Oregon Company Setup Guide:
Here is the link to APR Calculations and Common Percentages
Please note that the guidelines below are simply comments about how we have seen clients set up their companies, and Oregon regulations obviously supersede these comments. You should be very careful to make sure your company setup complies with all current Oregon and Federal regulations, which are subject to change without AOCG being notified.
For leap years like 2004, Oregon requires the APR to be calculated on 366 days.
Oregon Title Loan Setup: Interest rate: we have seen ranges from 300.00% to 522.86%. Please note that 521.43% works out to $20.00 per $100.00 for 365 days and 522.86% works out to $20.00 per $100.00 for 366 days in a leap year like 2004.
If there is a Title Lien Fee and daily interest is being used, the title lien fee (normally $55.00) should be set up as a "Fixed Rate" with Initial and Financed checked and Recurring not checked. This should not be entered on the line immediately below the Interest line, but on the next line below (line two is reserved for origination fees that convert to renewal fees and other special instances).
Assuming daily interest is being used, the accrual period should be daily, the max days should normally be 210, and the due date calculation will be either blank or "default" if the due date is to be changed in fixed 30 day periods, or "with payment" if the next due day is to be 30 days from the day a client pays bringing his or her account current.
The maximum number of renewals is normally 6 and the minimum finance charge is normally 10%.
If using daily interest, select an OR non-installment contract.
For the receipt, select Receipt3 or higher. Some clients find Receipt3 confusing when used with daily interest, so you may want to use Receipt4 or higher.
Oregon Cash Advance Setup:
The most common number of days is 14.
Select any contract of your choosing that starts with the letters OR.
Select the flat APR method.
Check the Enable Payoff check box.
The maximum number of renewals is normally 3.
Enter 0% of the original loan amount starting with renewal number 0. (If you want to require a minimum payment that includes a payment of principal, you can change these defaults. However, a customer of ours was told by an Oregon auditor NOT to require a payment of principal).
The minimum finance charge is normally 10%.