A pawn is a cash loan for item(s) of value. In Oregon, pawns are for a period of 60 days. At Ace Buyers, each NEW pawn will have a 30 day grace period. All pawns within the 60 day contracts and grace periods are renewable. Renewing a contract at Ace Buyers is as easy as paying the service charge. This renews the pawn contract for 60 days (no grace period). At Ace Buyers, you can redeem your pawn(s) by paying back the loan amount and service charges. Examples of how much a pawn will cost you are listed below:

1. Loan amount (principle).

2. 3% interest per month (minimum $3).

3. 10% setup fee (minimum of $2, maximum $100.00).

4. 2% storage fee (minimum of $2, no maximum).

     Example(s):                        30days       60days

     Loan amount =                   $65.00       $65.00

     3% interest =                      $3.00         $3.90

     10% setup fee=                   $6.50        $6.50

     2% storage fee=                  $2.00        $2.00

     To redeem=                        $76.50       $77.40

     To renew=                          $11.50       $12.40

**Firearms have an additional $3 charge and $10 background charge.

     Loan amount=                     $200.00      $200.00

     3% interest=                        $6.00          $12.00

     10% setup fee=                   $20.00        $20.00

     2% storage fee=                  $4.00          $4.00

     To redeem=                        $230.00      $236.00

     To renew=                          $30.00        $36.00

**Firearms have an additional $3 charge and $10 background charge.

Excerpts of Oregon pawn law are listed below for your convenience.

726.390 Interest rates and charges. (1) A pawnbroker may not charge, contract for or receive interest at a rate in excess of three percent per month. However, on pledge loans redeemed within the first month the pawnbroker may charge a month’s interest, or the pawnbroker may charge $3 when the interest accumulated amounts to less. The interest may not be compounded and no amount whatsoever may be deducted or received in advance.

(2) A set-up fee of 10 percent may be charged on all loans and on all loan renewals with a minimum charge of $2 and a maximum charge of $100.

(3) A storage fee of up to two percent may be charged on all loans and on all loan renewals, with a minimum charge of $2.

(4) Except as provided by law, no further or other charge or amount whatsoever may be charged, contracted for or received in addition to the interest provided for in this section. [Amended by 1973 c.449 §5; 1979 c.202 §6; 1981 c.192 §44; 1985 c.795 §1; 1997 c.842 §3]

726.395 Charges related to firearms. A charge of $3 may be charged a pledgor or customer who places with the pawnbroker firearms required to be registered under the laws of the United States. In addition, a pledgor or customer may be charged any fee imposed by any governmental entity upon a pawnbroker for holding or transferring a firearm. [1973 c.449 §3; 1997 c.842 §4]

726.400 Loan period; forfeiture of pledge; notice; period for redeeming pledge. (1) Unless a longer loan period is agreed upon by the pledgor and the pawnbroker, all loans shall be made for a period of 60 days. However, a pledge may be redeemed and the pledge loan repaid at any time before the loan period expires. All pawn tickets shall clearly state the expiration date of the loan.

(3) Any pledge that is not redeemed within 30 days after the expiration of the 60-day loan period, or within the period of renewal, if any, shall be deemed forfeited and the pawnbroker shall thereby acquire all the right, title and interest of the pledgor therein to hold and dispose of the pledge as the pawnbroker’s own property. [Amended by 1973 c.449 §6; 1979 c.202 §7; 1981 c.192 §45; 1985 c.795 §2; 1997 c.842 §5]

Click this link below, for the Oregon Division of Finance and Corporate Securities (DFCS), to review the complete Oregon pawn law.