HB 4116

83rd OREGON LEGISLATIVE ASSEMBLY--2026 Regular Session
  Enrolled
  House Bill 4116
Sponsored by Representative SOSA, Senator NERON MISSLIN, Representatives BOWMAN,
   ANDERSEN, WISE, Senators CAMPOS, GOLDEN, PATTERSON, PROZANSKI; Representatives
   CHAICHI, GAMBA, GOMBERG, HELM, HUDSON, MCLAIN, MUNOZ, NATHANSON,
   NELSON, TRAN, WALTERS, Senators FREDERICK, JAMA, PHAM K, SOLLMAN (Presession
   filed.)
  CHAPTER .................................................
  AN ACT
Relating to consumer finance loans; creating new provisions; amending ORS 725.015, 725.120 and
    725.370; and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
    SECTION 1. ORS 725.015 is amended to read:
    725.015. (1) Except as provided in subsection (2) of this section, [Nothing in] this chapter
[shall be construed or held to] does not limit [the] a person’s rights, powers or privileges [granted
to any person by any] under another law of this state or of the United States [whereby the loaning
of money or extending of] that regulates lending money or extending credit [is regulated, provided
that such person is operating in compliance with the provisions of such law] if the person complies
with the other law.
    (2) The Legislative Assembly hereby declares that this state does not want any of the
amendments set forth in section 521 of the Depository Institutions Deregulation and Mone-
tary Control Act of 1980 (P.L. 96-221, 94 Stat. 132) to apply to consumer finance loans made
in this state.
    (3) A person is subject to this chapter if the person engages in the business of making
consumer finance loans of $50,000 or less or if the person acts as an agent, broker or
facilitator for a person that engages in the business of making consumer finance loans of
$50,000 or less to a consumer who resides in or maintains a domicile in this state and the
consumer:
    (a) Negotiates, agrees to the terms of or enters into or executes a contract for a con-
sumer finance loan of $50,000 or less in person, by mail, by telephone or via the Internet
while the consumer is physically present in this state; or
    (b) Makes a payment on a consumer finance loan of $50,000 or less in which:
    (A) A person debits an account that the consumer holds in this state at a financial in-
stitution or trust company, as those terms are defined in ORS 706.008; or
    (B) The consumer makes the payment by means of a negotiable instrument drawn on a
financial institution or trust company, as those terms are defined in ORS 706.008.
    SECTION 2. ORS 725.120 is amended to read:
    725.120. (1) [Application] A person may apply for a license required under ORS 725.045 [shall
be in writing in] on a form and with contents that [prescribed by] the Director of the Department
Enrolled House Bill 4116 (HB 4116-INTRO)  Page 1
of Consumer and Business Services specifies. [The application shall contain the name and both the
residence and business addresses of each individual applicant, of each member of a partnership or as-
sociation that applies for a license and of each officer or director of a corporation that applies for a
license. The application shall also contain the county and city with street and number, if any, where
the business is to be conducted and any other information the director may require.]
     (2) An application under subsection (1) of this section must include:
     (a) The name of each individual applicant, of each member of a partnership or association
that applies for the license and of each director or officer of a corporation that applies for
the license;
     (b) The residential address for each individual described in paragraph (a) of this sub-
section;
     (c) The business address for each individual described in paragraph (a) of this subsection
and the street name and number, the city and the county of the physical address, if any, at
which the applicant will conduct business under the license;
     (d) A unique identifier that the applicant applies for and receives from the Nationwide
Mortgage Licensing System and Registry;
     (e) Fingerprints that the director or the Nationwide Mortgage Licensing System and
Registry can send to a government agency that has authority to lawfully use the fingerprints
to perform a statewide, nationwide or international criminal background check;
     (f) A summary of the applicant’s personal history and experience on a form and with
contents that the Nationwide Mortgage Licensing System and Registry specifies;
     (g) A written authorization for the Nationwide Mortgage Licensing System and Registry
to obtain, with reference to the applicant:
     (A) A credit report from a consumer reporting agency, as defined in 15 U.S.C. 1681a(f),
or from a consumer reporting agency that compiles and maintains files on consumers on a
nationwide basis, as defined in 15 U.S.C. 1681a(p); and
     (B) Information about administrative, civil or criminal proceedings, orders, judgments
or other official actions in any governmental jurisdiction that involve the applicant; and
     (h) Any other information that the director or the Nationwide Mortgage Licensing Sys-
tem and Registry may require.
     [(2)] (3) An applicant, at the time the applicant applies for a license under this section, shall
pay to the director a license fee determined under ORS 725.185 for the period terminating on the
last day of the current calendar year. If the director denies the applicant a license for cause or if
the applicant withdraws the application after the director investigates the applicant, the director
shall refund the license fee paid under this subsection, less an amount that reflects the director’s
administrative and investigative costs for the application.
     SECTION 3. ORS 725.370 is amended to read:
     725.370. Except as provided in ORS 725.015, this chapter does not affect loans made or payable
in other jurisdictions and lawful where made or payable.
     SECTION 4. The amendments to ORS 725.015, 725.120 and 725.370 by sections 1 to 3 of this
2026 Act apply to consumer finance loans made in this state on or after the effective date
of this 2026 Act.
     SECTION 5. This 2026 Act takes effect on the 91st day after the date on which the 2026
regular session of the Eighty-third Legislative Assembly adjourns sine die.
Enrolled House Bill 4116 (HB 4116-INTRO)  Page 2
Passed by House February 17, 2026  Received by Governor:
  ........................M.,........................................................., 2026
       ..................................................................................
  Approved:
  Timothy G. Sekerak, Chief Clerk of House
  ........................M.,........................................................., 2026
       ..................................................................................
  Julie Fahey, Speaker of House
  ..................................................................................
  Tina Kotek, Governor
Passed by Senate March 5, 2026
  Filed in Office of Secretary of State:
       ..................................................................................   ........................M.,........................................................., 2026
  Rob Wagner, President of Senate
  ..................................................................................
  Tobias Read, Secretary of State
Enrolled House Bill 4116 (HB 4116-INTRO)  Page 3