Chapter 19 Oregon Laws 2008 Special Session
AN ACT
HB 3630
Relating to interests in residential real properties; creating new
provisions; amending ORS 646.607 and 646.608; and declaring an emergency.
Be It Enacted by the People of
the State of
SECTION 1. Sections
2 to 6 and 9 to 14 of this 2008 Act may be cited as the Mortgage Rescue Fraud
Protection Act.
SECTION 2. As
used in sections 2 to 6 of this 2008 Act:
(1) “Default” means
having one or more homeowner obligations in arrears to an extent that a notice
of default could properly be recorded against the residence.
(2) “Family” means a
spouse, domestic partner, parent, stepparent, grandparent, child, stepchild,
grandchild, sibling, aunt, uncle, cousin or in-law.
(3) “Foreclosure
consultant,” except as provided in section 3 of this 2008 Act, means a person
that directly or through association with another makes a solicitation,
representation or offer to a homeowner to perform, for or with the intent to
receive compensation from or on behalf of the homeowner, a service that the
solicitation, representation or offer indicates will accomplish one or more of
the following:
(a) Prevent, postpone or
stop a foreclosure sale.
(b) Obtain a forbearance
from a beneficiary or mortgagee.
(c) Assist the homeowner
in exercising a right of redemption.
(d) Obtain an extension
of the period within which the homeowner may reinstate the homeowner’s
obligation.
(e) Obtain the waiver of
an acceleration clause that is:
(A) Contained in a
promissory note or contract; and
(B) Secured by or
contained in a deed of trust for, or mortgage on, a residence in foreclosure or
in default.
(f) Assist the homeowner
in obtaining a loan or advance of funds.
(g) Avoid or ameliorate
an impairment of the homeowner’s credit resulting from a recorded notice of
foreclosure or default.
(4) “Foreclosure
consulting contract” means an agreement between a foreclosure consultant and a
homeowner for the provision of services by a foreclosure consultant in regard
to a residence in foreclosure or in default.
(5) “Homeowner” means
the record owner of a residence.
(6) “Residence in
foreclosure” means residential real property:
(a) Consisting of one to
four single-family dwelling units;
(b) On which the owner
occupies a dwelling unit; and
(c) Against which a
notice of default has been recorded.
SECTION 3. The
following are not foreclosure consultants for purposes of sections 2 to 6 of
this 2008 Act:
(1) An individual
licensed to practice law in this state, if performing services within an
attorney-client relationship.
(2) A person that holds
or is owed an obligation that is secured by a lien on a residence in
foreclosure or default, if performing services in connection with the
obligation or lien.
(3) A person doing
business under authority of an Oregon or federal law regulating banks, trust
companies, savings and loan associations, credit unions or insurance companies,
or as a licensee under ORS chapter 725, if performing business services within
the scope of that authority or license.
(4) A subsidiary,
affiliate or agent of a person described in subsection (3) of this section, if
performing business services within the scope of the person’s authority or
license as the person’s subsidiary, affiliate or agent.
(5) The judgment creditor
of a homeowner, if the creditor’s claim accrued before a notice of sale was
sent to the creditor under ORS 86.740.
(6) A title insurer
authorized to conduct business in
(7) A mortgage broker or
mortgage lender licensed under ORS chapter 59 to conduct business in Oregon, if
acting within the scope of that license.
(8) A real estate
licensee under ORS 696.022 or an escrow agent licensed under ORS 696.511, if
acting within the scope of that license.
(9) A tax-exempt
organization that offers counseling or advice to homeowners in foreclosure if
the organization:
(a) Is not directly or
indirectly related to for-profit lenders or foreclosure purchasers;
(b) Does not contract to
provide services to or receive services from for-profit lenders or foreclosure
purchasers; and
(c) Has provided
counseling or advice to homeowners for five years or more.
(10) A creditors’
committee, trustee or debtor in possession participating in a proceeding under
the jurisdiction of the
(11) Any person whose
employment with regard to a residential real property matter under the
jurisdiction of the
(12) A person that is a
member of the homeowner’s family or is owned or controlled by a member of the
homeowner’s family.
