Chapter 726 — Chapter 726

ORS 726.010 Definitions. As used in this chapter

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ORS 726.020 Short title; application of chapter. This chapter shall be known as the Pawnbrokers Act. It is applicable to any person who qualifies under its provisions, and to such other person as shall by violating any of its provisions be subject to the penalties provided in ORS 726.990

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ORS 726.030 Construction of chapter. Nothing in this chapter shall be construed or held to limit the rights, powers or privileges granted to any person by any law of this state or of the United States whereby the loaning of money or extending of credit is regulated, provided, that such person is operating in compliance with the provisions of such law

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ORS 726.040 Pawnbroker license required. No person shall engage or continue in the business of a pawnbroker, or use any assumed business name or advertising that in any way would lead the public to believe the person is a licensed pawnbroker, except as authorized by this chapter and without first procuring a license from the Director of the Department of Consumer and Business Services as provided in this chapter. [Amended by 1979 c.202 §1]

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ORS 726.050 Requirements for issuance of license. The Director of the Department of Consumer and Business Services may not issue a license to a corporation, limited liability company or limited liability partnership or to a person using an assumed business name unless

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ORS 726.060 Application for license; contents; fee. (1) An application for the license shall be in writing in a form prescribed by the Director of the Department of Consumer and Business Services

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ORS 726.070 Applicant to furnish bond or letter of credit; actions on bond or letter of credit. (1) A bond in the sum of $25,000 executed by the applicant as obligor, together with a surety company authorized to do business in this state as surety or an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 in the amount of $25,000 shall accompany the application and be maintained by the pawnbroker licensee with the Director of the Department of Consumer and Business Services. This bond or letter of credit shall be executed to the State of Oregon and for the use of the state and of any person who may have a cause of action against the obligor of the bond or the letter of credit issuer under this chapter. The bond or letter of credit shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this chapter and of all rules and regulations lawfully made by the director under this chapter, and will pay to the state and to any such person any and all moneys that may become due or owing to the state or to such person from the obligor under and by virtue of the provisions of this chapter. The Attorney General shall approve the form of any bond or letter of credit that may be accepted by the director under this section

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ORS 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

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ORS 726.080 Issuance and denial of license. (1) Conditioned upon the applicant’s compliance with this chapter, the payment of the license fee and the filing of a bond or letter of credit on a form approved by the Attorney General, and in the absence of any reason or condition that in the judgment of the Director of the Department of Consumer and Business Services might warrant the refusal of the granting of a license, including the reasons set out in ORS 726.075, the director shall issue a license within 45 days after the date a complete application was received

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ORS 726.090 Form of license; posting; transferability. The licenses shall be in a form prescribed by the Director of the Department of Consumer and Business Services and shall state the address at which the business is to be conducted and the full name of the pawnbroker. The license shall be kept conspicuously posted in the place of business of the pawnbroker and shall not be transferable or assignable. [Amended by 1971 c.218 §4]

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ORS 726.100 Additional licenses to same applicant. No pawnbroker shall transact any business within the scope of this chapter except under the name at the place of business named in the license. The Director of the Department of Consumer and Business Services may issue more than one license to the same pawnbroker upon the pawnbroker’s compliance with all the provisions of this chapter governing an original issuance of a license for each such additional license. Each additional license shall be for a separate and distinct place of business for the making and completing of pledge loans as provided in this chapter

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ORS 726.110 Change of place of business. Whenever a pawnbroker changes the place of business to another location within the same city or town, the pawnbroker shall at once give written notice of the change to the Director of the Department of Consumer and Business Services and shall surrender the pawnbroker’s license for cancellation. Thereupon a new license shall be issued by the director for the new location. A change in the place of business of a pawnbroker to a location outside of the city or town named in the original license is not permitted under the same license. [Amended by 1971 c.218 §5; 2007 c.360 §5]

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ORS 726.120 [Amended by 1971 c.218 §6; repealed by 1985 c.762 §196]

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ORS 726.125 License fees; fees for extra service. (1) Each pawnbroker shall pay to the Director of the Department of Consumer and Business Services each year the license fee determined by the director under subsection (2) of this section

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ORS 726.130 Annual report of licensee. Every pawnbroker, on or before January 15, shall submit to the Director of the Department of Consumer and Business Services an annual report in a form prescribed by the director, giving the following information

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ORS 726.140 [Repealed by 1971 c.743 §432]

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ORS 726.150 Revocation and suspension of license. (1) The Director of the Department of Consumer and Business Services may revoke any license under this chapter if the director finds that

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ORS 726.155 Procedure for license denial, revocation or suspension. (1) Where the Director of the Department of Consumer and Business Services proposes to refuse to issue a license, or proposes to revoke or suspend a license, opportunity for hearing shall be accorded as provided in ORS chapter 183

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ORS 726.160 [Repealed by 1971 c.734 §21]

