Bill Text: OR SB34 | 2013 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to loans from the Department of Veterans' Affairs; and declaring an emergency.

Spectrum: Unknown

Status: (Passed) 2013-05-31 - Effective date, May 23, 2013. [SB34 Detail]

Download: Oregon-2013-SB34-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 607

                         Senate Bill 34

Printed pursuant to Senate Interim Rule 213.28 by order of the
  President of the Senate in conformance with presession filing
  rules, indicating neither advocacy nor opposition on the part
  of the President (at the request of Governor John A. Kitzhaber,
  M.D., for Department of Veterans' Affairs)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Removes limit on number of loans eligible individual may
receive or assume from Department of Veterans' Affairs.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to loans from the Department of Veterans' Affairs;
  amending ORS 407.205; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 407.205 is amended to read:
  407.205. (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 of funds disbursed under ORS
407.145 (2) and 407.275 (4) may not exceed the maximum original
principal balance permitted on a single-family first mortgage
loan by the Federal National Mortgage Association, as published
in its announcements and subsequently included in its Selling
Guide, at a rate of interest provided by ORS 407.325.
 { - Except as provided in subsection (2) of this section, an
eligible individual may not receive or, under ORS 407.305, assume
more than two loans under this chapter. - }  An applicant may not
borrow more than the maximum amount allowed under this section,
except that when a loan is made on property that is destroyed by
fire or other natural hazard, taken through condemnation or lost
or disposed of for a compelling reason devoid of fault on the
part of the applicant and when the loan is repaid or the property
is transferred by deed or otherwise, the loan may be excluded
from consideration in computing the maximum loan allowable.
However, the loan right provided in this section may be restored
not more than once while an unrepaid balance remains on a
previous loan granted to the applicant.
    { - (2) The department may allow an eligible individual to
receive or, under ORS 407.305, assume more than two loans under
this chapter when: - }
    { - (a) The loan received or assumed is an additional loan
made for the improvement of the farm or home acquired with an
initial loan for the acquisition of that property; or - }

    { - (b) The last official certification of record by the
United States Department of Veterans Affairs or any branch of the
Armed Forces of the United States shows the eligible individual
to be at least 50 percent disabled. However, a loan may be made
to an eligible disabled veteran under this paragraph only if the
veteran must acquire a different principal residence for
compelling medical reasons or because the veteran is transferred
by an employer for employment purposes or because the veteran's
spouse is transferred by an employer for employment purposes and
the spouse provides more than 50 percent of the household
income. - }
    { - (3) - }  { +  (2) + } For the purposes of this section,
an applicant owns a home when the applicant has fee simple title
to the home or is the purchaser of the home under a contract of
sale or other instrument of sale. Earnest money or preliminary
sales agreements, options or rights of first refusal are not
contracts or instruments of sale under this subsection.
    { - (4) - }  { +  (3) + } As used in this section, 'home'
includes mobile homes and houseboats.
  SECTION 2.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
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