A new Oregon law took effect June 5 that is designed to strengthen consumer protections by preventing online lenders from charging interest rates that exceed the state’s legal limit.
House Bill 4116 closes a loophole that allowed some internet-based lenders to bypass Oregon’s 36 percent annual interest rate cap on consumer finance loans.
Consumer finance loans are generally unsecured, small-dollar loans with repayment terms of 60 days or longer. Oregon lawmakers established the 36 percent…