SECTION 4. (1)
A written foreclosure consulting contract is required for any services that a
foreclosure consultant provides to a homeowner. A foreclosure consultant shall
provide a homeowner with a copy of the foreclosure consulting contract at least
24 hours before the homeowner signs the contract. The foreclosure consulting
contract must:
(a) Be written in a
language that is spoken by the homeowner and that was used in discussions
between the homeowner and foreclosure consultant to describe the foreclosure
consultant’s services or to negotiate the contract and, except as provided in
paragraph (f) of this subsection, be printed in at least 12-point type.
(b) Fully disclose the
nature and extent of the services the foreclosure consultant is to provide.
(c) Fully disclose the
terms and total amount of any compensation the foreclosure consultant or a
person working in association with the foreclosure consultant is to receive.
(d) Be dated and
personally signed by the homeowner and the foreclosure consultant.
(e) Contain on the first
page the name and address, facsimile number and electronic mail address of the
foreclosure consultant to which a notice of cancellation may be delivered.
(f) Contain, in
immediate proximity to the space reserved for the homeowner’s signature, a
notice in substantially the following form and printed in at least 14-point
boldfaced type:
____________________________________________________________________________
NOTICE REQUIRED BY
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF
YOUR HOME. YOU SHOULD CONTACT A LAWYER OR OTHER PROFESSIONAL ADVISER BEFORE
SIGNING.
YOU MAY CANCEL THIS CONTRACT AT ANY TIME.
If you cancel, you must pay for any services that were provided under
this contract before the cancellation and repay any money spent on your behalf
under this contract. You have 60 days after cancellation to pay for services
and to repay any money spent on your behalf. You must also pay any interest
allowed by this contract, which may not exceed nine percent per year.
________ (name of foreclosure consultant)
or any person working with
________ (name of foreclosure consultant) CANNOT ask you to sign or
have you sign any lien, mortgage or deed that transfers an interest in your
home or property to ________ (name of foreclosure consultant) or any
person working with ________ (name of foreclosure consultant).
________ (name of foreclosure consultant)
or any person working with
________ (name of foreclosure consultant) CANNOT guarantee you that
they will be able to refinance your home or arrange for you to keep your home.
The law requires that this contract contain the entire agreement. You
should not rely on any other written or oral agreement or promise.
____________________________________________________________________________
(2) A foreclosure
consulting contract provision is void if the provision provides for the
homeowner to:
(a) Waive any rights of
the homeowner under sections 2 to 6 of this 2008 Act;
(b) Consent to
jurisdiction for litigation or dispute resolution in a state other than
(c) Consent to a choice
of laws provision that applies the laws of a state other than
(d) Consent to venue in
a county other than the county in which the residence in foreclosure or default
is located; or
(e) Pay any costs or
fees incurred by the foreclosure consultant to enforce the contract, other than
court costs and filing fees incurred in a successful circuit court action.
SECTION 5. (1)
In addition to any other cancellation or rescission right, a homeowner may cancel
a foreclosure consulting contract as provided under this section at any time.
(2) Cancellation under
this section occurs when the homeowner gives written notice of cancellation to
the foreclosure consultant:
(a) At a physical
address specified in the foreclosure consulting contract; or
(b) At a facsimile
number or electronic mail address specified in the foreclosure consulting
contract.
(3)(a) If the homeowner
gives written notice of cancellation under this section by mail, the notice is
effective when deposited in the
(b) If the homeowner
gives written notice of cancellation under this section by facsimile or
electronic mail, the notice is effective upon receipt. Proof of a transmission
by the homeowner to the facsimile number or electronic mail address specified
in the foreclosure consulting contract creates a rebuttable presumption that
the foreclosure consultant received the notice at the time of the transmission.
(4) A homeowner who cancels
or breaches a foreclosure consulting contract under this section shall, no
later than 60 days after the cancellation or breach, pay for any services
performed in good faith under the contract by or on behalf of the foreclosure
consultant prior to the cancellation or breach and repay any moneys paid or
advanced under the contract by or on behalf of the foreclosure consultant. The
homeowner shall also pay any interest allowed by the foreclosure consulting
contract, not to exceed nine percent per year.
(5) Failure of the
homeowner to repay moneys as provided in subsection (4) of this section does
not invalidate the cancellation of the foreclosure consulting contract.
