Chapter 407 — Chapter 407

ORS 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]

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ORS 407.020 [Amended by 1967 c.245 §1; 1971 c.221 §2; renumbered 407.115]

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ORS 407.030 [Amended by 1977 c.383 §8; renumbered 407.125]

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ORS 407.035 [1981 c.659 §7; renumbered 407.505]

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ORS 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]

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ORS 407.042 [1981 c.366 §2; renumbered 407.385]

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ORS 407.043 [1977 c.676 §2; renumbered 407.397]

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ORS 407.045 [1969 c.523 §1; renumbered 407.215]

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ORS 407.048 [1977 c.315 §2; 1981 c.628 §1; 1982 s.s.1 c.11 §13; 1983 c.445 §4; renumbered 407.255]

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ORS 407.050 [Amended by 1957 c.125 §2; 1971 c.221 §4; 1973 c.574 §2; 1975 c.219 §2; renumbered 407.225]

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ORS 407.055 [1977 c.383 §1; 1981 c.565 §3; 1983 c.445 §5; renumbered 407.175]

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ORS 407.058 [1977 c.383 §3; 1983 c.445 §6; renumbered 407.235]

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ORS 407.060 [Repealed by 1971 c.743 §432]

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ORS 407.061 [1977 c.383 §4; 1983 c.445 §7; renumbered 407.245]

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ORS 407.063 [1981 c.387 §1; 1982 s.s.1 c.11 §14; renumbered 407.305]

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ORS 407.065 [1979 c.176 §3; renumbered 407.265]

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ORS 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]

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ORS 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]

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ORS 407.073 [1969 c.615 §4; 1971 c.221 §7; 1977 c.676 §5; 1983 c.420 §3; renumbered 407.335]

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ORS 407.074 [1955 c.102 §§2,3,7; 1975 c.219 §5; 1979 c.238 §1; renumbered 407.465]

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ORS 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 its authority to define the scope and purpose of this chapter is limited by the purposes expressed in Article XI-A

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ORS 407.076 [1955 c.102 §§4,5,6; 1969 c.433 §1; 1979 c.35 §1; 1979 c.238 §2; renumbered 407.475]

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ORS 407.080 [Amended by 1975 c.219 §6; renumbered 407.135]

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ORS 407.085 Definitions. As used in this chapter

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ORS 407.087 Definition of “veteran.” (1) As used in Article XI-A of the Oregon Constitution and this chapter, “veteran” means a person who

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ORS 407.090 (Reassigned) [2009 c.527 §1 (assigned previously used statute number in 2009); 2013 c.16 §2; renumbered 407.087 in 2013]

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ORS 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 loan program when the veteran is unable to make required loan payments because of illness, injury, death, involuntary job loss or economic stress due to factors beyond individual control. The Department of Veterans’ Affairs, by rule, shall implement such state policy. Rules adopted by the department under this section

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ORS 407.100 [Renumbered 407.155]

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ORS 407.110 [Renumbered 407.595]

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ORS 407.115 [Formerly 407.020; 2005 c.625 §17; repealed by 2019 c.223 §24]

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ORS 407.120 [Amended by 1975 c.219 §8; renumbered 407.165]

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ORS 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 person qualified for loans under the provisions of Article XI-A, section 3, Oregon Constitution, for the acquisition of farms and homes, as provided in this chapter. [Formerly 407.030; 1991 c.798 §6; 1995 c.238 §3; 2005 c.625 §18; 2019 c.223 §5]

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ORS 407.129 [1987 c.509 §§2,3; repealed by 1993 c.159 §1]

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ORS 407.130 [Amended by 1967 c.369 §2; 1979 c.115 §1; repealed by 1981 c.660 §18]

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ORS 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 loan or in connection with a purchase contract for a home or farm if such action results in economic benefit to the home and farm loan program after considering the time value of money. [1987 c.509 §4; 2005 c.625 §19]

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ORS 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 make or participate in the making of residential loans under this chapter; to undertake commitments to make residential loans; to purchase and sell residential loans; to commence and prosecute to judgment all suits, actions and proceedings necessary to protect the interest of the state; to bid on property offered for sale under such proceedings and to acquire title to property for and in behalf of the state as a result of such proceedings; to accept deeds from borrowers in lieu of foreclosure; to sell, transfer, convey, lease or assign any property acquired by the department for and in behalf of the state; to make repairs and improvements or alterations; to pay taxes, liens and charges of every kind superior to the lien of the state; to pay the principal and interest on any obligations incurred in connection with such property; to dispose of such property; and otherwise to administer such property in such manner as the department deems to the best interest of the state. All money received by the department from the sale, leasing or other disposition of any property shall be paid over to the State Treasurer and deposited in the Oregon War Veterans’ Bond Sinking Account. [Formerly 407.080; 1987 c.652 §3; 2003 c.576 §439; 2005 c.625 §20; 2019 c.223 §6]

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ORS 407.140 [Amended by 1975 c.462 §12; 1981 c.660 §36; renumbered 407.415]

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ORS 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 state because of default in repayment of loans made in accordance with ORS 407.125 or statutes supplementary thereof. The department shall exercise control of all the property while the title remains vested in the state

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ORS 407.150 [Repealed by 1981 c.660 §18]

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ORS 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 the state by the Department of Veterans’ Affairs and shall be acknowledged by the department; and all deeds, mortgages, notes, insurance policies, abstracts and other instruments, documents and papers delivered to the department in the administration of those sections shall be kept in the custody of the department. [Formerly 407.100; 2005 c.625 §22]

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ORS 407.160 [Amended by 1967 c.335 §49; 1967 s.s. c.19 §2; 1983 c.798 §10; renumbered 407.495]

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ORS 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 or trust deeds under authority of ORS 407.225, indemnities for fire losses on secured property, and such other sums as must be held by the department in suspense pending further or final disposition thereof. Said funds shall be deposited in the State Treasury in the revolving account authorized by ORS 407.565 until they can be properly applied to the purposes for which they were paid to and received by the department. [Formerly 407.120; 2005 c.625 §23; 2019 c.223 §7]

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ORS 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 purchase contracts made under this chapter

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ORS 407.170 [Amended by 1967 c.335 §50; 1981 c.660 §37; renumbered 407.515]

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ORS 407.175 [Formerly 407.055; repealed by 1995 c.238 §8]

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ORS 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 department is authorized to enter into contracts with lending institutions under which the lending institutions may provide any of the following services

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ORS 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 the powers granted to the department in ORS 407.165 and 407.225. The department shall retain final authority to approve or disapprove loans and interpret the duties and responsibilities of borrowers under this chapter. [1989 c.746 §4; 1995 c.238 §5; 2005 c.625 §27]

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ORS 407.180 [Renumbered 407.525]

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ORS 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 by contract entered into under ORS 407.177, and shall comply with the terms of the contract and applicable laws. [1989 c.746 §3]

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ORS 407.183 [1967 s.s. c.1 §2; 1967 s.s. c.19 §1; 1969 c.615 §6; renumbered 407.535]

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