Oregon Law
Law as of Jan 1, 2024
Chapter contents
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] 407.020[Amended by 1967 c.245 §1; 1971 c.221 §2; renumbered 407.115] 407.030[Amended by 1977 c.383 §8; renumbered 407.125] 407.035[1981 c.659 §7; renumbered 407.505] 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] 407.042[1981 c.366 §2; renumbered 407.385] 407.043[1977 c.676 §2; renumbered 407.397] 407.045[1969 c.523 §1; renumbered 407.215] 407.048[1977 c.315 §2; 1981 c.628 §1; 1982 s.s.1 c.11 §13; 1983 c.445 §4; renumbered 407.255] 407.050[Amended by 1957 c.125 §2; 1971 c.221 §4; 1973 c.574 §2; 1975 c.219 §2; renumbered 407.225] 407.055[1977 c.383 §1; 1981 c.565 §3; 1983 c.445 §5; renumbered 407.175] 407.058[1977 c.383 §3; 1983 c.445 §6; renumbered 407.235] 407.060[Repealed by 1971 c.743 §432] 407.061[1977 c.383 §4; 1983 c.445 §7; renumbered 407.245] 407.063[1981 c.387 §1; 1982 s.s.1 c.11 §14; renumbered 407.305] 407.065[1979 c.176 §3; renumbered 407.265] 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] 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] 407.073[1969 c.615 §4; 1971 c.221 §7; 1977 c.676 §5; 1983 c.420 §3; renumbered 407.335] 407.074[1955 c.102 §§2,3,7; 1975 c.219 §5; 1979 c.238 §1; renumbered 407.465] 407.075Purpose; legislative intent 407.076[1955 c.102 §§4,5,6; 1969 c.433 §1; 1979 c.35 §1; 1979 c.238 §2; renumbered 407.475] 407.080[Amended by 1975 c.219 §6; renumbered 407.135] 407.085Definitions 407.087Definition of “veteran.” 407.095Policy against foreclosure; rules 407.100[Renumbered 407.155] 407.110[Renumbered 407.595] 407.115[Formerly 407.020; 2005 c.625 §17; repealed by 2019 c.223 §24] 407.120[Amended by 1975 c.219 §8; renumbered 407.165] 407.125Loans to qualified person 407.129[1987 c.509 §§2,3; repealed by 1993 c.159 §1] 407.130[Amended by 1967 c.369 §2; 1979 c.115 §1; repealed by 1981 c.660 §18] 407.131Discount of principal; rules 407.135Authority of department; disposition of certain moneys 407.140[Amended by 1975 c.462 §12; 1981 c.660 §36; renumbered 407.415] 407.145Purchase and control of property; disbursements to protect security 407.150[Repealed by 1981 c.660 §18] 407.155Execution and custody of documents 407.160[Amended by 1967 c.335 §49; 1967 s.s. c.19 §2; 1983 c.798 §10; renumbered 407.495] 407.165Authority to hold certain funds received from borrower 407.169Escrow accounts; standards; interest; rules 407.170[Amended by 1967 c.335 §50; 1981 c.660 §37; renumbered 407.515] 407.175[Formerly 407.055; repealed by 1995 c.238 §8] 407.177Loan processing and servicing contracts with lending institutions; terms; procedures 407.179Additional powers delegated to lending institution; authority retained by department 407.180[Renumbered 407.525] 407.181Authority of lending institution 407.183[1967 s.s. c.1 §2; 1967 s.s. c.19 §1; 1969 c.615 §6; renumbered 407.535] 407.185Cash flow projection; annual review; report 407.186[1967 s.s. c.1 §3; renumbered 407.545] 407.190[Amended by 1967 c.454 §45; 1971 c.80 §3; renumbered 407.555] 407.195Loans not being amortized; identification; notice to borrowers 407.200[Amended by 1967 c.189 §1; 1971 c.80 §4; 1983 c.740 §128; renumbered 407.565] 407.201Required disclosure of credit information and loan terms 407.205Application for loan; amount of loan; limit on number of loans 407.210[Amended by 1963 c.9 §23; renumbered 407.575] 407.215Certain loans excludable from maximum loan amount 407.225Processing of loan application; security 407.235[Formerly 407.058; 1985 c.296 §4; repealed by 1995 c.238 §8] 407.245[Formerly 407.061; repealed by 1995 c.238 §8] 407.255[Formerly 407.048; 1987 c.652 §5; repealed by 1995 c.238 §8] 407.265[Formerly 407.065; 1987 c.221 §1; 1997 c.214 §3; repealed by 2019 c.223 §24] 407.275Terms of loan to veteran and transferee 407.285Rate of interest payable by certain transferees 407.295Transfer to spouse; notice to department; notice of delinquent payment 407.305Assumption of previous loan by eligible veteran; additional funds; maximum amount 407.310[Repealed by 1981 c.660 §18] 407.315Interest rate for veteran’s assumption; variable rate; effect of rate on cash flow; rules 407.320[Repealed by 1981 c.660 §18] 407.325Rate of interest on loans; rules 407.327Department to prescribe fixed or variable interest rates 407.330[Repealed by 1981 c.660 §18] 407.335Rate of interest payable by transferee; limit