Oregon Moves to Opt Out of Federal Interest-Rate Exportation for Consumer Loans

On March 5, the Oregon Senate passed House Bill 4116, legislation amending the Oregon Consumer Finance Act to opt out of the federal interest-rate exportation framework under the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) for certain consumer loans made to Oregon residents. The bill now awaits the governor’s signature and would apply to consumer finance loans of $50,000 or less made to borrowers in Oregon.... By: Sheppard