726.010 Definitions
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/or/ors-chapter-726/pawnbrokers/726-010·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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. [Amended by 1971 c.168 §1; 1985 c.762 §135; 1987 c.373 §71; 1993 c.744 §27; 2013 c.261 §1]