Oregon Statutes 726.420 – Effect of charging excessive interest or fees
If any pawnbroker or agent, member, officer or employee thereof, or any other person is found by the Director of the Department of Consumer and Business Services to have charged, contracted for or received any interest, fees or other charges in excess of those permitted by ORS § 726.390, then the pledge loan shall be void. The pawnbroker shall forfeit the right to collect or receive any principal, interest or charges whatsoever. The pawnbroker shall upon order of the director return to the pledgor free from the pawnbroker’s lien the pledge pledged by the pledgor without tender of principal and interest and shall pay into the county school fund of the county wherein the loan is made all payments and all fees or other charges previously collected under such pledge loan. [Amended by 1975 c.544 § 59a; 1987 c.373 § 74]
Terms Used In Oregon Statutes 726.420
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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
- Pledge: means personal property deposited with a pawnbroker in the course of the business of the pawnbroker. See Oregon Statutes 726.010
- Pledge loan: means a loan that a pawnbroker makes to a pledgor and that is secured by a pledge. See Oregon Statutes 726.010
- Pledgor: means a person who delivers a pledge into the possession of a pawnbroker, unless the person discloses that the person is or was acting for another, in which event 'pledgor' means the disclosed principal. See Oregon Statutes 726.010
[Repealed by 1975 c.544 § 62]