Thursday, May 11, 2006

Beaverton, Oregon, City Council Planning to Address Payday Loans

By J.J. Cameron
Payday Loan Writer

After months of speculation, the Oregon Legislature offically put a cap on payday loans last month - but those restrictions won't go into effect until July 2007. In the meantime, the Beaverton City Council is thinking about joining cities such ass Portland in making rules against extreme fast payday loan lending.

Portland's law, for example, allows borrowers to more easily revoke online cash loans and set up an optional payment plan. Beaverton Mayor Rob Drake said the council might not be able to adopt an ordinance until August, but several council members urged city staff to act quickly so the city can adopt an ordinance next month.

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