l9n/ Oregon

2007 Regular Session

House Bill 2871

Sets maximum finance charge or interest rate at charge or rate not to exceed 36 percent per annum or 30 percentage points in excess of discount rate on 90-day commercial paper in effect at Federal Reserve Bank of San Francisco, established annually by Director of Department of Consumer and Business Services, for all consumer finance, payday and title loans of $50,000 or less.

Became law as Chapter 603, Oregon Laws 2007, signed June 26, 2007, 117 days after it was filed. In force from July 1, 2007.

What it does

The synopsis the Legislative Assembly published with the bill.

Sets maximum finance charge or interest rate at <b>charge or rate not to exceed</b> 36 percent per annum <b>or 30 percentage points in excess of discount rate on 90-day commercial paper in effect at Federal Reserve Bank of San Francisco, established annually by Director of Department of Consumer and Business Services,</b> for all consumer finance, payday and title loans of $50,000 or less. Permits lenders to charge only one origination fee of not more than $10 of each $100 of loan amount of title or payday loans, or $30, whichever is less. Subjects open-end loan plans to 36 percent per annum interest cap. Restricts title lenders from making or renewing title loans for terms of less than 31 days and from renewing title loans more than two times. Prohibits title lenders from charging certain fees for dishonored checks. Requires brokers making payday, title or consumer finance loans to be licensed by Department of Consumer and Business Services. Declares emergency, effective July 1, 2007.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the House of Representatives

7 co-sponsors

Suzanne Bonamici, Larry Galizio, Chuck Riley, Diane Rosenbaum, Chip Shields, Carolyn Tomei, Donna Nelson

In the Senate

3 co-sponsors

Rick Metsger, Rod Monroe, Bill Morrisette

Its course

March 1 to June 26, 2007, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action25 actions on 21 days

In the House of RepresentativesMar 1 to May 363 days

Waiting for a committeeMar 1 to Mar 54 days

Consumer ProtectionMar 5 to Apr 3056 days

In the SenateMay 3 to Jun 634 days

Waiting for a committeeMay 3 to May 74 days

CommerceMay 7 to Jun 428 days

Back in the House of RepresentativesJun 6 to Jun 1913 days

With the GovernorJun 19 to Jun 267 days

Votes

Yeas to nays, as the Legislative Assembly recorded them. Committee votes are set in.

  • House of Representatives, third reading37–21

    Passed · May 3 · 2 present

  • Senate, third reading18–11

    Passed · Jun 6 · 1 present

  • House of Representatives, concurrence38–16

    Agreed to the other chamber's changes · Jun 8 · 6 present

Amendments

Each amendment offered, and what became of it.

  • House of Representatives committee amendmentAdopted

    Adopted Apr 30

  • Senate committee amendmentAdopted

    Adopted Jun 4

Text

Each version as the Legislative Assembly printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.

In the House of Representatives Mar 1 – May 3

  1. Mar 1Introduced
  2. Mar 5Sent to Consumer Protection
  3. Mar 28Heard in Consumer Protection
  4. Apr 2Heard in Consumer Protection
  5. Apr 6Heard in Consumer Protection
  6. Apr 11Heard in Consumer Protection
  7. Apr 18Heard in Consumer Protection
  8. Apr 30Consumer Protection recommended it as amended
  9. May 2Read a second time
  10. May 3Passed the House of Representatives, 37 to 21

In the Senate May 4 – Jun 6

  1. May 4Arrived in the Senate
  2. May 7Sent to Commerce
  3. May 21Heard in Commerce
  4. May 30Heard in Commerce
  5. Jun 4Commerce recommended it as amended
  6. Jun 5Read a second time
  7. Jun 6Passed the Senate, 18 to 11

Back in the House of Representatives Jun 8 – Jun 19

  1. Jun 8The House of Representatives agreed to the Senate's amendments and passed it again, 38 to 16
  2. Jun 19Signed in the House of Representatives

To the Governor Jun 21 – Jun 26

  1. Jun 21Signed in the Senate
  2. Jun 26Signed by the Governor
  3. Became chapter 603 of Oregon Laws 2007, in force from July 1, 2007
All 25 actions, as published
  1. Mar 1First reading. Referred to Speaker's desk.House of Representatives
  2. Mar 5Referred to Consumer Protection.House of Representatives
  3. Mar 28Public Hearing held.House of Representatives
  4. Apr 2Work Session held.House of Representatives
  5. Apr 6Work Session held.House of Representatives
  6. Apr 11Work Session held.House of Representatives
  7. Apr 18Work Session held.House of Representatives
  8. Apr 30Recommendation: Do pass with amendments and be printed A-Engrossed.House of Representatives
  9. May 2Second reading.House of Representatives
  10. May 3Third reading. Carried by Merkley. Passed.House of Representatives
  11. May 3Potential conflict(s) of interest declared by Butler, Scott, Smith, G., Thatcher.House of Representatives
  12. May 3Vote explanation(s) filed by Cameron, Thatcher.House of Representatives
  13. May 4First reading. Referred to President's desk.Senate
  14. May 7Referred to Commerce.Senate
  15. May 21Public Hearing held.Senate
  16. May 30Work Session held.Senate
  17. Jun 4Recommendation: Do pass with amendments to the A-Eng. bill. (Printed B-Eng.)Senate
  18. Jun 5Second reading.Senate
  19. Jun 6Third reading. Carried by Prozanski. Passed.Senate
  20. Jun 8House concurred in Senate amendments and repassed bill.House of Representatives
  21. Jun 8Potential conflict(s) of interest declared by Smith, G., Thatcher.House of Representatives
  22. Jun 19Speaker signed.House of Representatives
  23. Jun 21President signed.Senate
  24. Jun 26Governor signed.House of Representatives
  25. Jun 26Chapter 603, (2007 Laws): Effective date July 1, 2007.House of Representatives