2023 Oregon Revised Statutes › Volume : 16 - Trade Practices, Labor and Employment › Chapter 646A - Trade Regulation › Section 646A.745 - Required and prohibited acts.

(1) An equity purchaser shall:
(a) Prior to an equity seller signing an equity conveyance contract:
(A) Verify and be able to demonstrate that the equity seller has or will have a reasonable ability to pay for the subsequent reconveyance of the residential real property interest back to the equity seller as provided under the equity conveyance contract; or
(B) If the equity conveyance contract provides for a lease with an option to repurchase the residential real property, verify and be able to demonstrate that the equity seller has or will have a reasonable ability to make the lease payments and repurchase the property within the term of the option to repurchase.
(b) Arrange for the equity seller and the settlement agent to complete a settlement conference before the equity seller transfers any interest under the equity conveyance contract.
(c) Comply with the requirements of the federal Home Ownership and Equity Protection Act (15 U.S.C. 1639) and its implementing regulations for any equity conveyance in which the equity seller obtains a vendee interest in a contract for deed.
(d) Ensure that title to, or other interest in, the residential real property is timely reconveyed to the equity seller as provided under the terms of the equity conveyance contract.
(e) If a residential real property is resold within 24 months after the equity seller enters into an equity conveyance contract, pay the equity seller cash or consideration in an amount equal to at least 82 percent of the equity recapture payment from the resale no later than 15 days after the receipt of cash or consideration from or on behalf of the purchasers of the property.
(f) Timely record the memorandum of agreement required by ORS 646A.750.
(2) An equity purchaser may not:
(a) As part of an equity conveyance contract, enter into repurchase or lease terms that are commercially unreasonable or unfair to an equity seller, or engage in any other unfair conduct.
(b) Represent, directly or indirectly, that the equity purchaser is acting as a financial adviser or foreclosure consultant to the equity seller or otherwise is acting on behalf of the equity seller.
(c) Make a false representation regarding the equity purchaser’s possession of professional credentials that indicate knowledge or expertise regarding real property transactions.
(d) Represent, directly or indirectly, that the equity purchaser is assisting the equity seller in preventing a foreclosure, if the equity conveyance contract does not provide for the equity seller to completely redeem the residential real property and regain title.
(e) Directly or by implication make a statement or engage in conduct that is false, deceptive, misleading or likely to cause confusion or misunderstanding regarding an equity conveyance, including but not limited to a statement or conduct with regard to:
(A) The value of a residence in foreclosure;
(B) The amount of proceeds the equity seller would receive after a foreclosure sale;
(C) An equity conveyance contract term; or
(D) The equity seller’s rights or obligations incident to or arising out of the equity conveyance.
(f) Before the equity seller’s right to cancel an equity conveyance contract has expired:
(A) Record or cause to be recorded an instrument of conveyance or other document the equity seller signed;
(B) Transfer or purport to transfer any interest in the residential real property to any third party; or
(C) Encumber or purport to encumber any interest in the residential real property with any third party. [2008 c.19 §13]