reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 406 - Department of Veterans’ Affairs › Section 406.458 - Consultation with Association of Oregon Counties; outreach.

(1) The Director of Veterans’ Affairs shall carry out the provisions of ORS 406.450, 406.452, 406.454 and 406.456 and subsection (2) of this section in consultation with the Association of Oregon Counties.
(2) The Department of Veterans’ Affairs shall conduct outreach to, and cooperate and coordinate with, cities, counties, community organizations, persons and organizations offering volunteer services under ORS 406.340 and any other person or organization to provide services and assistance described in ORS 406.450 (2) through alternative means and resources, including the media, in addition to the county veterans’ service officers program established under ORS 406.450.
(3) The department shall make the informational materials and training opportunities described in ORS 406.450 (2)(b) available to the cities, counties, community organizations, persons and organizations described under subsection (2) of this section. [2005 c.836 §8; 2013 c.779 §2]
Note:
406.458 to 406.462 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 406 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 406 - Department of Veterans’ Affairs › Section 406.460 - Limitation on use of funds by county governing body; exceptions.

(1) A county governing body that receives funds under ORS 406.454 may not use the funds to supplant moneys appropriated by the county governing body for county veterans’ service officers.
(2)(a) Notwithstanding subsection (1) of this section, if a county governing body reduces appropriations to county programs, the county governing body may reduce the amount of moneys appropriated for county veterans’ service officers by an amount not greater than the average percentage reduction imposed on all county programs for the same period of time.
(b) A county governing body that reduces the amount of moneys appropriated for county veterans’ services officers under paragraph (a) of this subsection shall certify to the Director of Veterans’ Affairs that the amount of the reduction is not greater than the average percentage reduction imposed on all county programs for the same period of time.
(3) Notwithstanding subsection (1) of this section, if the amount of moneys distributed to a county governing body by the Director of Veterans’ Affairs to enhance and expand the services provided by county veterans’ service officers appointed under ORS 408.410 for biennia beginning after June 30, 2007, is less than the amount of moneys distributed to the county governing body for the 2005-2007 biennium, the county governing body may reduce the amount of moneys appropriated by the county governing body for county veterans’ service officers by an amount not greater than the same percentage of reduction. [2005 c.836 §6]
Note:
See note under 406.458.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 406 - Department of Veterans’ Affairs › Section 406.462 - Distribution of moneys by Director of Veterans’ Affairs.

(1) Moneys appropriated to the Director of Veterans’ Affairs for the purposes described in ORS 406.450 must be distributed to county governing bodies and expended for the purposes of ORS 406.450 and may not be used to supplant moneys currently budgeted by the director for services provided by county veterans’ service officers.
(2) Notwithstanding subsection (1) of this section, the director may reduce the amount of moneys distributed to county governing bodies for county veterans’ service officers if there is a decrease in the amount of General Fund revenues appropriated to the director for the purposes described in ORS 406.450 for the same period of time. [2005 c.836 §7]
Note:
See note under 406.458.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 406 - Department of Veterans’ Affairs › Section 406.505 - World War II memorial; maintenance.

(1) The World War II memorial constructed in the Capitol Mall in the City of Salem, Marion County, is an outright permitted use without taking an exception under ORS 197.732 to the statewide land use planning goals or changing the acknowledged comprehensive plan or land use regulations of Marion County.
(2) The Department of Veterans’ Affairs shall maintain the finished memorial. [2011 c.463 §2; 2015 c.531 §4]
Note:
406.505 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 406 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 406 - Department of Veterans’ Affairs › Section 406.510 - Condition of veterans’ facilities, memorials honoring veterans and war memorials.

(1) It is the expectation of the Legislative Assembly that all state-owned and state-maintained veterans’ facilities, memorials for honoring veterans and war memorials be in clean condition and good repair for Memorial Day, Veterans Day and any ceremony or other event that may be held to commemorate Memorial Day or Veterans Day.
(2) The Director of Veterans’ Affairs shall communicate to all state agencies in advance of every Memorial Day and Veterans Day the expectations described in subsection (1) of this section. [2023 c.345 §2]
Note:
406.510 and 406.520 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 406 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 406 - Department of Veterans’ Affairs › Section 406.520 - Official commemorations to be held on legal holiday; public attendance and participation.

