Oregon Revised Statutes Credit Unions, Lending Institutions and Pawnbrokers § 726.400

(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.

(2) A pledgor and a pawnbroker may agree to renew a pledge loan for successive periods of 60 days or longer. A loan is a renewal of the original loan if the pledgor pays only the interest and the fees on the loan or pays a portion of the principal, the interest and the fees on the loan and accepts another pledge loan from the pawnbroker on the same pledge on the same day.

(3) Except for a pledge that secures a pledge loan of $500 or less, the pawnbroker may not deem a pledge to be forfeited until:

(4) The notice described in subsection (3) of this section must be in writing and delivered postpaid in a securely closed envelope addressed to the pledgor at the last-known address shown on the pawnbroker's record by regular mail.

(5) Delivery of a notice under this section occurs when the notice is mailed as provided in this section. As evidence of the notification, the pawnbroker shall keep a copy of each notice the pawnbroker sends by regular mail, together with the returned envelope for the notice, for at least two years. The pawnbroker shall bear the postal costs for the notice.

(6) A pledgor has a grace period of 30 days after the pledge loan period expires or 30 days after the mailing date of the notice required under this section, whichever date is later, in which to redeem the pledge or to renew the loan by paying any renewal fee and all the accrued interest and fees to date. There is no grace period after a renewal expires.

(7) A pledge is forfeited if the pledge is not redeemed within the renewal period, if any, or within 30 days after the loan period expires or 30 days after the mailing date of a notice given under this section, whichever date is later. The pawnbroker acquires the pledgor's title and interest in the forfeited pledge and the right to hold and dispose of the pledge as the pawnbroker's own property.