Oregon Legislature Meets for “Legislative Days”

The Oregon Legislature met this week in the State Capitol for “September Leg Days,” when legislators return to Salem for a few days of intensive meetings.

These interim committee meetings are a very useful way for legislators (and the public) to get updates on implementation of new initiatives created by recent legislation, along with ongoing challenges, reports from task forces, and a preview of what is likely coming in the 2025 session.

It is still difficult to work in the Capitol as the Capitol building’s final seismic mitigation work has closed most of the rooms, and several areas are still the off-limits until the 2025 session gets underway in January.

Of note this week was a hearing in the House Commerce and Consumer Protection (formerly the House Business Committee) on the issue of high-cost short-term consumer loans.  The policy advisor for the Oregon Consumer Justice presented to this committee how out-of-state lenders are evading the Oregon Interest Rate Cap.  They made several points including:

  • A small number of state banks have a business model of issuing high APR loans across country.
  • As a result of federal preemption and the choice of certain states not to have rate caps, no interest rate limit applies to many state-chartered banks that partner with “fintech” online lenders to offer loans throughout the country.
  • These lenders offer loans at APRs FAR more than Oregon’s interest rate cap.

In addition, the Housing Committee met to discuss several state programs, and the housing needs analysis developed by the state.  The Revenue Committee talked about taxation and cryptocurrencies.  The Oregon Legislature will meet again in December.

Posted in Advocacy on the Move, Oregon Advocacy.