justicedao/ipfs_state_laws huggingface dataset:
274-020-0295 Modification of Application An application may be modified such as to the amount of the loan requested, legal description, amount of security or plans and specifications, but the modification must be requested in writing by the veteran and shall be subject to the approval of the Director. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.205, 407.225 & 407.265 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0300 Cancellation of Application (1) An applicant may cancel his application for a state veterans' loan at any time prior to receipt of the loan proceeds. (2) The Director may cancel any application if the applicant fails to comply with any of the conditions pertaining to the loan. (3) The Director may destroy any application 25 months after the veteran applicant is notified of action taken on an application (whether credit was approved or adverse action was taken). Statutory/Other Authority: ORS 183, 406.030, 407.115, 407.135, 407.145, 407.275, 407.305 & 407.375 Statutes/Other Implemented: ORS 406.030, 407.115, 407.265 & 407.385 History: DVA 7-2001, f. & cert. ef. 10-29-01 DVA 5-1993, f. 3-16-93, cert. ef. 3-21-93 DVA 21-1982, f. & ef. 9-15-82 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0305 Filing Period An applicant may file to secure a veterans’ loan at any time after separation from the service, even though he has re-enlisted and is not separated at the time of application. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.115, 407.125 & 407.205 History: DVA 35, f. 12-19-68, ef. 1-11-69 DVA 26, f. 12-13-60 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0310 Evidence of Acquisition An applicant shall be required to furnish any of the following items applicable: (1) A copy of the earnest money receipt or sales agreement, signed by all the parties if acquisition is by purchase. (2) A copy of the contract of sale signed by all parties. (3) A copy of the mortgage showing the recording data. (4) Evidence of debt from F.H.A. Title 1 loan. (5) Evidence of personal obligation incurred in acquiring the home. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.115, 407.155 & 407.205 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0315 Evidence of Construction An applicant shall submit complete plans, specifications, and cost estimates in applications for construction or improvements. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.115, 407.225 & 407.265 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0322 Requirements for Farm Applicants (1) Must complete the Department’s farm income, experience, and expense form. (2) Must have capital or an equivalent line of credit to cover development costs and one year’s operating cost. (3) Must show, to the satisfaction of the Director, that the farm portion of the loan security is capable of producing an annual income that will repay the loan allocated to the farm land and farm buildings. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.205, 407.265 & 407.385 History: DVA 20-1982, f. & ef. 9-15-82
274-020-0325 Security for the Loan (1) The home or farm offered as security shall be owned in fee simple by the veteran at the time the loan is closed. (2) The state shall have the first lien at the time of making the loan. (3) The security for the loan shall consist of real or personal property and the mortgage or trust deed shall include all property to be acquired as a home. The Director may allow more than one parcel of real property to be included in the security. (4) All security for the loan must include a home that is completed and ready for occupancy at the time the loan is closed. Statutory/Other Authority: ORS 406.005 & 407.115 Statutes/Other Implemented: ORS 407.075 to 407. 385; Oregon Constitution Article XI-A, Section 3 History: DVA 5-2020, amend filed 07/10/2020, effective 07/11/2020 DVA 1-2020, temporary amend filed 01/21/2020, effective 01/22/2020 through 07/10/2020 DVA 7-2001, f. & cert. ef. 10-29-01 DVA 45, f. & ef. 12-1-75 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0330 Legal Description of Property Offered as Security (1) Property offered as security must have an adequate legal description from which the boundaries of the property may be located. (2) The Director may require a survey to ascertain the boundary lines and location of all permanent improvements on the property. