summary
Introduced
01/13/2025
01/13/2025
In Committee
03/04/2025
03/04/2025
Crossed Over
03/04/2025
03/04/2025
Passed
Dead
Introduced Session
2025 Legislative Measures
Bill Summary
The statement includes a measure digest written in compliance with applicable readability standards. Digest: Declares that this state does not want a certain federal law to apply to consumer loans made in this state. Says who the laws that govern consumer finance loans in this state apply to and when. Says what needs to be in an application for a license to make consumer finance loans in this state. (Flesch Readability Score: 74.4). Declares that this state does not want the amendments set forth in section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 to apply to consumer finance loans made in this state. Specifies persons to whom the consumer finance laws of this state apply and circumstances in which the laws apply. Specifies the requirements for an application for a license to make consumer finance loans in this state. Takes effect on the 91st day following adjournment sine die.
AI Summary
This bill amends Oregon's consumer finance loan laws by making several key changes: First, it explicitly declares that the state does not want certain federal amendments from the 1980 Depository Institutions Deregulation and Monetary Control Act to apply to consumer finance loans within Oregon. The bill specifies when and to whom the state's consumer finance laws apply, particularly focusing on loans of $50,000 or less, and includes provisions about where a consumer is located when negotiating or paying such loans. It also updates the licensing application requirements for consumer finance lenders, now mandating more detailed information including unique identifiers from the Nationwide Mortgage Licensing System and Registry, personal history details, fingerprints for background checks, authorization for credit reports, and information about any previous administrative or legal proceedings. The bill clarifies that these new requirements do not limit a person's rights under other state or federal lending laws, as long as they comply with those laws. The changes will apply to consumer finance loans made in Oregon on or after the bill's effective date, which will be the 91st day after the 2025 legislative session adjourns.
Committee Categories
Business and Industry
Sponsors (0)
No sponsors listed
Last Action
Referred to Labor and Business. (on 03/04/2025)
Official Document
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