reglab/housing_qa huggingface dataset:
OR Rev Stat § 407.195 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (2) The director shall notify each borrower making payments on a loan identified under subsection (1) of this section that, at the current rate of payment, the loan principal will not be fully paid by the final payment date. The notice shall also include: (a) The current principal balance. (b) The current monthly principal and interest payment. (c) The estimated monthly principal and interest payment necessary to reduce the principal balance to zero by the agreed to date. (d) The estimated time remaining until the obligation is fully paid at the current payment level and the difference between that time and the agreed to date. (3) The notice required under this section shall be made a part of the annual statement to borrowers for the calendar year 1989 and thereafter. [1987 c.652 §22]
OR Rev Stat § 407.200 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 407.200

[Amended by 1967 c.189 §1; 1971 c.80 §4; 1983 c.740 §128; renumbered 407.565]
OR Rev Stat § 407.201 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (2) In addition to the requirements of subsection (1) of this section, the department shall notify each person seeking to acquire a home or farm under this chapter, prior to the signing of a loan agreement or contract, of the variable interest rate provisions of ORS 407.275, 407.315, 407.325 and 407.335. Information required to be disclosed under this subsection includes a history of the interest rate increases on loans during the preceding 10 years and an estimate of the financial effect that an increase of one percent in the interest rate will have on the borrower’s obligation under the loan agreement. [1987 c.652 §20; 1997 c.631 §470; 2005 c.625 §29; 2019 c.223 §9]
OR Rev Stat § 407.205 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (2) An applicant may not borrow more than the maximum amount allowed for a loan under this section. (3) The maximum amount allowed for a loan made under this section may not exceed the least of: (a) The maximum original principal balance permitted on a single-family first mortgage loan published by the Federal Housing Finance Agency, at a rate of interest provided by ORS 407.325; (b) The maximum loan-to-value ratio or combined loan-to-value ratio permitted by the United States Department of Veterans Affairs for its Home Loan Guaranty Program (38 U.S.C. 3701 et seq.; 38 C.F.R. part 36); or (c) If the property to be acquired with the funds from the loan is a farm, 90 percent of the net appraised real property value. (4) When calculating the maximum amount allowed for a loan under this section, the Department of Veterans’ Affairs shall exclude: (a) Funds disbursed under ORS 407.145 (2) and 407.275 (4); and (b) The amount of a loan that has been repaid, or for which the property securing the loan has transferred by deed or otherwise, if the property: (A) Is destroyed by fire or other natural hazard; or (B) Is taken through condemnation or lost or disposed of for a compelling reason devoid of fault on the part of the applicant. (5) An eligible person may not receive or, under ORS 407.305, assume more than four loans under this chapter. (6) For the purposes of this section, an applicant owns a home when the applicant has fee simple title to the home or is the purchaser of the home under a contract of sale or other instrument of sale. Earnest money or preliminary sales agreements, options or rights of first refusal are not contracts or instruments of sale under this subsection. [Formerly 407.040; 1989 c.677 §5; 1991 c.67 §97; 1993 c.192 §1; 1997 c.36 §1; 1999 c.41 §1; 2005 c.625 §30; 2007 c.43 §1; 2013 c.227 §1; 2014 c.30 §1; 2019 c.223 §10]
OR Rev Stat § 407.210 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 407.210

[Amended by 1963 c.9 §23; renumbered 407.575]
OR Rev Stat § 407.215 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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]
OR Rev Stat § 407.225 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (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 trust deed in the full amount of the loan. (3) The mortgage or trust deed must: (a) Be either a first lien on the property, subject to subsection (4) of this section, or a lien insured by mortgagee’s title insurance against loss from any prior encumbrance; and (b) Provide that the borrower, or any subsequent owner of the secured property, may pay all or any part of the loan at any time without penalty. (4) The department may make subordinate loans secured by the same security if there are no intervening liens between the first lien of the department created under this section and the recorded liens securing repayment of such subordinate loans. Such consecutive liens, for the purposes of this chapter, shall be deemed collectively as a first lien upon the security. [Formerly 407.050; 1985 c.296 §3; 1997 c.214 §2; 2003 c.49 §1; 2005 c.20 §1; 2005 c.625 §31; 2013 c.228 §1; 2019 c.223 §12; 2021 c.13 §2]
OR Rev Stat § 407.275 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (2) If the ownership of the secured property is transferred by deed or otherwise to anyone other than a veteran eligible for a loan under this chapter and Article XI-A of the Oregon Constitution, the veteran’s surviving spouse or unremarried former spouse, the veteran’s surviving child or stepchild, another veteran eligible for a loan under this chapter and Article XI-A of the Oregon Constitution who assumes the previous loan for the property as described in ORS 407.305 or a governmental entity when the secured property is transferred for public use, the interest from the date of transfer shall be at the rate per annum then fixed as provided by ORS 407.335. However, the department, during the term of the loan, may periodically prescribe the interest rates to be paid by the transferee. (3) Ownership of property that constitutes security for a loan made to a veteran under this chapter and Article XI-A of the Oregon Constitution may not be transferred by deed or otherwise to anyone other than the veteran’s surviving spouse, unremarried former spouse, surviving child or stepchild or another veteran eligible for a loan under this chapter and Article XI-A of the Oregon Constitution who assumes the previous loan for the property as described in ORS 407.305, unless the property is used primarily as the principal residence of the transferee for at least two years after the transfer or such shorter period of time as the department for good cause may allow. (4) A mortgage or trust deed on property given to secure any loan made under ORS 407.125 or statutes supplementary thereof may provide that the taxes and insurance premiums may be paid by the department from the Oregon War Veterans’ Bond Sinking Account. The amount so paid may be added to and become part of the principal of the loan and be repaid as prescribed by the department. The department may prescribe any method or period for repayment of the amount so paid that is not in conflict with the mortgage, the trust deed or a separate agreement. The department may prescribe any method or period for repayment of interest on the amount so paid that is not in conflict with the mortgage, the trust deed or a separate agreement with the borrower. [Formerly 407.070; 1987 c.221 §2; 1987 c.652 §6; 1987 c.767 §1; 1995 c.238 §1; 2005 c.625 §32; 2007 c.766 §1; 2019 c.223 §13]