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.225 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0335 Appraisal of Property (1) An appraisal shall be made to assist in establishing the loan value only after a complete application has been received. (2) On farms, the loan value allowable on the principal home unit portion of the property shall not exceed the amount needed for a maximum home loan. Statutory/Other Authority: ORS 406.030, 407.115 & 407.225(3) Statutes/Other Implemented: ORS 407.115 & 407.225 History: DVA 3-1990, f. & cert. ef. 5-1-90 DVA 3-1980, f. & ef. 7-1-80 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0342 Interest Rate on Assumptions by Eligible Veterans (1) Effective February 3, 1982, a veteran eligible for a loan under ORS 407.075 to 407.595 and Article XI-A of the Oregon Constitution who assumes a loan, previously made by the Director, assumes at one of the following rates: (a) If the previous loan was a fixed interest rate loan made to a veteran before May 27, 1971, the assumption will be at the fixed rate; (b) If the previous loan was a variable rate loan made to a veteran on or after May 27, 1971, the assumption will be at the rate of the previous loan, and will remain variable, with the limitation that the rate will not decrease and will not increase more than an additional one percent or exceed the current veteran’s rate at the time of transfer; (c) If the previous loan had been transferred to one other than the original borrower, the surviving spouse, unremarried former spouse, surviving child or stepchild of the original borrower, or other eligible veteran assuming pursuant to ORS 407.305, the assumption rate to the veteran will be at the rate of the transferred loan, and will not become variable until a subsequent transfer. (2) Effective September 28, 1987, a veteran eligible for a loan under ORS 407.075 to 407.595 and Article XI-A of the Oregon Constitution who assumes a loan, previously made by the Director, assumes at 10.5 percent variable or at the existing rate on the loan, whichever is higher. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.285 - 407.335 History: DVA 6-1987, f. 9-24-87, ef. 9-28-87 DVA 24-1982, f. & ef. 10-1-82 DVA 10-1982, f. & ef. 4-15-82 DVA 6-1982(Temp), f. & ef. 3-11-82
274-020-0345 Approval of the Loan The approval of any loan shall be dependent upon the following: (1) The veteran applicant must meet current industry standards determined by the Department to be applicable to the proposed loan. Applicable industry standards may include, but are not limited to: (a) Local lending practices; (b) FannieMae and other lending organization standards; and (c) Federal and state legal requirements. (2) The veteran applicant may be required to have an equity in the property. (3) Secondary financing may be permitted. (4) Construction shall meet the minimum standards set by federal, state and local laws. (5) A performance bond may be required for new construction. (6) Inspections to prove the premises safe, sanitary, and structurally sound may be required, and the loan may be refused if the construction is inferior. (7) The security shall be served by adequate means of legal and physical access and shall have an acceptable potable water supply. Statutory/Other Authority: ORS 183, 406.030, 407.115, 407.135, 407.145, 407.275, 407.305 & 407.375 Statutes/Other Implemented: ORS 407.115, 407.125 & 407.225 History: DVA 6-2005, f. & cert. ef. 10-24-05 DVA 5-2005, f. & cert. ef. 7-22-05 DVA 4-2005(Temp), f. & cert. ef. 6-3-05 thru 11-30-05 DVA 7-1995, f. & cert. ef. 7-21-95 DVA 5-1993, f. 3-16-93, cert. ef. 3-21-93 DVA 3-1991, f. 5-30-91, cert. ef. 6-3-91 DVA 7-1982, f. & ef. 3-15-82 DVA 2-1978, f. & ef. 12-1-78 DVA 50, f. 11-16-77, ef. 12-1-77 DVA 32, f. 12-2-65, ef. 10-25-65 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0349 Loan Funding (1) Funding by Oregon Department of Veterans’ Affairs (ODVA) of any loan is subject to the discretion of the Director of Veterans’ Affairs. In determining whether or not to fund any loan, the director may consider factors, including, but not limited to the following: (a) Actual or projected cost of funds; (b) Any applicable federal tax or other law; (c) Availability and source of lendable funds; (d) Actual or projected conventional mortgage rates; (e) Actual or projected loan demand; (f) Loan purpose; (g) Eligibility of applicant; (h) Credit worthiness of applicant; (i) Adequacy of security for the loan. (2) The director may from time to time establish priorities and other requirements with respect to the granting of loans under this Division. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407 History: DVA 2-2001, f. & cert. ef. 5-23-01
