In 2007, Oregon lawmakers instituted reforms on the payday loan / cash advance industry which has regulated different aspects of payday lending within the state. These reforms included requirements for a loan, loan origination fees, interest rates, loan amounts, payday loan terms, cash advance extensions as well as the number of cash advance / payday loans a borrower may have at one time. To understand what is and isn’t allowed for Oregon residents with regard to a payday loan, take a look at the summary below. As of March 2013, there have been no further legislative mandates governing the cash advance / payday loan industry. The following are specific regulations and laws which protect payday loan / cash advance consumers in the state of Oregon: Maximum Payday Loan Term: 60 days Maximum Finance Charges and Fees: 36% APR Maximum Loan Amount: Cannot exceed 30% of the borrower’s gross monthly income Number of Rollovers: Two Outstanding Loans Allowed at Once: One Cool-Off Period: 7 Days Payment Plan: N/A Collection Fees: $20 NSF fee Presentment Limit: One Private Right of Action: Civil Military Protection: N/A Penalties: N/A For more information refer to these sites: Oregon Statute 725.600 et seq. 2010, Chapter 23 ? Oregon Department of Consumer & Business Services Division of Finance & Corporate Securities 350 Winter St. NE, Rm. 410 Salem, OR 97301 Phone: (503) 378-4140 Fax: (503) 947-7862 Recent legislation: There has been no recent legislation with regard to the payday loan / cash advance industry.?
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