Chapter 407 — Chapter 407

ORS 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 accountancy organization for a review of the cash flow projection for the loan program established under this chapter and Article XI-A of the Oregon Constitution and of the assumptions used in developing that projection. The review shall be conducted in accordance with the review guidelines developed by the American Institute of Certified Public Accountants (AICPA). Such contract shall require a written report, copies of which shall be provided to the Governor, the Secretary of State, the State Treasurer, the President of the Senate, and the Speaker of the House of Representatives by the department no later than December 31 of each year. Payment for the services required under the contract shall be paid from funds appropriated for the administration of the department. [1982 s.s.1 c.11 §4; 1989 c.489 §1; 1997 c.35 §1; 1999 c.322 §38; 2005 c.625 §28]

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ORS 407.186 [1967 s.s. c.1 §3; renumbered 407.545]

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ORS 407.190 [Amended by 1967 c.454 §45; 1971 c.80 §3; renumbered 407.555]

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ORS 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 which, at the current rate of payment by the borrower, is not being amortized or will not be fully amortized by the agreed to date

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ORS 407.200 [Amended by 1967 c.189 §1; 1971 c.80 §4; 1983 c.740 §128; renumbered 407.565]

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ORS 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 shall comply with Title I (Truth in Lending Act) of the Consumer Credit Protection Act, as amended (15 U.S.C. 1601 et seq.) in the same manner required for a bank or national bank, as defined in ORS 706.008, when the bank extends credit in a transaction in which a security interest in real property is or will be acquired

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ORS 407.205 Application for loan; amount of loan; limit on number of loans. (1) A person qualified under Article XI-A, section 3, of the Oregon Constitution, to apply for a loan for the acquisition of a home or farm must submit the application to the Department of Veterans’ Affairs pursuant to the provisions of this chapter

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ORS 407.210 [Amended by 1963 c.9 §23; renumbered 407.575]

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ORS 407.215 Certain loans excludable from maximum loan amount. 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 when the property on which the loan was made becomes the property of the applicant’s spouse as a result of a judgment declaring a marriage void or dissolved and the loan is repaid, or remains unrepaid and there is an assumption of primary liability on the loan by a party other than the applicant, the loan may be excluded from consideration in computing the maximum loan allowable under ORS 407.205. [Formerly 407.045; 2003 c.576 §440; 2019 c.223 §11]

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ORS 407.225 Processing of loan application; security. (1) When the Department of Veterans’ Affairs receives an application pursuant to ORS 407.205, the department shall immediately process the application

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ORS 407.235 [Formerly 407.058; 1985 c.296 §4; repealed by 1995 c.238 §8]

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ORS 407.245 [Formerly 407.061; repealed by 1995 c.238 §8]

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ORS 407.255 [Formerly 407.048; 1987 c.652 §5; repealed by 1995 c.238 §8]

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ORS 407.265 [Formerly 407.065; 1987 c.221 §1; 1997 c.214 §3; repealed by 2019 c.223 §24]

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ORS 407.275 Terms of loan to veteran and transferee. (1) A loan may be made bearing interest at the rate per annum prescribed as provided by ORS 407.325. A loan may be amortized over a period of not more than 40 years for a home other than a manufactured home. A loan for a manufactured home may be amortized over a period not exceeding the expected life of the manufactured home, as determined by the Department of Veterans’ Affairs. The limitations contained in this subsection do not preclude the department from later extending the amortization period

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ORS 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 rate was initially fixed under section 5, chapter 11, Oregon Laws 1982 (first special session), the Department of Veterans’ Affairs may periodically prescribe the interest rate to be paid by the transferee. However, the interest rate for such loans may not at any time be less than the rate initially fixed under section 5, chapter 11, Oregon Laws 1982 (first special session), nor exceed a rate per annum which is one percent higher than the rate initially fixed under section 5, chapter 11, Oregon Laws 1982 (first special session)

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ORS 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 spouse of the original borrower as a result of any judicial order or judgment, the Department of Veterans’ Affairs shall be notified in writing of the transfer by the transferee not later than 30 days after the transfer occurs. If the original borrower remains obligated under the order or judgment to make the payments on the principal and interest of the loan, the department shall notify the transferee when any such loan payment is not received by the 30th day after the payment is due. [1983 c.420 §5; 2003 c.576 §441; 2005 c.625 §34]

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ORS 407.305 Assumption of previous loan by eligible veteran; additional funds; maximum amount. 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 farm that is serving as security for a previous loan made under this chapter, the veteran may choose either to receive a new loan for the property or to assume the previous loan. If the loan balance for the loan being assumed does not exceed the amount of the veteran’s entitlement under ORS 407.205, the interest rate to be paid on the assumed loan balance shall be the rate per annum prescribed under ORS 407.315. In addition to the amount assumed, the veteran may apply for and receive additional funds to be applied to the purchase price. The interest rate to be paid on the additional funds shall be the rate per annum currently prescribed under ORS 407.325. The sum of the assumed loan balance and the additional funds shall not exceed the amount of the veteran’s entitlement under ORS 407.205 or the maximum loan amount prescribed by ORS 407.205 (3)(b) or (c). An assumption or an assumption with additional funds under this section shall be deemed to be one loan and the veteran making the assumption or the assumption with additional funds shall be deemed to be a borrower for the purposes of ORS 407.145, 407.205, 407.215, 407.325, 407.385, 407.465 and 407.475. [Formerly 407.063; 1985 c.296 §5; 1987 c.221 §4; 1995 c.238 §6; 2013 c.228 §2; 2019 c.223 §21]

