Chapter 407 — Chapter 407

ORS 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 or former spouse of that person, may be insured under the insurance provided for by ORS 407.465 upon complying with such rules relating to that insurance as the director may adopt. [Formerly 407.076; 1985 c.221 §2; 1987 c.132 §2]

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ORS 407.480 Definitions for ORS 407.480 to 407.490. As used in ORS 407.480 to 407.490

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ORS 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 to provide insurance for qualified mortgages

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ORS 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, the department shall not be liable to any borrower for any claim or grievance arising out of the insurance agreement or the loan agreement. [1989 c.677 §4; 2005 c.625 §48]

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ORS 407.495 Oregon War Veterans’ Fund; sources; uses. (1) The money arising from the sale of each issue of bonds authorized under Article XI-A, section 2, of the Oregon Constitution, shall be deposited in the State Treasury and be credited to a special fund separate and distinct from the General Fund, to be known as the Oregon War Veterans’ Fund

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ORS 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 loan commitment, shall reserve an amount of money in the Oregon War Veterans’ Fund equal to the amount requested by the applicant to be used only for payment to the applicant which shall be set aside in the Direct Commitment Reserve Account

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ORS 407.510 [Repealed by 1967 c.421 §206]

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ORS 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 of

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ORS 407.520 [Repealed by 1967 c.421 §206]

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ORS 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 refunding bonds, to the Oregon War Veterans’ Fund for the home and farm loan purposes of the Oregon War Veterans’ Fund or pay the moneys directly from the sinking fund for the home and farm loan purposes of the Oregon War Veterans’ Fund. When sufficient moneys are available in the Oregon War Veterans’ Fund, the department may transfer back to the sinking account an amount not exceeding the total transferred from the sinking account to the Oregon War Veterans’ Fund or paid directly from the sinking fund for the home and farm loan purposes of the Oregon War Veterans’ Fund. [Formerly 407.180; 1987 c.652 §14; 2005 c.625 §51; 2007 c.783 §184]

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ORS 407.530 [Repealed by 1967 c.421 §206]

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ORS 407.535 [Formerly 407.183; repealed by 1987 c.652 §12]

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ORS 407.540 [Repealed by 1967 c.421 §206]

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ORS 407.541 [Repealed by 1967 c.421 §206]

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ORS 407.545 [Formerly 407.186; repealed by 1987 c.652 §12]

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ORS 407.550 [Repealed by 1967 c.421 §206]

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ORS 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 this chapter, shall be paid by warrants drawn upon the State Treasurer by the Oregon Department of Administrative Services upon the appropriate funds for the payment of such claims. [Formerly 407.190; 2005 c.625 §52; 2019 c.223 §17]

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ORS 407.560 [Repealed by 1967 c.421 §206]

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ORS 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’ Affairs in a sum not to exceed $2 million, which sum shall constitute an advance to be used in anticipation of the verified vouchers supplied in accordance with this section; and may be used only as a revolving account, separate and distinct from the General Fund, to be maintained with the State Treasurer, for receipt and disbursement of moneys received under authority of ORS 407.165 and for payment of general operating expenses. All reimbursement vouchers for claims paid from the revolving account shall be verified by the Department of Veterans’ Affairs and presented to the Oregon Department of Administrative Services for payment. The warrants issued by the Oregon Department of Administrative Services shall be drawn in favor of the Department of Veterans’ Affairs and shall be used to reimburse the revolving account. [Formerly 407.200; 1989 c.966 §45; 2005 c.625 §53]

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ORS 407.570 [Repealed by 1967 c.421 §206]

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ORS 407.575 [Formerly 407.210; 1987 c.652 §11; repealed by 1991 c.220 §15]

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ORS 407.580 [Repealed by 1967 c.421 §206]

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ORS 407.582 [2008 c.18 §19; repealed by 2015 c.531 §1]

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ORS 407.585 [2008 c.18 §20; repealed by 2015 c.531 §1]

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ORS 407.590 [Repealed by 1967 c.421 §206]

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ORS 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 the claim of any creditor; nor shall any such right or payment be capable of assignment except as may be necessary for completion of any loan applied for and then only under such rules and regulations as may be prescribed by the Department of Veterans’ Affairs. [Formerly 407.110; 2005 c.625 §54]

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ORS 407.600 [Repealed by 1967 c.421 §206]

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ORS 407.610 [Amended by 1953 c.106 §2; repealed by 1967 c.421 §206]

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ORS 407.620 [Repealed by 1967 c.421 §206]

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ORS 407.630 [Repealed by 1967 c.421 §206]

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ORS 407.640 [Repealed by 1967 c.421 §206]

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ORS 407.650 [Repealed by 1953 c.106 §2]

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ORS 407.660 [Repealed by 1953 c.106 §2]

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ORS 407.990 [Amended by 1967 c.421 §202; repealed by 1971 c.743 §432]

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