On April 7, 2026, Oregon Governor Tina Kotek signed Oregon HB 4116 into law, with an effective date of June 5, 2026. Various trades have not filed suit to block the law and obtain injunctive relief. See Complaint for Declaratory and Injunctive Relief, National Association of Industrial Bankers v. O’Day, No. 6:26-cv-01201-AA (D. Or. filed June 15, 2026).
Among other things, Oregon HB 4116 enacted Section 725.015(2), a DIDMCA opt out, which reads in relevant part: “The Legislative Assembly hereby declares that this state does not want any of the amendments set forth in section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (P.L. 96- 221, 94 Stat. 132) [DIDMA] to apply to consumer finance loans made in this state.” The new law contains numerous vague and problematic provisions, including the scope of permissible fees that creditors may impose on loans of $50,000 or less for which the law asserts extraterritorial application.
Read More