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Oregon: 2017 Legislative Changes for the Upcoming Year

Posted By USFN, Tuesday, December 12, 2017
Updated: Tuesday, December 5, 2017

December 12, 2017

by Andreanna Smith
McCarthy Holthus LLP – USFN Member (Washington)

The Oregon 2017 legislative session resulted in significant changes for the industry for the upcoming year.

• HB 2359 removed the requirement for the beneficiary to send a copy of a notice to the Attorney General that the beneficiary has denied a grantor’s eligibility for a foreclosure avoidance measure.

• SB 381 requires that all payoff statements, notices of sale and related notices to tenants, notices of determination of ineligibility, and notices of resolution conferences must be sent to all addresses on file with the applicable servicer, beneficiary, or trustee.

• SB 254 requires financial institutions to participate in a data match system established by the Department of Revenue to identify assets held at financial institutions by delinquent debtors.

• SB 79 permits the Oregon Department of Veterans’ Affairs to file an affidavit that states the department is exempt from the resolution conference requirement in judicial or nonjudicial foreclosures, so long as the foreclosure proceeds in the name of Oregon Department of Veterans’ Affairs.

• HB 2920 requires a judgment creditor to file a satisfaction document upon receipt of the proceeds of the execution sale of real property for the amount credited against any money award portion of a judgment.

• HB 2855 provides a nonjudicial procedure for a buyer under a land sale contract to enforce the contract’s requirement for a fulfillment deed when the contract is paid and satisfied in full, but the seller fails to deliver the deed.

• HB 2624 exempts out-of-state banks, extranational institutions, and foreign associations from the requirement to file notice before dealing in notes secured by mortgage or trust deeds, if they are authorized to conduct banking business in this state by certificate of the Department of Consumer and Business Services.

• HB 2562 requires lenders of reverse mortgages to send borrowers, or their agent who pays property taxes on the borrower’s behalf, a notice stating that title to property that is subject to a reverse mortgage remains with that person and that person is responsible for paying property taxes and related taxes on the property. The notice must be sent each year at least 60 days before property taxes are due.

• HB 2356 established requirements under which a debt buyer, or debt collector that acts on a debt buyer’s behalf, may bring a legal action to collect a debt; specifies notice that a debt buyer must give to a debtor and documents that a debt buyer must give to a debtor at the debtor’s request; makes violation of these requirements an unlawful collection practice; requires a person that engages in debt buying in the state to obtain or renew a license from the Director of the Department of Consumer and Business Services; specifies requirements for applying for, issuing, and renewing license, as well as conditions under which the director may deny, suspend, revoke, or decline to renew a license; specifies duties and prohibited conduct for licensee; permits the director to order a licensee or person that engages in debt buying to cease and desist from violating the Act, impose a civil penalty for a violation, or take other action to remedy a violation.

• SB 98 requires servicers to obtain a servicing license and send explanatory notices to borrowers.

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November/December e-Update

Note for consideration of the USFN Award of Excellence: This article is not a "Feature."


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