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ORS 407.310 [Repealed by 1981 c.660 §18]

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ORS 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 shall be the rate per annum prescribed periodically by the Department of Veterans’ Affairs, taking into consideration the solvency of the loan program and the interest rates currently prevailing in this state for loans secured by owner-occupied residential property

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ORS 407.320 [Repealed by 1981 c.660 §18]

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ORS 407.325 Rate of interest on loans; rules. (1) The Department of Veterans’ Affairs shall periodically prescribe the interest rate to be paid by an applicant for a home or farm acquisition loan with a fixed interest rate, taking into consideration the current value of the money, the solvency of the loan program and the effect of the rate on veteran applicants

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ORS 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

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ORS 407.330 [Repealed by 1981 c.660 §18]

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ORS 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 solvency of the loan program and the interest rates currently prevailing in this state for loans secured by residential property. However, a transfer may not be made at a rate lower than the interest rate existing on the loan immediately prior to the transfer

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ORS 407.340 [Amended by 1975 c.462 §13; repealed by 1981 c.660 §18]

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ORS 407.345 [1982 s.s.1 c.12 §2; 1987 c.652 §7; repealed by 1991 c.262 §1]

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ORS 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 agreement or contract authorizing a late charge is not received by the Department of Veterans’ Affairs by the due date, the department may impose a late charge with respect to any such payment as prescribed in ORS 86.160 to 86.185. [1989 c.580 §3; 1997 c.40 §1; 2005 c.625 §39]

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ORS 407.350 [Repealed by 1981 c.660 §18]

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ORS 407.355 [1983 c.219 §2; 1985 c.287 §2; 1987 c.661 §2; 1991 c.262 §3; repealed by 1995 c.238 §8]

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ORS 407.360 [Repealed by 1981 c.660 §18]

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ORS 407.365 [1983 c.219 §3; repealed by 1995 c.238 §8]

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ORS 407.370 [Amended by 1975 c.614 §15; repealed by 1981 c.660 §18]

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ORS 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 and 407.145 (1), the department shall provide notice of the proposed sale to prospective purchasers. The notice shall state the minimum bid that will be accepted

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ORS 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 farms obtained for and in behalf of this state under ORS 407.135 and 407.145 (1), then ORS 407.375 may not apply to the sale of such homes or farms by that person. [1987 c.661 §4; 2005 c.625 §41]

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ORS 407.380 [Amended by 1967 c.335 §51; repealed by 1980 c.17 §1 and by 1981 c.660 §18]

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ORS 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

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ORS 407.390 [Repealed by 1981 c.660 §18]

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ORS 407.395 [1953 c.595 §1; repealed by 1981 c.660 §18]

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ORS 407.397 [Formerly 407.043; repealed by 1985 c.296 §10]

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ORS 407.400 [Repealed by 1981 c.660 §18]

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ORS 407.410 [Repealed by 1981 c.660 §18]

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ORS 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 Treasurer to issue bonds in accordance with the provisions of ORS chapter 286A. [Formerly 407.140; 2001 c.98 §2; 2005 c.625 §43; 2007 c.783 §181]

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ORS 407.420 [Amended by 1971 c.418 §12; repealed by 1981 c.660 §18]

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ORS 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 are to be issued under ORS 407.415. In order to meet the specific requirements of a selected group of applicants for loans under this chapter and before asking the State Treasurer to structure an issue of bonds under this authority, the Department of Veterans’ Affairs may consider factors including, but not limited to, the number of applications and loans on hand, the amount of debt that will be financed or refinanced by the issue, directly or indirectly, the solvency of the program as a whole, the current value of money, the condition of the tax exempt and taxable bond markets and the effect of the issue on all veterans. [1982 s.s.1 c.12 §4; 2001 c.98 §3; 2005 c.625 §44; 2007 c.783 §182]

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ORS 407.430 [Repealed by 1971 c.743 §432]

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ORS 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 of Veterans’ Affairs in an amount not to exceed the amount reasonably expected to be advanced for the payment of taxes for veterans each tax year. Such bonds shall mature in no more than 18 months and may be sold as determined by the State Treasurer. [1983 c.445 §11; 2007 c.783 §183]

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ORS 407.440 [Repealed by 1981 c.660 §18]

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ORS 407.445 [1982 s.s.1 c.12 §3; repealed by 1991 c.262 §1]

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ORS 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 described in ORS 407.475

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