Oregon Statutes - Chapter 407 - Veterans Loans

407.010 [Amended by 1975 c.219 §1; 1977 c.383 §6; subsection (3) enacted as 1977 c.383

§9; 1979 c.176 §1; 1981 c.661 §1; 1982 s.s. 1 c.11 §10; 1983 c.445 §1; renumbered 407.085]
407.020 [Amended by 1967 c.245 §1; 1971 c.221 §2; renumbered 407.115]
407.030 [Amended by 1977 c.383 §8; renumbered 407.125]
407.035 [1981 c.659 §7; renumbered 407.505]
407.040 [Amended by 1953 c.97 §2; 1957 c.125 §1; 1963 c.163 §1; 1965 c.269 §1; 1967

c.112 §1; 1969 c.615 §1; 1971 c.221 §3; 1973 c.574 §1; 1975 c.6 §1; 1975 c.263 §1; 1977 c.676

§3; 1979 c.177 §1; 1981 c.604 §1; 1982 s.s.1 c.11 §12; 1983 c.387 §1; renumbered 407.205]
407.042 [1981 c.366 §2; renumbered 407.385]
407.043 [1977 c.676 §2; renumbered 407.397]
407.045 [1969 c.523 §1; renumbered 407.215]
407.048 [1977 c.315 §2; 1981 c.628 §1; 1982 s.s.1 c.11 §13; 1983 c.445 §4; renumbered

407.255]
407.050 [Amended by 1957 c.125 §2; 1971 c.221 §4; 1973 c.574 §2; 1975 c.219 §2;

renumbered 407.225]
407.055 [1977 c.383 §1; 1981 c.565 §3; 1983 c.445 §5; renumbered 407.175]
407.058 [1977 c.383 §3; 1983 c.445 §6; renumbered 407.235]
407.060 [Repealed by 1971 c.743 §432]
407.061 [1977 c.383 §4; 1983 c.445 §7; renumbered 407.245]
407.063 [1981 c.387 §1; 1982 s.s.1 c.11 §14; renumbered 407.305]
407.065 [1979 c.176 §3; renumbered 407.265]
407.070 [Amended by 1955 c.151 §1; 1957 c.125 §3; 1969 c.615 §5; 1971 c.221 §5; 1975

c.219 §3; 1977 c.676 §4; 1981 c.387 §2; 1982 s.s.1 c.11 §17; renumbered 407.275]
407.072 [1969 c.615 §3; 1971 c.221 §6; 1975 c.219 §4; 1977 c.645 §1; 1981 c.659 §5;

