Oregon Requires Consumers to Repay Title, Payday Loans Before Lender Makes New Loan

Oregon’s governor has signed a bill that bans title loan and payday companies from making a new loan to a consumer until seven days after a previous advance has been fully repaid. The new law also prevents lenders from making or renewing a title loan or payday loan with an interest rate greater than 36 percent a year. Any loan contracts executed on or after Jan. 1, 2020, including renewals, will be subject to the new provisions.

Lexology (06/06/19)

READ MORE

Leave a Reply

Your email address will not be published. Required fields are marked *