(1) Any official ceremony or other event held by state government, as defined in ORS 174.111, to commemorate Memorial Day or Veterans Day, must be held on the respective day of the legal holiday as specified in ORS 187.010.
(2) The Department of Veterans’ Affairs shall ensure that members of the public have access to attend or participate in any official ceremony or other event held under this section.
(3) Notwithstanding subsection (1) of this section, if circumstances exist that necessitate an official ceremony or other event to be held on a day other than the legal holiday, the Director of Veterans’ Affairs shall notify the presiding officers of each house of the Legislative Assembly of the circumstances, at least 30 days prior to the legal holiday to the extent possible. [2023 c.345 §1]
Note:
See note under 406.510.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 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]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 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]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 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]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.075 - Purpose; legislative intent.

(1) The provisions of this chapter are intended to carry out the purposes of Article XI-A of the Oregon Constitution. The Legislative Assembly recognizes that its authority to define the scope and purpose of this chapter is limited by the purposes expressed in Article XI-A.
(2) The primary purpose of this chapter is to provide loan funds to qualifying Oregon veterans for the acquisition of farms and homes. The Legislative Assembly does not intend, by any past or present enactment, to establish as a principal purpose of this chapter the providing of subsidized energy financing. [1983 c.445 §9; 2019 c.223 §1]
Note:
407.075 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 407 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.085 - Definitions.

As used in this chapter:
(1) "Acquisition" means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes.
(2) "Bonds" includes, but is not limited to, serial bonds, term bonds, notes, obligations, lines of credit, revolving credit agreements, loans, financing agreements or other evidence of indebtedness determined by the Department of Veterans’ Affairs, with the approval of the State Treasurer, to be necessary or desirable to provide funds for the purposes expressed in Article XI-A of the Oregon Constitution.
(3) "Fixed interest rate" means an interest rate on a home or farm loan that remains the same for the term of the loan.
(4)(a) "Home" means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran.
(b) "Home" includes real property connected to a residential structure, including any long-term leasehold and any outbuildings.
(5) "Manufactured home" means a structure that is:
(a) At least 20 feet in width;
(b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;
(c) Intended for human occupancy;
(d) Being used for residential purposes;
(e) Classified and taxed as real property in the county where the structure is located; and
(f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS 446.155 or the National Manufactured Housing Construction and Safety Standards Act of 1974 (P.L. 93-383).
(6) "Trust deed" has the meaning given that term in ORS 86.705.
(7) "Variable interest rate" means an interest rate on a home or farm loan that may change periodically during the term of the loan. [Formerly 407.010; 2001 c.98 §5; 2005 c.625 §15; 2019 c.223 §2; 2021 c.13 §1]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.087 - Definition of "veteran."

(1) As used in Article XI-A of the Oregon Constitution and this chapter, "veteran" means a person who:
(a) Served on active duty with the Armed Forces of the United States:
(A) For a period of more than 90 consecutive days beginning on or before January 31, 1955, and was discharged or released from active duty under honorable conditions;
(B) For a period of more than 178 consecutive days beginning after January 31, 1955, and was discharged or released from active duty under honorable conditions;
(C) For 178 days or less and was discharged or released from active duty under honorable conditions because of a service-connected disability;
(D) For 178 days or less and was discharged or released from active duty under honorable conditions and has a disability rating from the United States Department of Veterans Affairs; or
(E) For at least one day in a combat zone and was discharged or released from active duty under honorable conditions;
(b) Received a combat or campaign ribbon or an expeditionary medal for service in the Armed Forces of the United States and was discharged or released from active duty under honorable conditions; or
(c) Is receiving a nonservice-connected pension from the United States Department of Veterans Affairs.
(2) As used in subsection (1) of this section:
(a) "Active duty" does not include attendance at a school under military orders, except schooling incident to an active enlistment or a regular tour of duty, or normal military training as a reserve officer or member of an organized reserve or National Guard unit.
(b) "Honorable conditions" has the meaning given that term in rules adopted by the Department of Veterans’ Affairs. [Formerly 407.090 (Reassigned); 2019 c.223 §4]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.090

(Original) [Amended by 1975 c.219 §7; 1977 c.383 §7; 1982 s.s.1 c.11 §18; 1983 c.445 §8; renumbered 407.145]
(Reassigned)
[2009 c.527 §1 (assigned previously used statute number in 2009); 2013 c.16 §2; renumbered 407.087 in 2013]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.095 - Policy against foreclosure; rules.