renumbered 407.325]
407.073 [1969 c.615 §4; 1971 c.221 §7; 1977 c.676 §5; 1983 c.420 §3; renumbered 407.335]
407.074 [1955 c.102 §§2,3,7; 1975 c.219 §5; 1979 c.238 §1; renumbered 407.465]
407.075 Purpose; legislative intent.
(1) The provisions of this chapter are intended to carry out the purposes of Article XI-A of the Oregon Constitution. The Legislative Assembly recognizes that...
407.076 [1955 c.102 §§4,5,6; 1969 c.433 §1; 1979 c.35 §1; 1979 c.238 §2; renumbered 407.475]
407.080 [Amended by 1975 c.219 §6; renumbered 407.135]
407.085 Definitions.
(1) As used in Article XI-A, Oregon Constitution, and this chapter, for the purposes of administration: (a) �Acquisition� means: (A) Purchase and improvement of a...
407.095 Policy against foreclosure; rules.
(1) It is the policy of the State of Oregon to make every reasonable attempt to keep a veteran in the home purchased under the...
407.100 [Renumbered 407.155]
407.110 [Renumbered 407.595]
407.115 Administration of loan program; rules.
The Department of Veterans� Affairs shall administer the provisions of ORS 407.125, 407.165, 407.205, 407.275, 407.415, 407.495 and 407.515 to 407.565. The department may adopt...
407.120 [Amended by 1975 c.219 §8; renumbered 407.165]
407.125 Loans to qualified person.
All moneys in the Oregon War Veterans� Fund created by ORS 407.495 may be advanced by the Department of Veterans� Affairs as loans to any...
407.129 [1987 c.509 §§2,3; repealed by 1993 c.159 §1]
407.130 [Amended by 1967 c.369 §2; 1979 c.115 §1; repealed by 1981 c.660 §18]
407.131 Discount of principal; rules.
The Department of Veterans� Affairs, by rule, may discount a portion of the principal payable to the department in connection with a home or farm...
407.135 Authority of department; disposition of certain moneys.
The Department of Veterans� Affairs is authorized and empowered, in the name and in behalf of the state to commence and prosecute to judgment all...
407.140 [Amended by 1975 c.462 §12; 1981 c.660 §36; renumbered 407.415]
407.145 Purchase and control of property; disbursements to protect security.
(1) The Department of Veterans� Affairs may acquire property by purchase when the acquisition of such property is necessary to protect the interest of the...
407.150 [Repealed by 1981 c.660 §18]
407.155 Execution and custody of documents.
All deeds, leases, contracts, releases of mortgages and other instruments necessary or proper in the administration of this chapter shall be executed in behalf of...
407.160 [Amended by 1967 c.335 §49; 1967 s.s. c.19 §2; 1983 c.798 §10; renumbered 407.495]
407.165 Authority to hold certain funds received from borrower.
The Department of Veterans� Affairs may receive and hold for future disposition conditional payments from borrowers who have executed mortgages and security instruments under authority...
407.169 Escrow accounts; standards; interest; rules.
(1) The Department of Veterans� Affairs shall make escrow accounts available to current and future borrowers and contract purchasers in connection with loan agreements and...
407.170 [Amended by 1967 c.335 §50; 1981 c.660 §37; renumbered 407.515]
407.175 [Formerly 407.055; repealed by 1995 c.238 §8]
407.177 Loan processing and servicing contracts with lending institutions; terms; procedures.
(1) When the Department of Veterans� Affairs considers such contracts necessary to improve the financial condition of the loan program conducted under this chapter, the...
407.179 Additional powers delegated to lending institution; authority retained by department.
In addition to the powers described in ORS 407.177, the Department of Veterans� Affairs also may delegate by contract to a lending institution any of...
407.180 [Renumbered 407.525]
407.181 Authority of lending institution.
In exercising the authority granted to it by ORS 407.177 to 407.181, a lending institution shall perform only the services that are delegated to it...
407.183 [1967 s.s. c.1 §2; 1967 s.s. c.19 §1; 1969 c.615 §6; renumbered 407.535]
407.185 Cash flow projection; annual review; report.
In addition to, and not in lieu of, the audit required by ORS 297.210 the Department of Veterans� Affairs may contract with an independent public...
407.186 [1967 s.s. c.1 §3; renumbered 407.545]
407.190 [Amended by 1967 c.454 §45; 1971 c.80 §3; renumbered 407.555]
407.195 Loans not being amortized; identification; notice to borrowers.
(1) The Director of Veterans� Affairs shall identify each farm or home loan made under this chapter with moneys from the Oregon War Veterans� Fund...
407.200 [Amended by 1967 c.189 §1; 1971 c.80 §4; 1983 c.740 §128; renumbered 407.565]