(6) When both parties
have signed the foreclosure consulting contract, the foreclosure consultant
shall immediately provide the homeowner with a signed and dated copy of the
contract and a cancellation form. The cancellation form must:
(a) Be in duplicate;
(b) Be on a separate
sheet of paper attached to the foreclosure consulting contract;
(c) Be easily
detachable; and
(d) Contain a statement
in substantially the following form and printed in at least 14-point boldfaced
type:
____________________________________________________________________________
HOW TO CANCEL
_____ (Date of Contract)
YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY AT ANY TIME.
To cancel the contract, mail or deliver a signed and dated copy of this
Notice of Cancellation, or write something saying you want to cancel, and send
it to __________ (name of foreclosure consultant) at __________
(address of foreclosure consultant). You can cancel by fax or e-mail. Send any
cancellation by fax to __________ or any cancellation by e-mail to __________.
If you cancel, you must pay for any services that were provided under
the contract before the cancellation and repay any money spent on your behalf
under the contract. You have 60 days after cancellation to pay for services and
to repay any money spent on your behalf. You must also pay any interest allowed
under the contract, which may not exceed nine percent per year.
NOTICE OF CANCELLATION
TO: __________ (name of foreclosure consultant)
__________ (address, fax or e-mail of
foreclosure consultant)
I cancel this contract.
Date: _____
Your (homeowner’s) printed name and address:
____________
Your (homeowner’s) signature:
____________
____________________________________________________________________________
(7) A written notice
of cancellation under this section is sufficient, however expressed, if the
notice indicates the intent of the homeowner to cancel the foreclosure
consulting contract. The contract may not require the homeowner to use the
notice of cancellation form set forth in subsection (6) of this section.
SECTION 6. A
foreclosure consultant may not:
(1) Claim, demand,
charge, collect or receive any compensation from a homeowner unless the
foreclosure consultant has performed in good faith under the contract:
(a) Each service the
foreclosure consultant contracted to perform for the homeowner; or
(b) Each service to be
compensated, prior to the homeowner canceling or breaching the contract.
(2) Claim, demand,
charge, collect or receive interest or other compensation that exceeds nine
percent per year on any services performed, any loan by the foreclosure consultant
to the homeowner or any moneys paid or advanced to the homeowner under the
foreclosure consulting contract.
(3) Take a wage
assignment, lien on real or personal property or other security for the payment
of compensation.
(4) Receive consideration
from a third party in connection with services provided by a foreclosure
consultant to a homeowner, unless the consideration is first fully disclosed in
writing to the homeowner.
(5) Directly or
indirectly acquire an interest in a residence in foreclosure or default
transferred by a homeowner with whom the foreclosure consultant has contracted,
including any interest transferred to or through a member of the foreclosure
consultant’s family or to or through a subsidiary, affiliate or related entity
in which the foreclosure consultant or a member of the foreclosure consultant’s
family is a primary member, shareholder or owner.
(6) Receive compensation
from a third party for facilitating or arranging for entry into an equity
conveyance as defined in section 9 of this 2008 Act by a homeowner with whom
the foreclosure consultant has contracted.
(7) Facilitate or
arrange for entry into an equity conveyance as defined in section 9 of this
2008 Act by a homeowner with whom the foreclosure consultant has contracted, if
the foreclosure consultant knows or should know that the equity purchaser has
failed to comply with section 11 (1) of this 2008 Act.
(8) Take a power of
attorney from a homeowner except for the purpose of obtaining or inspecting
documents.
(9) Induce or attempt to
induce any homeowner to enter into a foreclosure consulting contract that does
not comply in all respects with sections 2 to 6 of this 2008 Act.
(10) Directly or by
implication make a statement or engage in conduct that is false, deceptive,
misleading or likely to cause confusion or misunderstanding regarding a:
(a) Foreclosure
consultant service;
(b) Foreclosure
consulting contract; or
(c) Residence in
foreclosure or default.
SECTION 7.
ORS 646.608, as operative until July 1, 2008, is amended to read:
646.608. (1) A person
engages in an unlawful practice when in the course of the person’s business,
vocation or occupation the person does any of the following:
(a) Passes off real
estate, goods or services as those of another.
