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House committee advances bill aiming to curb out‑of‑state lenders’ interest‑rate practices
Summary
The House Committee on Commerce and Consumer Protection voted to send HB 4,116 to the full House with a due‑pass recommendation after rejecting a dash‑1 amendment that would have turned the measure into a study. Sponsors said the bill enforces Oregon’s 36% cap; opponents warned it could reduce access to credit for people with limited options.
House Committee on Commerce and Consumer Protection members voted to send House Bill 4,116 to the House floor with a due‑pass recommendation after debating an amendment and two rounds of recorded votes.
The bill, as summarized for the committee by staff, would prevent financial institutions chartered in other states from relying on their home‑state laws to set allowable interest rates for consumer finance loans in Oregon and would make certain federal Depository Institutions Deregulation and Monetary Control Act amendments inapplicable to consumer loans made here. Staff said the measure takes effect 90 days after adjournment…
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