274-020-0350 Evidence of Title (1) The veteran shall furnish at his expense a mortgagee’s title policy for the amount of the loan, a title company lien search, or a certificate of title. (2) The title policy, or other reports, shall show that the state has a first lien except in the case of: (a) Property taxes not payable; (b) A lien of a bonded irrigation or drainage district, in which case all due assessments must be paid; (c) A public improvement lien, bonded or being collected by the County Tax Collector in which case all due assessments must be paid; (d) A lien for Reclamation Service of the United States Government, in which case all due assessments must be paid; (e) A Mortgagee’s Title Insurance policy insuring the state against loss from any prior encumbrance, but the encumbrance must be acceptable to the veteran mortgagor. (3) All water stock shall be endorsed to, and deposited with, the Director to be held by the state until its interest terminates. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 406.030, 407.115 & 407.225 History: DVA 45, f. & ef. 12-1-75 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0355 Escrow Closing of Loans (1) All loans made by the Director of Veterans' Affairs (except for protection of security loans) shall be closed by persons or firms licensed to engage in the escrow business under the Oregon Escrow Law (ORS 696.505 to 696.590), or an attorney at law rendering services in the performance of duties as attorney at law. This rule shall be effective on all loan applications received after May 31, 1984: (a) The types of loans requiring escrow closing are: (A) Original; (B) Additional; (C) Dual (Loans having notes with different due dates); (D) Assumption of existing. (b) A loan for protection of security does not require escrow closing; (c) For closing of contract sales of State-owned property, see OAR 274-21-010. (2) The escrow agent or attorney for closing the loan will be selected by the borrower and the borrower shall pay all escrow fees. (3) Escrow closing shall not be waived except when in the Director's opinion, requiring escrow closing would cause an undue hardship. Statutory/Other Authority: ORS 406.005 & 407.115 Statutes/Other Implemented: ORS 407.075 to 407. 385; Oregon Constitution Article XI-A, Section 3 History: DVA 5-2020, amend filed 07/10/2020, effective 07/11/2020 DVA 1-2020, temporary amend filed 01/21/2020, effective 01/22/2020 through 07/10/2020 DVA 3-2007, f. & cert. ef. 9-25-07 DVA 1-1984, f. & ef. 5-3-84 DVA 42, f. 3-2-73, ef. 3-20-73 DVA 37, f. 4-6-70, ef. 4-25-70 DVA 34, f. 8-18-67, ef. 9-11-67 DVA 29, f. 7-3-63, ef. 9-2-63 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0360 Disbursement of Loan Funds (1) When a veteran is purchasing or refinancing, the loan funds may be disbursed when the loan is closed. (2) When construction is involved and the property complies with the definition of a home, the loan funds may be disbursed after the loan is closed, but disbursement is limited to the maximum percentage permitted by statute of the net appraised value. Statutory/Other Authority: ORS 406.005 & 407.115 Statutes/Other Implemented: ORS 407.075 to 407.385; Oregon Constitution Article XI-A, Section 3 History: DVA 5-2020, amend filed 07/10/2020, effective 07/11/2020 DVA 1-2020, temporary amend filed 01/21/2020, effective 01/22/2020 through 07/10/2020 DVA 2-1978, f. & ef. 12-1-78 DVA 39, f. 5-27-71, ef. 6-25-71 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0375 Lost, Stolen, or Destroyed Warrants or Checks If loan proceeds in the form of a warrant or check issued by the Director are lost, stolen, or destroyed before negotiation, the payee may obtain payment by filing with the Director evidence that value has not been received. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.115 & 407.495 History: DVA 21-1982, f. & ef. 9-15-82 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0381 Rental The Director may approve the rental of a security, defined as a first lien interest of a home or farm, that has been occupied by the veteran as long as the rental shall not affect the tax exempt status of bonds issued by the Department. The Director, when determining whether to approve the rental of a home or farm that serves as security for a Department Loan, may consider the following factors including but not limited to the following: (1) The effect on the tax-exempt status of bonds issued under Article XI-A of the Oregon Constitution. (2) Whether the home or farm was and is appropriately used as the principal residence of the borrower(s). (3) The financial integrity of the loan program. (4) Any potential decrease in the value of the security. (5) The impact on remedies available under the loan documents. (6) Whether or not there has been or will be any material change in the borrower’s/spouse’s employment. (7) The dissolution or annulment of the borrower’s marriage. (8) A significant geographical relocation by the borrower. (9) Any unusual hardship for the borrower(s). (10) The borrower(s) ability to maintain the home or farm as his or her principal residence. Statutory/Other Authority: ORS 406.030, 407.115 & 407.385 Statutes/Other Implemented: ORS 407.385 History: DVA 1-2000, f. & cert. ef. 1-24-00
