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Consumer finance

Installment loans licensing

Companies that offer personal loans of $50,000 or less must get an Oregon consumer finance license from the division. This applies to loans 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 license 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). NMLS provides instructions for how to do almost anything in the Resource Center under the Resources and Support section. Follow the NMLS instructions to get an Oregon license and complete criminal background and credit check authorization form. Be sure to review the checklist for a new application to ensure your application is complete when submitted.

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 - 2023

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

All licenses issued before November 1 st, expire on December 31 st of the same year. Licensees are required to submit a renewal request through NMLS between November 1 st and December 1 st. See the NMLS Resource Center to apply for a license renewal.