Oregon Statutes 726.075 – Grounds for denial of license
The Director of the Department of Consumer and Business Services may not grant a license to engage in the business of pawnbroker to any person if any person named in the application submitted pursuant to ORS § 726.060:
Terms Used In Oregon Statutes 726.075
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Fraud: Intentional deception resulting in injury to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Pawnbroker: means a person, copartnership, association or corporation that:
(a) Lends money at a rate of interest greater than 10 percent per annum on the deposit or pledge of personal property;
(b) Purchases personal property on the direct or implied condition of selling the personal property back at a stipulated price that would amount to paying interest or consideration in excess of 10 percent per annum; or
(c) Does business as a storage warehouse operator and lends money at a rate of interest greater than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security. See Oregon Statutes 726.010
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) Is insolvent, either in the sense that the person’s liabilities exceed the person’s assets or that the person cannot meet obligations as they mature, or is in such financial condition that the person cannot continue in business with safety to the person’s customers;
(2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession;
(3) Has willfully or repeatedly violated or failed to comply with a provision of the Oregon Bank Act, the Oregon Credit Union Act, the Oregon Consumer Finance Act or the Pawnbrokers Act, or any administrative rule or order adopted under an Act identified in this subsection;
(4) Has been convicted of a crime, an essential element of which is fraud;
(5) Is not qualified to conduct a pawnbroker business on the basis of such factors as training, experience and knowledge of the business;
(6) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving an aspect of the pawnbroker business;
(7) Is the subject of an order of the director, subjecting the person to a civil penalty, or removing the person from an office in an entity regulated by either director; or
(8) Is the subject of an order that was issued by the regulatory authority of another state or of the federal government with authority over such banking institutions, credit unions, consumer finance companies or savings associations, that was entered within the past five years and that subjects the person to a civil penalty or removes the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company. [1977 c.135 § 55; 1985 c.762 § 137; 2009 c.541 § 47; 2011 c.597 § 294]