407.201 Required disclosure of credit information and loan terms.
(1) When making a loan or otherwise extending credit under this chapter with moneys from the Oregon War Veterans� Fund, the Department of Veterans� Affairs...
407.205 Application for loan; amount of loan; limit on number of loans; exception.
(1) Applications for loans for acquisition of a home or farm under this chapter shall be made to the Department of Veterans� Affairs. Loans exclusive...
407.210 [Amended by 1963 c.9 §23; renumbered 407.575]
407.215 Loan transferred by annulment or dissolution judgment excluded in determining maximum allowable.
No applicant is entitled to borrow more than the maximum amount allowed under ORS 407.205 other than for reasons specified in ORS 407.205 except that...
407.225 Investigation and processing of loan application; security; maximum amounts of loans.
(1) When the Department of Veterans� Affairs receives an application pursuant to ORS 407.205, the department shall immediately investigate and process it as provided by...
407.235 [Formerly 407.058; 1985 c.296 §4; repealed by 1995 c.238 §8]
407.245 [Formerly 407.061; repealed by 1995 c.238 §8]
407.255 [Formerly 407.048; 1987 c.652 §5; repealed by 1995 c.238 §8]
407.265 Loans for home or farm improvements; terms and conditions.
(1) An applicant for a loan solely for the improvement of a home or farm may receive the loan if: (a) The applicant has not...
407.275 Terms of loan to veteran and transferee.
(1) Loans may be made bearing interest at the rate per annum prescribed as provided by ORS 407.325. Loans may be amortized over a period...
407.285 Rate of interest payable by certain transferees.
(1) Notwithstanding the repeal of section 5, chapter 11, Oregon Laws 1982 (first special session), during the term of a loan for which the interest...
407.295 Transfer to spouse; notice to department; notice of delinquent payment.
When an ownership interest or possession of a home or farm securing a loan received under this chapter is transferred to the spouse or former...
407.305 Assumption of previous loan by eligible veteran; additional funds.
When a veteran who is eligible for a loan under this chapter and Article XI-A of the Oregon Constitution seeks to acquire a home or...
407.310 [Repealed by 1981 c.660 §18]
407.315 Interest rate for veteran�s assumption; variable rate; effect of rate on cash flow; rules.
(1) When a veteran assumes a previous loan under ORS 407.305, the interest rate to be paid by the veteran from the date of assumption...
407.320 [Repealed by 1981 c.660 §18]
407.325 Rate of interest on loans.
(1) The Department of Veterans� Affairs, with the advice of the Advisory Committee, will periodically, during the term of the loan, prescribe the interest rates...
407.327 Department to prescribe fixed or variable interest rates.
(1) The Department of Veterans� Affairs may prescribe fixed or variable rates on the following: (a) Loans or purchase contracts made after September 27, 1987,...
407.330 [Repealed by 1981 c.660 §18]
407.335 Rate of interest payable by transferee; limit on transfers; rules.
(1) The rate of interest referred to in ORS 407.275 (2) shall be prescribed periodically by the Department of Veterans� Affairs, taking into consideration the...
407.340 [Amended by 1975 c.462 §13; repealed by 1981 c.660 §18]
407.345 [1982 s.s.1 c.12 §2; 1987 c.652 §7; repealed by 1991 c.262 §1]
407.349 Late charges authorized for periodic payments.
When a periodic installment payment due under a loan agreement or purchase contract made pursuant to this section and ORS 407.169 or under a prior...
407.350 [Repealed by 1981 c.660 §18]
407.355 [1983 c.219 §2; 1985 c.287 §2; 1987 c.661 §2; 1991 c.262 §3; repealed by 1995 c.238 §8]
407.360 [Repealed by 1981 c.660 §18]
407.365 [1983 c.219 §3; repealed by 1995 c.238 §8]
407.370 [Amended by 1975 c.614 §15; repealed by 1981 c.660 §18]
407.375 Sale of foreclosed properties; improvement in lieu of down payment; interest rate; redemption of property; rules.
(1) When the Department of Veterans� Affairs offers for sale a home or farm obtained for and in behalf of the state under ORS 407.135...
407.377 Sale or management of foreclosed property under personal services contract.
If the Department of Veterans� Affairs enters into any personal services contract under which any other person is authorized to sell or manage homes or...
407.380 [Amended by 1967 c.335 §51; repealed by 1980 c.17 §1 and by 1981 c.660 §18]
407.385 Prohibition against using loan for purpose other than farm or home acquisition; prompt use of farm or home as principal residence; extension; exception; penalty.