(1) It is the policy of the State of Oregon to make every reasonable attempt to keep a veteran in the home purchased under the loan program when the veteran is unable to make required loan payments because of illness, injury, death, involuntary job loss or economic stress due to factors beyond individual control. The Department of Veterans’ Affairs, by rule, shall implement such state policy. Rules adopted by the department under this section:
(a) May provide for a temporary reduction of loan payment.
(b) May provide for any other solution jointly agreed to by the borrower and the department.
(c) Shall provide for repayment of the amount of any loan payments reduced under the rules in accordance with terms and conditions agreed upon by the borrower and the department.
(2) In reducing loan payments under this section, the department must consider the effect of such reduction on the solvency of the program as a whole, on estimates of the most probable financial position of the program for one or more future periods, the condition of the tax exempt bond market, and the effect on other borrowers in the program. [1982 s.s.1 c.11 §3; 2005 c.625 §16]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.125 - Loans to qualified person.

All moneys in the Oregon War Veterans’ Fund created by ORS 407.495 may be advanced by the Department of Veterans’ Affairs as loans to any person qualified for loans under the provisions of Article XI-A, section 3, Oregon Constitution, for the acquisition of farms and homes, as provided in this chapter. [Formerly 407.030; 1991 c.798 §6; 1995 c.238 §3; 2005 c.625 §18; 2019 c.223 §5]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.131 - Discount of principal; rules.

The Department of Veterans’ Affairs, by rule, may discount a portion of the principal payable to the department in connection with a home or farm loan or in connection with a purchase contract for a home or farm if such action results in economic benefit to the home and farm loan program after considering the time value of money. [1987 c.509 §4; 2005 c.625 §19]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.135 - Authority of department; disposition of certain moneys.

The Department of Veterans’ Affairs is authorized and empowered, in the name and in behalf of the state, to make or participate in the making of residential loans under this chapter; to undertake commitments to make residential loans; to purchase and sell residential loans; to commence and prosecute to judgment all suits, actions and proceedings necessary to protect the interest of the state; to bid on property offered for sale under such proceedings and to acquire title to property for and in behalf of the state as a result of such proceedings; to accept deeds from borrowers in lieu of foreclosure; to sell, transfer, convey, lease or assign any property acquired by the department for and in behalf of the state; to make repairs and improvements or alterations; to pay taxes, liens and charges of every kind superior to the lien of the state; to pay the principal and interest on any obligations incurred in connection with such property; to dispose of such property; and otherwise to administer such property in such manner as the department deems to the best interest of the state. All money received by the department from the sale, leasing or other disposition of any property shall be paid over to the State Treasurer and deposited in the Oregon War Veterans’ Bond Sinking Account. [Formerly 407.080; 1987 c.652 §3; 2003 c.576 §439; 2005 c.625 §20; 2019 c.223 §6]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.145 - Purchase and control of property; disbursements to protect security.

(1) The Department of Veterans’ Affairs may acquire property by purchase when the acquisition of such property is necessary to protect the interest of the state because of default in repayment of loans made in accordance with ORS 407.125 or statutes supplementary thereof. The department shall exercise control of all the property while the title remains vested in the state.
(2) The department may take any action and make disbursements as may be necessary to protect the securities for loans acquired under this chapter. Any disbursement so made shall be added to the amount due from the borrower and shall bear interest at the rate on the existing loan. Any such disbursement shall be made only upon order of the department.
(3) Funds for the protection of security may be disbursed from the Oregon War Veterans’ Fund including the Oregon War Veterans’ Bond Sinking Account as the department shall determine. [Formerly 407.090 (Original); 1987 c.131 §1; 1987 c.652 §4; 1997 c.214 §1; 2005 c.625 §21; 2019 c.223 §20]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.155 - Execution and custody of documents.

All deeds, leases, contracts, releases of mortgages and other instruments necessary or proper in the administration of this chapter shall be executed in behalf of the state by the Department of Veterans’ Affairs and shall be acknowledged by the department; and all deeds, mortgages, notes, insurance policies, abstracts and other instruments, documents and papers delivered to the department in the administration of those sections shall be kept in the custody of the department. [Formerly 407.100; 2005 c.625 §22]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.165 - Authority to hold certain funds received from borrower.

The Department of Veterans’ Affairs may receive and hold for future disposition conditional payments from borrowers who have executed mortgages or trust deeds under authority of ORS 407.225, indemnities for fire losses on secured property, and such other sums as must be held by the department in suspense pending further or final disposition thereof. Said funds shall be deposited in the State Treasury in the revolving account authorized by ORS 407.565 until they can be properly applied to the purposes for which they were paid to and received by the department. [Formerly 407.120; 2005 c.625 §23; 2019 c.223 §7]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.169 - Escrow accounts; standards; interest; rules.