on transfers; rules 407.340[Amended by 1975 c.462 §13; repealed by 1981 c.660 §18] 407.345[1982 s.s.1 c.12 §2; 1987 c.652 §7; repealed by 1991 c.262 §1] 407.349Late charges authorized for periodic payments 407.350[Repealed by 1981 c.660 §18] 407.355[1983 c.219 §2; 1985 c.287 §2; 1987 c.661 §2; 1991 c.262 §3; repealed by 1995 c.238 §8] 407.360[Repealed by 1981 c.660 §18] 407.365[1983 c.219 §3; repealed by 1995 c.238 §8] 407.370[Amended by 1975 c.614 §15; repealed by 1981 c.660 §18] 407.375Sale of foreclosed properties; improvement in lieu of down payment; interest rate; redemption of property; rules 407.377Sale or management of foreclosed property under personal services contract 407.380[Amended by 1967 c.335 §51; repealed by 1980 c.17 §1 and by 1981 c.660 §18] 407.385Prohibition against using loan for purpose other than farm or home acquisition; prompt use of farm or home as principal residence; extension; exception; penalty 407.390[Repealed by 1981 c.660 §18] 407.395[1953 c.595 §1; repealed by 1981 c.660 §18] 407.397[Formerly 407.043; repealed by 1985 c.296 §10] 407.400[Repealed by 1981 c.660 §18] 407.410[Repealed by 1981 c.660 §18] 407.415Issuance of bonds 407.420[Amended by 1971 c.418 §12; repealed by 1981 c.660 §18] 407.425Factors considered before requesting bond issuance 407.430[Repealed by 1971 c.743 §432] 407.435Issuance of bonds for tax payment; conditions; term 407.440[Repealed by 1981 c.660 §18] 407.445[1982 s.s.1 c.12 §3; repealed by 1991 c.262 §1] 407.465Loan cancellation life insurance 407.475Persons insurable under ORS 407.465 407.480Definitions for ORS 407.480 to 407.490 407.485Agreements for mortgage insurance; terms; amount; required coverage 407.490Mortgage insurance claims; liability of department 407.495Oregon War Veterans’ Fund; sources; uses 407.505Loan moneys to be reserved for borrower prior to loan commitment 407.510[Repealed by 1967 c.421 §206] 407.515Oregon War Veterans’ Bond Sinking Account; sources; use 407.520[Repealed by 1967 c.421 §206] 407.525Transfer of sinking account moneys to veterans’ fund; retransfer 407.530[Repealed by 1967 c.421 §206] 407.535[Formerly 407.183; repealed by 1987 c.652 §12] 407.540[Repealed by 1967 c.421 §206] 407.541[Repealed by 1967 c.421 §206] 407.545[Formerly 407.186; repealed by 1987 c.652 §12] 407.550[Repealed by 1967 c.421 §206] 407.555Auditing and payment of claims 407.560[Repealed by 1967 c.421 §206] 407.565Revolving account 407.570[Repealed by 1967 c.421 §206] 407.575[Formerly 407.210; 1987 c.652 §11; repealed by 1991 c.220 §15] 407.580[Repealed by 1967 c.421 §206] 407.582[2008 c.18 §19; repealed by 2015 c.531 §1] 407.585[2008 c.18 §20; repealed by 2015 c.531 §1] 407.590[Repealed by 1967 c.421 §206] 407.595Loans not subject to execution or assignment 407.600[Repealed by 1967 c.421 §206] 407.610[Amended by 1953 c.106 §2; repealed by 1967 c.421 §206] 407.620[Repealed by 1967 c.421 §206] 407.630[Repealed by 1967 c.421 §206] 407.640[Repealed by 1967 c.421 §206] 407.650[Repealed by 1953 c.106 §2] 407.660[Repealed by 1953 c.106 §2] 407.990[Amended by 1967 c.421 §202; repealed by 1971 c.743 §432]

Chapter 407 — Veterans Loans

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.

(2)

The department shall make a cash flow projection to determine if assumptions at the interest rate established under subsection

(1)

of this section are among the causes of a negative cash flow projection for the loan program. The cash flow projection required by this section shall be an estimate of the revenue received from the repayment of loans, interest earnings, administrative expenses of the loan program, payment of interest and principal on outstanding debt and other relevant factors during the period in which current outstanding bonds are required to be retired.

(3)

If the cash flow projection required under subsection (2) of this section indicates that assumptions of loans at the interest rate established under subsection (1) of this section are a cause of a negative cash flow projection for the loan program, the department, by rule and notwithstanding ORS 407.325 (3), shall increase the interest rate to be paid for loans assumed under ORS 407.305 to the lowest rate per annum that assures a positive cash flow projection, but not exceeding the rate then prescribed under ORS

407.325.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.