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Oregon Revised Statutes Credit Unions, Lending Institutions and Pawnbrokers § 726.010

Current as of January 01, 2023 | Updated by Findlaw Staff

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 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.

(2)(a) “Personal property” means tangible property a person owns, including:

(A) Chattels and moveables, such as merchandise, furniture, goods, machinery, tools and equipment, supplies and media;

(B) Pledges that are not required to be registered with the Department of Transportation;

(C) Snowmobiles, as defined in ORS 801.490;

(D) Trailers that have a loaded weight of not more than 8,000 pounds and that are designed or manufactured, or are otherwise suitable, for carrying a boat, snowmobile or all-terrain vehicle; and

(E) Equipment used for farming.

(b) “Personal property” does not include:

(A) Pledges that are required to be registered with the Department of Transportation, unless the pledge is a snowmobile or a trailer described in paragraph (a) of this subsection;

(B) Choses in action;

(C) Securities or printed evidence of indebtedness; or

(D) Intangible property.

(3) “Pledge” means personal property deposited with a pawnbroker in the course of the business of the pawnbroker.

(4) “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.

(5) “Pledge loan” means a loan that a pawnbroker makes to a pledgor and that is secured by a pledge.

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Cite this article: FindLaw.com - Oregon Revised Statutes Credit Unions, Lending Institutions and Pawnbrokers § 726.010 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-54-credit-unions-lending-institutions-and-pawnbrokers/or-rev-st-sect-726-010/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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