(1) The Department of Veterans’ Affairs shall make escrow accounts available to current and future borrowers and contract purchasers in connection with loan agreements and purchase contracts made under this chapter.
(2) Escrow accounts established under this section shall be consistent with general lending and servicing standards for real estate loan agreements in this state and with the standards used by the United States Department of Veterans Affairs and the Federal Housing Administration.
(3) Notwithstanding ORS 86.245 (5) and (7), the Department of Veterans’ Affairs shall pay interest to a borrower or contract purchaser on funds deposited in the escrow account for the borrower or contract purchaser in the manner and at the rate of interest described in ORS 86.245 (1) to (4).
(4) The department shall adopt such rules as the department considers necessary to establish criteria for implementation of this section.
(5) As used in this section, "escrow account" means any account which is part of a real estate loan agreement or purchase contract, whether incorporated into the agreement or contract or as part of a separately executed document, whereby the borrower makes periodic prepayment to the department of estimated property taxes and hazard insurance premiums, and the department pays the charges out of the account at the due dates. [1989 c.580 §2; 1995 c.182 §4; 2005 c.625 §24; 2019 c.223 §8]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.179 - Additional powers delegated to lending institution; authority retained by department.

In addition to the powers described in ORS 407.177, the Department of Veterans’ Affairs also may delegate by contract to a lending institution any of the powers granted to the department in ORS 407.165 and 407.225. The department shall retain final authority to approve or disapprove loans and interpret the duties and responsibilities of borrowers under this chapter. [1989 c.746 §4; 1995 c.238 §5; 2005 c.625 §27]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.181 - Authority of lending institution.

In exercising the authority granted to it by ORS 407.177 to 407.181, a lending institution shall perform only the services that are delegated to it by contract entered into under ORS 407.177, and shall comply with the terms of the contract and applicable laws. [1989 c.746 §3]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.185 - Cash flow projection; annual review; report.

In addition to, and not in lieu of, the audit required by ORS 297.210 the Department of Veterans’ Affairs may contract with an independent public accountancy organization for a review of the cash flow projection for the loan program established under this chapter and Article XI-A of the Oregon Constitution and of the assumptions used in developing that projection. The review shall be conducted in accordance with the review guidelines developed by the American Institute of Certified Public Accountants (AICPA). Such contract shall require a written report, copies of which shall be provided to the Governor, the Secretary of State, the State Treasurer, the President of the Senate, and the Speaker of the House of Representatives by the department no later than December 31 of each year. Payment for the services required under the contract shall be paid from funds appropriated for the administration of the department. [1982 s.s.1 c.11 §4; 1989 c.489 §1; 1997 c.35 §1; 1999 c.322 §38; 2005 c.625 §28]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.385 - Prohibition against using loan for purpose other than farm or home acquisition; prompt use of farm or home as principal residence; extension; exception; penalty.

(1) Money received as a loan under this chapter shall be used only for the acquisition of a home or farm.
(2) Except as provided in this section, use of all or any part of a loan received under this chapter for investment or any purpose other than the acquisition of a home or farm constitutes an act of default and results in immediate acceleration of the unpaid balance of the loan.
(3) When the Department of Veterans’ Affairs determines that a borrower is using loan moneys in violation of this section, the department shall immediately commence any action or proceeding necessary to recover for the state those moneys or any property obtained therewith.
(4) A failure by a borrower to move into the home or farm securing the borrower’s loan and to use it as the borrower’s principal residence within 60 days after the loan or assumption is made, or within such extension as may be granted in writing by the department, shall be conclusively presumed to constitute a violation of this section. A request for an extension for good cause shall be made in writing within the 60-day period. The applicant may file a written request for a hearing within 30 days after a denial of the request for extension.
(5) The department may not approve any rental or lease of a home or farm that affects the federally tax exempt status of bonds issued under Article XI-A of the Oregon Constitution. When the rental or lease does not affect the federally tax exempt status of such federally tax exempt bonds, the department may approve in writing the rental or lease of a home or farm after the home or farm is used as the principal residence of the borrower. The department may establish factors to consider when determining whether to approve the rental of a home or farm. [Formerly 407.042; 1987 c.767 §3; 1991 c.262 §2; 1995 c.238 §7; 1999 c.46 §1; 2001 c.98 §1; 2005 c.625 §42]
2023 Oregon Revised Statutes › Volume : 10 - Highways, Military › Chapter 407 - Veterans Loans › Section 407.415 - Issuance of bonds.

In order to provide funds for the purposes specified in Article XI-A of the Oregon Constitution, the Department of Veterans’ Affairs may request the State Treasurer to issue bonds in accordance with the provisions of ORS chapter 286A. [Formerly 407.140; 2001 c.98 §2; 2005 c.625 §43; 2007 c.783 §181]