Title 33, Privileges and Benefits of Veterans and Service Personnel

(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. (2) T…

As used in this chapter: (1) “Acquisition” means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes. (2) “Bonds” includes, but is not limited to, serial bonds, term bonds, notes, obligations, lines of cred…

(1) As used in Article XI-A of the Oregon Constitution and this chapter, “veteran” means a person who: (a) Served on active duty with the Armed Forces of the United States: (A) For a period of more than 90 consecutive days beginning on or before January 31, 1955, and was discharg…

(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 …

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 pr…

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…

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 co…

(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 dep…

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, mortgage…

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 t…

(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. (2) Escrow accounts established under this section shall be cons…

(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…

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 disappr…

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]

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…

(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. (…

(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.) …

(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. (2) An applicant may not borr…

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 …

(1) When the Department of Veterans’ Affairs receives an application pursuant to ORS 407.205, the department shall immediately process the application. (2) The security for the loan must consist of the property to be acquired by the applicant and must be secured by a mortgage or …

(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 exceed…

(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 …

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 wr…

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 o…

(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 pro…

(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 eff…

(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, for acquisition of homes or farms. (b) Obligations on loans or purchase contracts made on or before September 27, 1987, w…

(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 p…

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 departmen…

(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 w…

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 …

(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 in this section, use of all or any part of a loan received under this chapter for investment or any purpose other than the acquisition of a home or far…

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 §…

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 …

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 paymen…

(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. (2) The insurance may insure the life of the person who receives or assumes the loan or who is th…

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 in…

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; (b) Foreclosure; or (c) Foreclosure by the Department of Veterans’ Affairs under ORS 407.135. (2) “Mortgage” include…

(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. (2) The terms of the agreement for insurance, including the amount of insuran…

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 agreem…

(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 V…

(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 th…

(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: (a) All moneys received as payments on principal and interest of loans made under ORS 407.125; (b) All moneys received …

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 t…

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 t…

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 vo…

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 co…