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State of Oregon Department of Consumer and Business Services Division of Financial Regulation in the Matter of Big Rig Lending, LLC, Respondent. Case No. TL-23-0019
The Division of Financial Regulations (the “Division”), acting on behalf of the Director of the Department of Consumer and Business Services for the State of Oregon (the “Director”), conducted an investigation of Big Rig Lending LLC (“Respondent”). The Division determined the Respondent violated provisions of Oregon Revised Statutes (“ORS”) chapter 725 A .010 through 725 A .092 and the Oregon Administrative Rules (“OAR”) promulgated thereunder (collectively, the “Oregon Title Loan Law”).
On or about June 1, 2022, an Oregon resident (the “Complainant”) filed a complaint with the Division regarding “2 title loans” he had obtained from Respondent. The Complainant indicated that those two “title loans” were secured by his semi-truck and trailer, one in the principal amount of $2,000 and the other in the principal amount of $1,500. The Complainant indicated that he paid more than $12,000 to Respondent but that he still owed more than $5,000.
The Complainant informed the Division that he visited the Website in order to learn about and apply for the loans from his home in Oregon. He made payments on those loans using accounts from two banks, each of which maintains branches in Oregon.
Following receipt of the forgoing complaint, the Division opened an investigation into Respondent’s operations in Oregon.
Respondent participated in and cooperated fully with the Division’s investigation into this matter.
At no time has Respondent held an Oregon license to conduct business as a title loan lender or any other license administered by the Division.
The Director Concludes that:
Respondent’s Title Pawns constitute title loans under ORS 725A.010(8).
Respondent is a title loan lender under ORS 725A.101(9).
Under ORS 725A.020(1)(a), a person may not conduct business as a title loan lender unless the person obtains a license under ORS 725A.024.
By conducting business as a title loan lender without first obtaining a license, Respondent violated ORS 725A.020(1)(a).
The Director issues the following ORDERS:
Pursuant to the authority of ORS 725A.082(1), the Director hereby orders Respondent to CEASE AND DESIST from violation ORS 725A.020.
Pursuant to the authority of ORS 725A.990, the Director hereby ORDERS the assessment of $25,000 of CIVIL PENALTIES against Respondent for violating ORS 725A.020 on ten (10) occasions.
The Director SUSPENDS collection of $15,000 of the foregoing civil penalties provided that at or prior to the time is returns this signed Consent Order, Respondent:
A. Pay the remaining $10,000 civil penalty;
B. Return as RESTITUTION to the seven (7) Oregon borrowers the charges and fees paid, totaling $48,287.66, and provide proof of the same to the Division; and
C. Refrain from making future Title Pawns or similar loans to consumers who reside or maintain a domicile in Oregon without first becoming licensed in Oregon.