(b) Causes likelihood of
confusion or of misunderstanding as to the source, sponsorship, approval, or
certification of real estate, goods or services.
(c) Causes likelihood of
confusion or of misunderstanding as to affiliation, connection, or association
with, or certification by, another.
(d) Uses deceptive
representations or designations of geographic origin in connection with real
estate, goods or services.
(e) Represents that real
estate, goods or services have sponsorship, approval, characteristics, ingredients,
uses, benefits, quantities or qualities that they do not have or that a person
has a sponsorship, approval, status, qualification, affiliation, or connection
that the person does not have.
(f) Represents that real
estate or goods are original or new if they are deteriorated, altered,
reconditioned, reclaimed, used or secondhand.
(g) Represents that real
estate, goods or services are of a particular standard, quality, or grade, or
that real estate or goods are of a particular style or model, if they are of
another.
(h) Disparages the real
estate, goods, services, property or business of a customer or another by false
or misleading representations of fact.
(i) Advertises real
estate, goods or services with intent not to provide them as advertised, or
with intent not to supply reasonably expectable public demand, unless the
advertisement discloses a limitation of quantity.
(j) Makes false or
misleading representations of fact concerning the reasons for, existence of, or
amounts of price reductions.
(k) Makes false or
misleading representations concerning credit availability or the nature of the
transaction or obligation incurred.
(L) Makes false or
misleading representations relating to commissions or other compensation to be
paid in exchange for permitting real estate, goods or services to be used for
model or demonstration purposes or in exchange for submitting names of
potential customers.
(m) Performs service on
or dismantles any goods or real estate when not authorized by the owner or
apparent owner thereof.
(n) Solicits potential
customers by telephone or door to door as a seller unless the person provides
the information required under ORS 646.611.
(o) In a sale, rental or
other disposition of real estate, goods or services, gives or offers to give a
rebate or discount or otherwise pays or offers to pay value to the customer in
consideration of the customer giving to the person the names of prospective
purchasers, lessees, or borrowers, or otherwise aiding the person in making a
sale, lease, or loan to another person, if earning the rebate, discount or
other value is contingent upon occurrence of an event subsequent to the time
the customer enters into the transaction.
(p) Makes any false or
misleading statement about a prize, contest or promotion used to publicize a
product, business or service.
(q) Promises to deliver
real estate, goods or services within a certain period of time with intent not
to deliver them as promised.
(r) Organizes or induces
or attempts to induce membership in a pyramid club.
(s) Makes false or
misleading representations of fact concerning the offering price of, or the
person’s cost for real estate, goods or services.
(t) Concurrent with
tender or delivery of any real estate, goods or services fails to disclose any
known material defect or material nonconformity.
(u) Engages in any other
unfair or deceptive conduct in trade or commerce.
(v) Violates any of the
provisions relating to auction sales, auctioneers or auction marts under ORS
698.640, whether in a commercial or noncommercial situation.
(w) Manufactures mercury
fever thermometers.
(x) Sells or supplies
mercury fever thermometers unless the thermometer is required by federal law,
or is:
(A) Prescribed by a
person licensed under ORS chapter 677; and
(B) Supplied with
instructions on the careful handling of the thermometer to avoid breakage and
on the proper cleanup of mercury should breakage occur.
(y) Sells a thermostat
that contains mercury unless the thermostat is labeled in a manner to inform
the purchaser that mercury is present in the thermostat and that the thermostat
may not be disposed of until the mercury is removed, reused, recycled or
otherwise managed to ensure that the mercury does not become part of the solid
waste stream or wastewater. For purposes of this paragraph, “thermostat” means
a device commonly used to sense and, through electrical communication with
heating, cooling or ventilation equipment, control room temperature.
(z) Sells or offers for
sale a motor vehicle manufactured after January 1, 2006, that contains mercury
light switches.
(aa) Violates the
provisions of ORS 803.375, 803.385 or 815.410 to 815.430.
(bb) Violates ORS
646A.070 (1).
(cc) Violates any
requirement of ORS 646A.030 to 646A.040.
(dd) Violates the
provisions of ORS 128.801 to 128.898.
(ee) Violates ORS
646.883 or 646.885.