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ORS 726.170 Reinstatement or issuance of new license; fee. The Director of the Department of Consumer and Business Services may reinstate any suspended license or issue a new license to a pawnbroker whose license has been revoked, upon the pawnbroker’s compliance with the provisions of law or any demand, ruling or requirement lawfully made by the director pursuant to and within the authority of this chapter. For such reinstatement or issuance of a new license a fee of $25 shall be paid

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ORS 726.180 Expiration of license; effect of revocation, suspension or surrender of license. Every license issued under this chapter shall remain in force until it has been surrendered, revoked or suspended in accordance with the provisions of this chapter. No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the pawnbroker and any borrower. [Amended by 1971 c.218 §7]

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ORS 726.190 Surrender of license. Any pawnbroker may surrender any license by delivering to the Director of the Department of Consumer and Business Services written notice that the pawnbroker thereby surrenders such license, but such surrender shall not affect the pawnbroker’s civil or criminal liability for acts committed prior to the surrender

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ORS 726.250 Investigations and examinations; cost. (1)(a) For the purpose of discovering violations of this chapter or securing information required by the Director of the Department of Consumer and Business Services under this chapter, the director at any time, either personally or by an examiner or other employee of the Department of Consumer and Business Services, may investigate the pledge loans and business and examine the books, accounts, records and files used in the pledge loans and business of every pawnbroker and of every person that the director has reason to believe is acting as a pawnbroker without a license, whether that person acts or claims to act as principal or agent, or under or without the authority of this chapter

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ORS 726.255 Investigation of pawnbrokers; oaths; witnesses; subpoenas; depositions. (1) For the purpose of an investigation or proceeding under the Pawnbrokers Act, the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of books, papers, correspondence, memoranda, agreements or other documents or records that the director considers relevant or material to the inquiry

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ORS 726.260 Rules and rulings. (1) The Director of the Department of Consumer and Business Services shall administer and enforce this chapter

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ORS 726.270 Prohibited transactions. No pawnbroker shall

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ORS 726.280 Register and records of licensee. (1) Every pawnbroker shall keep a register in which the pawnbroker records in ink or in electronic form

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ORS 726.285 Register and records of transactions by pawnbroker; delivery of copies to local police agency. (1) In addition to the register required under ORS 726.280, a pawnbroker shall record for each transaction, in a physical or an electronic form, the date, the name and address of the pledgor, the type and number of any proof of identification the pledgor presents, a physical description of the pledgor and an identifying description of the article pledged

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ORS 726.290 Signing of card, stub or record by pledgor. The pawnbroker shall at the time of making a loan require the pledgor or agent of the pledgor to write the signature and address of the pledgor or the agent of the pledgor on a card, ticket, stub or any other approved record, bearing the serial number of the loan corresponding to that recorded in the pawnbroker’s register as provided in ORS 726.280. If the person is unable to write, the person shall sign the person’s mark, and in such event the pawnbroker shall record on the signature card, stub or record such information as will enable the pawnbroker to identify the person in case of the loss of the ticket

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ORS 726.300 Contents of pawn ticket; effect. (1) A pawnbroker at the time the pawnbroker makes a pledge loan shall deliver to the pledgor or an agent of the pledgor a memorandum or pawn ticket on which the pawnbroker shall legibly write or print the following

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ORS 726.310 Person entitled to redeem pledge; return of pledge stored off premises. (1) Except as otherwise provided in this chapter, a person that holds a memorandum or pawn ticket is the person entitled to redeem the pledge associated with the memorandum or pawn ticket. A pawnbroker shall deliver the pledge to the person presenting such memorandum or pawn ticket upon payment of principal and interest due on the pledge loan

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ORS 726.320 Redemption by mail. When a pawn ticket, instead of being presented in person, is sent to the pawnbroker by mail, accompanied with a money order, bank draft or cash for the amount due including the cost of shipment and packing as desired, the pledge shall be securely packed and forwarded by the pawnbroker in accordance with the remitter’s instructions. If the remittance is insufficient to cover the amount due and the cost of shipment and packing as desired, the pawnbroker shall either notify the remitter of the amount of the deficiency or send the pledge subject to the payment of the deficiency by the consignee. The pawnbroker’s liability for the pledge shall cease upon delivery thereof to the carrier or the agent of the carrier. [Amended by 1973 c.449 §4; 1981 c.192 §43]

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ORS 726.330 Delivery of pledge upon surrender of pawn ticket. Except as otherwise provided in this chapter, a pawnbroker shall not be required to deliver a pledge except upon surrender of the pawn ticket, unless the ticket is impounded or its negotiation enjoined by a court of competent jurisdiction

