Bill > HB4116

This bill modifies existing Oregon law regarding consumer finance loans, which are loans made to individuals for personal, family, or household purposes. Specifically, it clarifies that the chapter regulating these loans does not limit a person's rights under other federal or state laws that also regulate lending, as long as the person complies with those other laws. The bill also explicitly states that Oregon does not want certain federal amendments concerning interest rates on consumer finance loans to apply within the state. Furthermore, it defines when a person is subject to these state regulations, including if they make consumer finance loans of $50,000 or less, or act as an intermediary for such loans, when the consumer is in Oregon and negotiates, agrees to terms, or makes payments related to the loan while physically in the state or through financial institutions located in the state. The bill also updates the application process for a consumer finance loan license, requiring applicants to provide more detailed personal information, a unique identifier from the Nationwide Mortgage Licensing System and Registry (a system used to track mortgage loan originators), fingerprints for background checks, and authorization for credit reports and checks of legal or administrative actions. Finally, it clarifies that these changes apply to consumer finance loans made in Oregon on or after the bill's effective date, which is 91 days after the legislative session ends.