifier. Applicants must provide fingerprints, a personal history and experience summary, and permission to obtain credit and government-record information. The director or the national licensing system may require additional information. Applicants must pay the required license fee, subject to a partial refund when the director denies the license for cause or the applicant withdraws after an investigation. The application requirements apply when a person applies for a license on or after June 5, 2026, the effective date listed in the status information.