ORS § 726.010

Current through 2024 Regular Session legislation effective March 27, 2024

Section 726.010 - Definitions

As used in this chapter:

(1) "Pawnbroker" means a person, copartnership, association or corporation that:

(a) Lends money at a rate of interest greater than 10 percent per annum on the deposit or pledge of personal property;

(b) Purchases personal property on the direct or implied condition of selling the personal property back at a stipulated price that would amount to paying interest or consideration in excess of 10 percent per annum; or

(c) Does business as a storage warehouse operator and lends money at a rate of interest greater than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security.

(2)

(a) "Personal property" means tangible property a person owns, including:

(A) Chattels and movables, such as merchandise, furniture, goods, machinery, tools and equipment, supplies and media;

(B) Pledges that are not required to be registered with the Department of Transportation;

(C) Snowmobiles, as defined in ORS 801.490;

(D) Trailers that have a loaded weight of not more than 8,000 pounds and that are designed or manufactured, or are otherwise suitable, for carrying a boat, snowmobile or all-terrain vehicle; and

(E) Equipment used for farming.

(b) "Personal property" does not include:

(A) Pledges that are required to be registered with the Department of Transportation, unless the pledge is a snowmobile or a trailer described in paragraph (a) of this subsection;

(B) Choses in action;

(C) Securities or printed evidence of indebtedness; or

(D) Intangible property.

(3) "Pledge" means personal property deposited with a pawnbroker in the course of the business of the pawnbroker.

(4) "Pledgor" means a person who delivers a pledge into the possession of a pawnbroker, unless the person discloses that the person is or was acting for another, in which event "pledgor" means the disclosed principal.

(5) "Pledge loan" means a loan that a pawnbroker makes to a pledgor and that is secured by a pledge.

ORS 726.010

Amended by 2013 Ch. 261,§ 1, eff. 1/1/2014.

Amended by 1971 c.168 §1; 1985 c.762 §135; 1987 c.373 §71; 1993 c.744 §27