Title 54, Credit Unions, Lending Institutions and Pawnbrokers

As used in this chapter: (1) “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 implie…

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.

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 complia…

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 fro…

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: (1) The limited liability company or limited liability partn…

(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. (2) The application shall contain: (a) If the applicant is an individual, the name and both the residence and business addresses of the…

(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 acc…

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: (1) Is insolvent, either in the sense that the person’s liabili…

(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 Dep…

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 …

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 pawnbro…

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 fo…

(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. (2) The director may charge and collect a license fee from each pawnbroker, according to a …

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: (1) The number of pledge loans and total amount outstanding at the …

(1) The Director of the Department of Consumer and Business Services may revoke any license under this chapter if the director finds that: (a) The pawnbroker has failed to pay the annual license fee or to maintain in effect the required bond or to comply with any demand, ruling o…

(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. (2) Judicial review of orders under subsection (…

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 ma…

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 lawf…

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…

(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 Departm…

(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,…

(1) The Director of the Department of Consumer and Business Services shall administer and enforce this chapter. (2) In accordance with ORS chapter 183, the director may adopt rules and make any specific rulings, demands and findings as may be necessary for the proper conduct of t…

No pawnbroker shall: (1) Transact any business between the hours of 9 p.m. and 7 a.m. except that on Saturday the pawnbroker may transact business up to the hour of 10 p.m. (2) Accept a pledge from any person who is under the age of 18 years. (3) Convert or dispose of any unredee…

(1) Every pawnbroker shall keep a register in which the pawnbroker records in ink or in electronic form: (a) The date of the transaction. (b) The serial number of the pledge loan. (c) The name and address of the pledgor, or if a person acting as agent for a disclosed principal ma…

(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 desc…

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…

(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: (a) The date of the transaction. (b) The serial number of the pl…

(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 tick…

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 pawnb…

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.

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 …

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.

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…

(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 oth…

(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 bu…

(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. (b) A pawnbroker may charge one month’s interest or $3 on pledge loans redeemed within the first month if i…

(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. (2) In addition to the fees described …

(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…

Every pawnbroker shall keep an indelible record, fully itemized, of all forfeited pledges. The record shall contain the following information: (1) The number of the pledge. (2) The name and address of the pledgor. (3) The date of the pledge loan or the date of the last payment re…

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 72…

(1) The Director of the Department of Consumer and Business Services may, if the director has reason to believe that a person has: (a) Violated, is violating or is about to violate ORS 726.040, 726.100, 726.110, 726.130, 726.270, 726.280, 726.285, 726.290, 726.300, 726.390, 726.4…

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 ple…

(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 Dir…

(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. (2) Upon conviction under subsection (1) of this section, no license shall be gran…