274-020-0382 Interest Rate Payable When Property Transferred Back to Original Borrower The interest rate on a loan secured by property transferred back to the original borrower depends upon whether the original borrower has an outstanding loan, with the interest rate under ORS 407.325 (Rate of Interest Payable by Applicant) at the time of the transfer, and whether the home will be used as the original borrower’s principal residence: (1) If the original borrower does not have an outstanding loan with the interest rate under ORS 407.325 at the time of the transfer, and the home will be used as the original borrower’s principal residence, the interest rate will be the rate charged on the loan when made and as periodically adjusted under the “variable” provision of ORS 407.325. (2) If the original borrower has an outstanding loan with the interest rate under ORS 407.325 at the time of the transfer, or said borrower will not use the home as the borrower’s principal residence, the interest rate will be the rate under ORS 407.335 (Rate of Interest Payable by Transferee). Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.275, 407.325 & 407.335 History: DVA 5-1985, f. 2-26-85, ef. 3-1-85
274-020-0385 Modification of Mortgage (1) A request for modification of a mortgage must be made in writing by the borrower. (2) The borrower and the Director shall agree in writing to the terms of the modification, and it shall be recorded in the mortgage records in the county where the security is located. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.115 & 407.155 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0387 Reamortization of Loans The Director of Veterans’ Affairs may adjust payments and other terms of the loan under the following conditions: (1) Tax adjustments. (2) A change in the interest rate. (3) A change in the insurance premiums. (4) Errors or omissions on the operative loan documents. (5) When the balance of the loan will not amortize within the terms of the security document. (6) Any expenditure or advance of funds as provided under ORS 407.135 (formerly 407.080), 407.145(2) (formerly 407.090(2)), and the security document. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.095, 407.135 & 407.145 History: DVA 2-2005, f. & cert. ef. 4-22-05 DVA 7-1996, f. & cert. ef. 7-22-96 DVA 12-1982, f. & ef. 5-17-82 DVA 9-1982(Temp), f & ef. 4-9-82
274-020-0391 Discount for Early Payoff (1) The balance on some loans and contracts may be discounted in consideration of the loan or contract being paid in full before its final payment date. The amount of the discount will be based upon a mathematical computation which uses a discount rate to compute the present value of the remaining scheduled payment stream of the loan or contract being considered for discount. The discounted amount may be further limited by a percentage based calculation determined by the Director. The Director will periodically fix the discount rate and the percentage based calculation, if any, taking into consideration: (a) Market conditions (reinvestment opportunities); (b) Financial statement conditions (health of programs); (c) Cash flow conditions; (d) Balance and term of the loan or contract being considered for discount. (2) The loans and contracts that will be discounted and the discount rate will be periodically determined by the Director and the information will be available to all interested persons making inquiry to the Director. The amount of the discount quoted by the Director shall include a per diem amount that must be added to the quoted payoff amount in order to arrive at a payoff amount for a specific day. The quoted discount amount shall be honored for 30 days following the date of the quote. (3) Any loan or contract that does not amortize on the agreed-to retirement date will be reamortized and a new payment determined prior to the computation of a discount amount. The reamortized payment amount will be used only for the purpose of calculating the amount of the discount. (4) Discounts shall not be available on loans or contracts being paid in full by the proceeds from Loan Cancellation Life Insurance or hazard insurance. (5) This rule does not apply to loans or contracts after a default of the loan or purchase agreement has occurred and settlement negotiations are in process. (6) No discount shall be given where the loan or contract is being paid in full in connection with a change in ownership of the property securing the loan or the property being purchased on contract. Statutory/Other Authority: ORS 291.021, 406.030, 407.115, 407.169, 407.177, 407.179, 407.181 & 407.275 History: DVA 7-1993, f. 5-18-93, cert. ef. 5-21-93 DVA 8-1986, f. & ef. 8-18-86 DVA 2-1986(Temp), f. & ef. 2-13-86
