Oregon Payday Loan Law Questions

What I was told by the banking dept when I went through my mess was that they must be licensed to lend in Oregon. If they aren't, they can be fined. I talked to the supervising examinor for the banking dept, and he said that things aren't totally black and white, but that if the company isn't legally licensed here then they cannot really collect on the loan. They could try to take you to court, but if they did you would only have to tell the judge that they aren't licensed and the judge would throw out the case. Wage assignments are also illegal in Oregon, so they cannot assign yoru wages, no matter what you sign.

It is the state the consumer is in when they take out the loan that's laws must be followed. The pdl's will always say that isn't the case, but it is here. One thing that helped me with some of the harder companies to deal with, when I talked to the supervising examinor, he actually called one of the companies on my behalf and talked to them for a bit. They left me alone after that. I didn't get a pif letter, but they haven't tried to contact me at all. I had to call twice before I got some action from them.

Oregon laws suck right now. They will be much stricter starting June 2007, but that doesn't help us much now. But the one requirement is to be licensed. If they aren't, then you just have to keep writing letters and bugging them. Sometimes it takes a lot to get these pif letters.

Thanks Goudah, I thought that was the case, but just wanted to be sure. I was just reading another post on here, and it says that Rio and MTE have ben ordered to stop lending, and that if you have a loan through then, it isn't legal. I am ssure that the snotty emails I keep getting from Money World Lending has the MTE logo at the top. Does anyone know if this is right. Are they one and the same? Also does anyone know anything on STEN Financial Corporation.

I'm not sure if that only applied to OK residents or if it was for everyone. I believe there was some discussion on that at one time on this board, but I don't remember what it was. I think they are, or were, located on an indian reservation, so no state really had authority over them.

I'm not sure if they are one and the same. I will look into it, but in the meattime I bet someone that has dealt with them will see your post and reply . . . .