Oregon Law
Law as of Jan 1, 2026
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§1; 1981 c.565 §3; 1983 c.445 §5; renumbered 407.175] 407.058[1977 c.383 §3; 1983 c.445 §6; renumbered 407.235] 407.060[Repealed by 1971 c.743 §432] 407.061[1977 c.383 §4; 1983 c.445 §7; renumbered 407.245] 407.063[1981 c.387 §1; 1982 s.s.1 c.11 §14; renumbered 407.305] 407.065[1979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foreclosure; rules 407.100[Renumbered 407.155] 407.110[Renumbered 407.595] 407.115[Formerly 407.020; 2005 c.625 §17; repealed by 2019 c.223 §24] 407.120[Amended by 1975 c.219 §8; renumbered 407.165] 407.125Loans to qualified person 407.129[1987 c.509 §§2,3; repealed by 1993 c.159 §1] 407.130[Amended by 1967 c.369 §2; 1979 c.115 §1; repealed by 1981 c.660 §18] 407.131Discount of principal; rules 407.135Authority of department; disposition of certain moneys 407.140[Amended by 1975 c.462 §12; 1981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 407.465 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.

(2)

The insurance may insure the life of the person who receives or assumes the loan or who is the contract purchaser and the life of the spouse or former spouse of that person for all or a portion of the amount of principal and interest due on the state loan or contract. However, for each loan or contract, the lives of not more than two persons shall be insured. The State of Oregon shall be named the beneficiary of the insurance. When an individual insured under this chapter dies, the proceeds of the insurance shall be used to pay all or the insured portion of the balance of the state loan or contract, and the department shall issue a revised payment plan or a satisfaction of the loan or contract.

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2026-01-01

2025 Oregon Revised Statutes — official online source