274-020-0395 Partial Release of Security (1) A partial release of security may be granted when the borrower or the contract purchaser of a State-owned property submits a complete application for one and the Director determines that granting the requested release would not jeopardize the Department of Veterans’ Affairs’ security position. (2) The remaining property must qualify as security for the loan or contract balance under the provisions of ORS 407.225(3) and OAR 274-020-0325 to 274-020-0340. (3) Notwithstanding compliance with section (2) of this rule, the Director may require that the loan or contract balance be reduced as consideration for granting the requested release. Statutory/Other Authority: ORS 406 & 407 Statutes/Other Implemented: ORS 407.115 & 407.155 History: DVA 12-1985, f. & ef. 12-5-85 DVA 8-1985, f. 6-12-85, ef. 7-1-85 DVA 45, f. & ef. 12-1-75 DVA 39, f. 5-27-71, ef. 6-25-71 DVA 35, f. 12-19-68, ef. 1-11-69 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0405 Confidential Nature of Information Submitted by the Borrower Information submitted by the veteran in support of his application shall be considered confidential and shall not be disclosed to persons outside the department, unless permission is given by the veteran to release the information, or the information is requested by a public agency in the exercise of its official duty and only then at the discretion of the Director. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 407.181 & 407.201 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0410 Confidential Nature of Information Procured by the Director Information secured by the Director in connection with a veteran’s application for a loan shall be considered confidential and shall not be disclosed to persons outside the employ of the department, unless such information is requested by a public agency in the exercise of its official duty, and only then the release shall be at the discretion of the Director. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 192, 406.030, 407.115, 407.181 & 407.201 History: DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0420 Director’s Decisions Control in All Controversies (1) The Director shall make all determinations as to the applicant’s eligibility for a loan. (2) The Director shall make all determinations, based upon data and information in the file, as to whether the property offered is acceptable security and whether or not a loan shall be made. (3) The Director’s decision shall be final in all matters pertaining to eligibility and the making of a loan. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 406.030, 407.115, 407.125 & 407.225 History: DVA 3-1988, f. 6-30-88, cert. ef. 7-1-88 Reverted to DVA 22-1957, f. 11-15-57, ef. 11-14-57 DVA 6-1981(Temp), f. & ef. 8-13-81 DVA 3-1981(Temp), f. 4-3-81, ef. 4-6-81 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0430 Effect These rules and regulations shall have the effect of law and shall be binding in all instances on persons making application for a loan under Article XI-A of the Oregon Constitution and ORS 407.075 to 407.595, but if any part of the regulations are found to be void or illegal, the illegality shall not affect the remaining provisions of the rules and regulations. Statutory/Other Authority: ORS 406 Statutes/Other Implemented: ORS 406 & 407 History: DVA 3-2007, f. & cert. ef. 9-25-07 DVA 22-1957, f. 11-15-57, ef. 11-14-57
274-020-0445 Assumption of Loan by Eligible Veteran When a veteran who is eligible to assume a loan under the provisions of ORS 407.305 seeks to acquire property and wishes to assume liability on the loan, the Director of Veterans' Affairs will approve the assumption subject to the following conditions: (1) The applicant must submit the same evidence of eligibility and the same application as if an application were being submitted for a loan. (2) The provisions of ORS 407.225(3) do not apply except when additional funds are being requested. If additional funds are not being requested, the applicant may be permitted to assume a loan with a balance in excess of 97 percent of the appraised value on homes which are real property, 85 percent of the appraised value on homes which are not real property, and 90 percent of the appraised value on farms. (3) Notwithstanding the provisions of OAR 274-20-440, if additional funds are not being requested, an appraisal fee will not be collected by the director, and no appraisal of the property will be made. If additional funds are being requested, the provisions of ORS 407.225(3) and OAR 274-20-440 shall apply, and an appraisal of the property will be made. Statutory/Other Authority: ORS 406.030, 407.115, 407.225, 407.275 & 407.305 Statutes/Other Implemented: Ch. 238 OL 1995, ORS 407.225 & 407.275 History: DVA 3-2007, f. & cert. ef. 9-25-07 DVA 11-2003, f. & cert. ef. 9-23-03 DVA 3-2003(Temp), f. & cert. ef. 4-7-03 thru 10-3-03 DV 12-1995, f. & cert. ef. 9-22-95 DVA 10-1995, f. 9-11-95, cert. ef. 9-22-95 DVA 9-1984, f. 8-6-84, ef. 8-15-84