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Oregon Interest Rates Laws

All states impose limits on the amount of interest a bank or other lender may charge, historically referred to as usury laws. But regardless of statutory limits, consumers often agree to higher rates when signing a contract or even clicking 'I agree' while applying for credit online. Also, statutory interest rate limits typically have a number of exceptions, which apply to certain situations or to certain types of lenders.

Oregon's Interest Rate Laws: Overview

In Oregon, lenders may charge up to nine percent interest unless otherwise agreed, which also applies to interest rates on judgments. However, lenders making business loans of less than $50,000 and certain financial institutions are exempt from these limits.

The following table lists additional details about interest rate limits in Oregon. See FindLaw's Debt Collection Laws and Personal Finance sections to learn more.

Legal Maximum Rate of Interest Unless otherwise agreed, 9% (§82.010)
Penalty for Usury (Unlawful Interest Rate) Forfeit interest on loan but borrower must repay the principal (§82.010)
Interest Rates on Judgments 9% unless contract, then contract rate (§82.010)
Exceptions Business or agricultural loan; loan under $50,000 (§82.010); financial institution or trust company as defined under §706.008, consumer finance license defined under Ch. 725, pawnbroker licensed under Ch. 726, lender approved under the National Housing Act, loans secured with real property, loan secured through U.S. government, securities or commercial paper, broker-dealers registered under the Securities Exchange Act of 1934 (§82.025)

Note: State laws are always subject to change, most often through new legislation or decisions at the appellate court level. Make sure you contact an Oregon consumer protection attorney or conduct your own legal research to verify the state law(s) you are researching.

Usury: An Overview

The term usury came into use in the Middle Ages, when it meant any type of interest charged in exchange for lending money. It carried a more negative connotation until it became more common, and then the term was mostly reserved for excessive interest rates. With the formation of modern governments came interest rate limits known as usury laws.

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