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Payday and title lender licensing

Companies that offer payday and or title loans must get a license from the division. The licensing requirements extend to agents, brokers or facilitators of the loan company.

Oregon requires all new payday and title 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.

Legal rates and fees

Lenders are limited to charging:

  • No more than 36 percent per annum
  • A one-time 10 percent loan origination fee, up to a maximum of $30, for a new loan

The loan’s annual percentage rate (APR) is 153.77 percent if you charge the maximum interest rate and origination fee.

Loan agreements

You must provide to your customers a written loan agreement clearly explaining the fees, percentage rate, payment due dates, and the action you will take if payments are delayed or in default.

Annual reports

All licensees must file annual reports 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.

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