Financial industry

Installment loans licensing

Companies that offer installment loans must get a license from the division if the annual interest rate exceeds 12 percent. The consumer finance license applies to loans less than $50,000 for personal or household use. No consumer finance license is required for business loans, commercial loans, purchase money loans, or retail installment sales contracts. The licensing requirements extend to agents, brokers, or facilitators of the loan company. 

How to apply

Oregon requires all new lenders to apply through The Nationwide Mortgage Licensing System (NMLS). Follow the NMLS instructions to get an Oregon license and complete criminal background and credit check authorization forms.

Interest rate and fee

The annual percentage rate (interest and fees) on the loans you offer may not exceed 36 percent.

Consumer finance discount rate order - 2017

Annual reports

All licensees must file an annual report by March 31 each year. The report must cover your operations for the previous calendar year. 

Renewals

See the NMLS Oregon page to apply for a license renewal.