Oregon Statutes 726.390 – Interest rates and charges
(1)(a) Except as provided in paragraph (b) of this subsection, a pawnbroker may not charge, contract for or receive interest at a rate in excess of three percent per month.
Terms Used In Oregon Statutes 726.390
- Contract: A legal written agreement that becomes binding when signed.
- Pawnbroker: means a person, copartnership, association or corporation that:
(a) Lends money at a rate of interest greater than 10 percent per annum on the deposit or pledge of personal property;
(b) Purchases personal property on the direct or implied condition of selling the personal property back at a stipulated price that would amount to paying interest or consideration in excess of 10 percent per annum; or
(c) Does business as a storage warehouse operator and lends money at a rate of interest greater than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security. See Oregon Statutes 726.010
- Pledge: means personal property deposited with a pawnbroker in the course of the business of the pawnbroker. See Oregon Statutes 726.010
(b) A pawnbroker may charge one month’s interest or $3 on pledge loans redeemed within the first month if interest accumulated amounts to less. The pawnbroker may not compound the interest and may not deduct or receive an amount in advance.
(2) A pawnbroker may charge a set-up fee of 10 percent for loans and loan renewals with a minimum charge of $2 and a maximum charge of $250.
(3) A pawnbroker may charge a storage fee of not more than seven percent for loans and loan renewals, with a minimum charge of $2 and a maximum charge of $250.
(4) Except as provided by law, a pawnbroker may not charge, contract for or receive an amount in addition to the interest provided for in this section. [Amended by 1973 c.449 § 5; 1979 c.202 § 6; 1981 c.192 § 44; 1985 c.795 § 1; 1997 c.842 § 3; 2009 c.372 § 3; 2015 c.90 § 1; 2023 c.7 § 1]