OR Rev Stat § 407.285 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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). (2) The department may prescribe the interest rate to be paid by the transferee at a rate greater than the rate described in subsection (1) of this section, but only to the extent necessary to avoid invoking the provisions of section 4, Article XI-A of the Oregon Constitution. [1982 s.s.1 c.11 §7; 1987 c.221 §3; 2005 c.625 §33]
OR Rev Stat § 407.295 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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]
OR Rev Stat § 407.305 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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]
OR Rev Stat § 407.315 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. [1982 s.s.1 c.11 §15; 1987 c.221 §5; 1987 c.564 §1; 2005 c.625 §35; 2019 c.223 §22]
OR Rev Stat § 407.325 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (2) The department shall periodically, during the term of a home or farm loan with a variable interest rate, prescribe the interest rate to be paid by an applicant, taking into consideration the current value of the money, the solvency of the loan program and the effect of the rate on veteran applicants. (3) Except as provided in subsection (4) of this section: (a) The rate of interest on a loan granted on or after May 27, 1971, and originally set at five and nine-tenths percent per annum may not be increased to more than seven and nine-tenths percent per annum. (b) The rate of interest on a loan granted on or after January 1, 1981, and originally set at seven and two-tenths percent per annum may not be increased to more than nine and two-tenths percent per annum. (4) The department may prescribe the interest rate to be paid by an applicant at a rate greater than the rates described in subsection (3) of this section, but only if the department determines, at the sole discretion of the department, that such action is necessary to avoid invoking the provisions of Article XI-A, section 4, of the Oregon Constitution. (5) When, during two consecutive fiscal years, the cash flow projection and the review of the projection performed under ORS 407.185 indicate that the Oregon War Veterans’ Bond Sinking Account will maintain a balance throughout the term of the projections that exceeds the succeeding years’ debt service and operating expenses for the loan program, the department shall prepare a program for reducing the interest rates charged under this section in such a manner as to ensure the future solvency and self-supporting nature of the loan program. However, no reduction in interest rates shall occur if the variable rate debt, if converted to a fixed rate, requires retention of the amounts in order to meet projections. (6) Notwithstanding the rate prescribed for acquisition of a home as provided in subsections (1) to (5) of this section, the department may periodically establish separate and distinct interest rates for home improvement loans granted before January 1, 2020. [Formerly 407.072; 1985 c.296 §6; 1987 c.221 §7; 1989 c.171 §48; 1989 c.728 §4; 1997 c.214 §4; 2005 c.625 §36; 2019 c.223 §14]
OR Rev Stat § 407.327 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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: (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, where ownership of the property subject to the loan or purchase contract is transferred after September 27, 1987. (2) The department may modify loan agreements or purchase contracts made before September 27, 1987, by changing fixed interest rates to variable or variable interest rates to fixed, if all the parties to such loan agreements or contracts agree in writing to such modification. [1987 c.221 §§11,12; 2005 c.625 §37]
OR Rev Stat § 407.335 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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. (2) When the department considers it necessary to change the rate of interest under subsection (1) of this section, the department, after 30 days’ notice to the public, may prescribe a new rate under this section. (3) During the term of a loan for which the interest rate was initially prescribed under subsection (1) of this section, the department 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 prescribed under subsection (1) of this section nor exceed a rate which is one percent higher than the rate initially prescribed under subsection (1) of this section. (4) The department may prescribe the interest rate to be paid by the transferee at a rate greater than the rate described in subsection (3) of this section, but only to the extent necessary to avoid invoking the provisions of section 4, Article XI-A of the Oregon Constitution. (5) Except for a sale or transfer to the original borrower, the surviving spouse, unremarried former spouse, surviving child or stepchild of the original borrower, or a veteran eligible for a loan under this chapter and Article XI-A of the Oregon Constitution, only one sale or transfer of the property referred to in ORS 407.275 (2) is permitted after July 20, 1983. In the event of a second sale or transfer of the property, or any part thereof, the entire unpaid balance of the loan for the property may become immediately due and payable at the discretion of the department as prescribed by rule. [Formerly 407.073; 1987 c.221 §8; 1987 c.653 §1; 1989 c.490 §1; 2005 c.625 §38]
OR Rev Stat § 407.349 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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]
OR Rev Stat § 407.377 (2021)
2021 Oregon Revised Statutes|Volume : 10 - Highways, Military|Chapter 407 - Veterans Loans|Section 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]