(1) Money received as a loan under this chapter shall be used only for the acquisition of a home or farm. (2) Except as provided...
407.390 [Repealed by 1981 c.660 §18]
407.395 [1953 c.595 §1; repealed by 1981 c.660 §18]
407.397 [Formerly 407.043; repealed by 1985 c.296 §10]
407.400 [Repealed by 1981 c.660 §18]
407.410 [Repealed by 1981 c.660 §18]
407.415 Issuance of bonds.
In order to provide funds for the purposes specified in Article XI-A of the Oregon Constitution, the Department of Veterans� Affairs may request the State...
407.420 [Amended by 1971 c.418 §12; repealed by 1981 c.660 §18]
407.425 Factors considered before requesting bond issuance.
The Department of Veterans� Affairs shall request the State Treasurer to issue bonds as provided in ORS chapter 286A whenever the department determines that bonds...
407.430 [Repealed by 1971 c.743 §432]
407.435 Issuance of bonds for tax payment; conditions; term.
Notwithstanding the general obligation and revenue bond limits required by ORS 286A.035, the State Treasurer may issue general obligation bonds on behalf of the Department...
407.440 [Repealed by 1981 c.660 §18]
407.445 [1982 s.s.1 c.12 §3; repealed by 1991 c.262 §1]
407.465 Loan cancellation life insurance.
(1) Subject to the limitations provided for in this chapter, the Department of Veterans� Affairs may provide loan cancellation life insurance for any person who...
407.475 Persons insurable under ORS 407.465.
Any person receiving or assuming a loan or making a contract under this chapter for the acquisition of a home or farm, and the spouse...
407.480 Definitions for ORS 407.480 to 407.490.
As used in ORS 407.480 to 407.490: (1) �Insurance� means any mortgage guarantee or mortgage insurance against financial loss by reason of: (a) Collection activity;...
407.485 Agreements for mortgage insurance; terms; amount; required coverage.
(1) The Department of Veterans� Affairs may enter into an agreement with any public or private organization or with any federal or state governmental agency...
407.490 Mortgage insurance claims; liability of department.
After assignment transfer and delivery by the Department of Veterans� Affairs of all rights in the insured property to the organization or person providing insurance,...
407.495 Oregon War Veterans� Fund; sources; uses.
(1) The money arising from the sale of each issue of bonds authorized under section 2, Article XI-A, of the Oregon Constitution, shall be deposited...
407.505 Loan moneys to be reserved for borrower prior to loan commitment.
(1) When the Department of Veterans� Affairs determines that an applicant�s loan may be approved in accordance with this chapter, the department, before making a...
407.510 [Repealed by 1967 c.421 §206]
407.515 Oregon War Veterans� Bond Sinking Account; sources; use.
(1) The Oregon War Veterans� Bond Sinking Account is created as a restricted account within the Oregon War Veterans� Fund. The sinking account shall consist...
407.520 [Repealed by 1967 c.421 §206]
407.525 Transfer of sinking account moneys to veterans� fund; retransfer.
The Department of Veterans� Affairs may transfer moneys in the sinking account, except those derived from tax levies and those received from the sale of...
407.530 [Repealed by 1967 c.421 §206]
407.535 [Formerly 407.183; repealed by 1987 c.652 §12]
407.540 [Repealed by 1967 c.421 §206]
407.541 [Repealed by 1967 c.421 §206]
407.545 [Formerly 407.186; repealed by 1987 c.652 §12]
407.550 [Repealed by 1967 c.421 §206]
407.555 Auditing and payment of claims.
Except as provided in ORS 407.415, all claims duly approved by the Department of Veterans� Affairs, incurred in pursuance of ORS 407.115, 407.125, 407.165, 407.205,...
407.560 [Repealed by 1967 c.421 §206]
407.565 Revolving account.
The Oregon Department of Administrative Services is authorized to draw a warrant on the Oregon War Veterans� Fund in favor of the Department of Veterans�...
407.570 [Repealed by 1967 c.421 §206]
407.575 [Formerly 407.210; 1987 c.652 §11; repealed by 1991 c.220 §15]
407.580 [Repealed by 1967 c.421 §206]
407.590 [Repealed by 1967 c.421 §206]
407.595 Loans not subject to execution or assignment.
No right, payment or proceeds of any loan made under ORS 407.125 or statutes supplementary thereof shall be subject to garnishment, attachment or execution or...
407.600 [Repealed by 1967 c.421 §206]
407.610 [Amended by 1953 c.106 §2; repealed by 1967 c.421 §206]
407.620 [Repealed by 1967 c.421 §206]
407.630 [Repealed by 1967 c.421 §206]
407.640 [Repealed by 1967 c.421 §206]
407.650 [Repealed by 1953 c.106 §2]
407.660 [Repealed by 1953 c.106 §2]
407.990 [Amended by 1967 c.421 §202; repealed by 1971 c.743 §432]

Last modified: August 7, 2008