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Oregon House votes to tighten consumer finance rules, targeting high‑cost online loans
Summary
After floor debate over access to credit and predatory online lending, the House passed HB 4,116 A to limit the federal preemption used by some out‑of‑state lenders and assert Oregon's interest‑rate and licensing requirements for loans to Oregonians.
The Oregon House passed House Bill 4,116 A on Feb. 17, a measure intended to prevent online lenders and out‑of‑state banks from using federal loopholes to charge Oregonians extremely high annual percentage rates.
Representative Sosa, speaking for the bill, said the measure "is an effort to stop this practice by closing the federal loophole that has allowed these out‑of‑state lenders to violate the spirit, if not the letter, of our law." Sosa told colleagues the practice has produced loans at "73% to over 200%" APR and described a licensed‑consumer finance marketplace where Oregonians are exposed…
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