Citing the importance of ensuring all Oregonians have access to affordable financial services, Governor Ted Kulongoski Tuesday signed four bills that cap the fees on check-cashing and consumer loans, reducing costs to consumers. “Unfortunately, far too often those who can least afford it to wind up paying the highest price for financial services – shortchanging their paychecks and sometimes creating an insurmountable cycle of debt,” the Governor said. “Consumer protection – at its core – is about the principle of fairness and today I’m signing into law four bills to ensure that consumers are treated fairly in their financial practices.” The consumer finance legislation builds on the Governor’s leadership to win approval of a 36 percent interest rate cap on payday loans during the April 2006 special session.
Three of the bills, HB 2002, 2203 and 2004 were identified as priorities by the Governor and pre-filed before the beginning of the session on his behalf.
