NCLC submittted testimony supporting Oregon HB 4116, which will prevent evasions of Oregon’s interest rate limits by opting the state out of a federal law that allows out-of-state, state-chartered banks to charge high rates not allowed in Oregon. The bill will prevent predatory “rent-a-bank” lenders that charge annual percentage rates (APRs) of 200% and higher from evading Oregon’s interest rate limits, which generally limit installment loans to 36% APR.
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