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ORS 726.340 Loss, destruction or theft of pawn ticket; affidavit; liability. If a pawn ticket or memorandum is lost, destroyed or stolen, the pledgor shall notify the pawnbroker of the loss, destruction or theft in writing. The pawnbroker shall treat receipt of the notice as a stop against the pledge loan, and thereafter the provisions of ORS 726.310 and 726.320 do not apply to the pledge loan. Before delivering the pledge or issuing a new pawn ticket, the pawnbroker may require the pledgor to make an affidavit of the alleged loss, destruction or theft and may charge a fee of not more than $3 for the lost, destroyed or stolen ticket. Not more than five days after receiving notice of the loss, destruction or theft of the ticket, the pawnbroker shall permit the pledgor either to redeem the pledge or to receive a new ticket upon paying accrued interest. The pawnbroker shall incur no liability for permitting the pledgor to redeem the pledge or receive a new ticket unless the pawnbroker has previously received written notice of an adverse claim. This section does not limit or affect the pawnbroker’s legal liability in cases where goods are stolen or other legal defects exist in the pledgor’s title with respect to the pledge. [Amended by 2007 c.360 §8; 2009 c.372 §2]

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ORS 726.350 Alteration. The alteration of a pawn ticket shall not excuse the pawnbroker who issued it from liability to deliver the pledge according to the terms of the pawn ticket as originally issued, but shall relieve the pawnbroker of any other liability to the pledgor or holder of the pawn ticket

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ORS 726.360 Spurious pawn tickets. If a pawn ticket is presented to a pawnbroker which purports to be the one issued by the pawnbroker, but which is found to be spurious, the pawnbroker may seize and retain it without any liability whatsoever to the holder thereof. Any such pawn ticket so seized shall be delivered or mailed immediately to the Director of the Department of Consumer and Business Services accompanied by a letter of explanation. [Amended by 1987 c.373 §73]

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ORS 726.370 Multiple claimants of pledge; interpleader. (1) If more than one person claims the right to redeem a pledge, the pawnbroker is not liable for refusing to deliver the pledge until the respective rights of the claimants have been adjudicated unless the pawnbroker fails to verify whether the pledge is subject to a lien or other encumbrance, if the pledge is

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ORS 726.380 Loss of or injury to pledge; storage of large items off premises; lien on pledge; rules. (1) A pawnbroker is liable for the loss of a pledge or a part of a pledge or for an injury to a pledge that results from failure to exercise reasonable care. Reasonable care includes maintaining sufficient insurance coverage against possible loss as a result of fire, theft and burglary so as to protect the interest of the pledgor for the amount of the loan

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ORS 726.390 Interest rates and charges. (1)(a) Except as provided in paragraph (b) of this subsection, a pawnbroker may not charge, contract for or receive interest at a rate in excess of three percent per month

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ORS 726.395 Charges related to firearms. (1) A pawnbroker may charge a pledgor or customer a $5 fee if the pledgor or customer places a firearm with the pawnbroker. The pawnbroker may charge a $3 fee to renew the pledgor’s or customer’s placement of the firearm with the pawnbroker

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ORS 726.400 Loan period; renewal; forfeiture of pledge; notice; period for redeeming pledge. (1) Unless a pledgor and a pawnbroker agree to a longer loan period and the longer loan period is written on the pawn ticket, a pledge loan must be made for a period of 60 days. A pledge may be redeemed and the pledge loan repaid at any time before the loan period expires. A pawn ticket must clearly state the expiration date of the loan

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ORS 726.410 Record of forfeited pledges. Every pawnbroker shall keep an indelible record, fully itemized, of all forfeited pledges. The record shall contain the following information

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ORS 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]

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ORS 726.430 [Repealed by 1975 c.544 §62]

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ORS 726.440 Enforcement orders. (1) The Director of the Department of Consumer and Business Services may, if the director has reason to believe that a person has

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ORS 726.450 Tracking pledged articles; use of system; fee. A city or county may impose and collect from a pawnbroker a fee of not more than $1 for each pledge loan the pawnbroker makes in a calendar year, except a renewal of a pledge loan, for the purpose of administering and using a system, including an electronic database, to track pledged articles. The pawnbroker may charge a pledgor only the amount of the fee that the city or county imposes under this section. [2009 c.372 §7]

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ORS 726.910 Civil penalties. (1) Any person who violates ORS 726.040, 726.100, 726.110, 726.130, 726.270, 726.280, 726.285, 726.290, 726.300, 726.390, 726.400 or 726.410 or any rule adopted under ORS 726.260 or an order issued under ORS 726.440 shall forfeit a civil penalty in an amount determined by the Director of the Department of Consumer and Business Services of not more than $2,500. The civil penalty forfeited shall be paid into the State Treasury and credited as provided in ORS 705.145. In addition, the director may revoke the license of any licensee who violates any such provision

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ORS 726.990 Criminal penalties. (1) Violation, or participation in the violation, of any provision of this chapter by any pawnbroker or any agent, member, officer or employee thereof, or any other person is a Class B misdemeanor

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