Adds currently licensed check cashers, payday and title lenders to the businesses that are eligible for a reduced investigation fee of $75 for additional licenses.
Rules affected: OAR 441-755-0010
Need for Rules:
ORS 697.504 requires persons engaged in check cashing to obtain a license from the director. ORS 697.502 states that “each person who submits an application under ORS 697.510 shall at the same time pay a nonrefundable application fee and a nonrefundable investigation fee to the director of the Department of Consumer and Business Services in amounts the director prescribes by rule.” Licenses issued under the check cashing statutes are non-transferrable and applicable only to the location specified in the application.
OAR 441-755-0010 sets the general investigation fee at $150. However, the investigation fee is reduced to $75 for persons holding a current consumer finance or pawnbroker license that intend to use the same legal entity name and control persons as that listed on the check-casher license application. The rule does not currently contemplate a lower investigation fee for licensed check cashers wishing to license a different or additional location or for licensed payday/title lenders seeking a check cashing license.
This proposed rule would reduce the investigation fee for currently licensed check cashers and payday/title lenders that intend to use the same legal entity name and control persons as that listed on their initial check-casher license application. The proposed rule will place similarly licensed individuals on a level playing field.
Filed: November 23, 2020
December 22, 2020, 11:00 a.m.,
Conference call only due to COVID-19.
Access code: 1691422#
Last day for public comment: December 29, 2020, 5 p.m.