(ff) Violates any
provision of ORS 646A.020.
(gg) Violates ORS
646.569.
(hh) Violates the
provisions of ORS 646A.142.
(ii) Violates ORS
646A.360.
(jj) Violates ORS
646.553 or 646.557 or any rule adopted pursuant thereto.
(kk) Violates ORS
646.563.
(LL) Violates ORS
759.690 or any rule adopted pursuant thereto.
(mm) Violates the
provisions of ORS 759.705, 759.710 and 759.720 or any rule adopted pursuant
thereto.
(nn) Violates ORS 646A.210
or 646A.214.
(oo) Violates any
provision of ORS 646A.124 to 646A.134.
(pp) Violates ORS
646A.254.
(qq) Violates ORS
646A.095.
(rr) Violates ORS
822.046.
(ss) Violates ORS
128.001.
(tt) Violates ORS
646.649 (2) to (4).
(uu) Violates ORS
646A.090 (2) to (4).
(vv) Violates ORS
87.686.
(ww) Violates ORS
646.651.
(xx) Violates ORS
646A.362.
(yy) Violates ORS
646A.052 or any rule adopted under ORS 646A.052 or 646A.054.
(zz) Violates ORS
180.440 (1).
(aaa) Commits the
offense of acting as a vehicle dealer without a certificate under ORS 822.005.
(bbb) Violates ORS
87.007 (2) or (3).
(ccc) Violates ORS
92.405 (1), (2) or (3).
(ddd) Engages in an
unlawful practice under ORS 646.648.
(eee) Violates ORS
646A.365.
(fff) Violates ORS
98.854 or 98.858 or a rule adopted under ORS 98.864.
(ggg) Sells a gift card
in violation of ORS 646A.276.
(hhh) Violates ORS
646A.102, 646A.106 or 646A.108.
(iii) Violates a
provision of sections 2 to 6 of this 2008 Act.
(2) A representation
under subsection (1) of this section or ORS 646.607 may be any manifestation of
any assertion by words or conduct, including, but not limited to, a failure to
disclose a fact.
(3) In order to prevail
in an action or suit under ORS 646.605 to 646.652, a prosecuting attorney need
not prove competition between the parties or actual confusion or
misunderstanding.
(4) An action or suit
may not be brought under subsection (1)(u) of this section unless the Attorney
General has first established a rule in accordance with the provisions of ORS
chapter 183 declaring the conduct to be unfair or deceptive in trade or
commerce.
(5) Notwithstanding any
other provision of ORS 646.605 to 646.652, if an action or suit is brought
under subsection (1)(zz) of this section by a person other than a prosecuting
attorney, relief is limited to an injunction and the prevailing party may be
awarded reasonable attorney fees.
SECTION 8.
ORS 646.608 is amended to read:
646.608. (1) A person
engages in an unlawful practice when in the course of the person’s business,
vocation or occupation the person does any of the following:
(a) Passes off real
estate, goods or services as those of another.
(b) Causes likelihood of
confusion or of misunderstanding as to the source, sponsorship, approval, or
certification of real estate, goods or services.
(c) Causes likelihood of
confusion or of misunderstanding as to affiliation, connection, or association
with, or certification by, another.
(d) Uses deceptive
representations or designations of geographic origin in connection with real
estate, goods or services.
(e) Represents that real
estate, goods or services have sponsorship, approval, characteristics,
ingredients, uses, benefits, quantities or qualities that they do not have or
that a person has a sponsorship, approval, status, qualification, affiliation,
or connection that the person does not have.
(f) Represents that real
estate or goods are original or new if they are deteriorated, altered,
reconditioned, reclaimed, used or secondhand.
(g) Represents that real
estate, goods or services are of a particular standard, quality, or grade, or
that real estate or goods are of a particular style or model, if they are of
another.
(h) Disparages the real
estate, goods, services, property or business of a customer or another by false
or misleading representations of fact.
(i) Advertises real
estate, goods or services with intent not to provide them as advertised, or
with intent not to supply reasonably expectable public demand, unless the
advertisement discloses a limitation of quantity.
(j) Makes false or
misleading representations of fact concerning the reasons for, existence of, or
amounts of price reductions.
(k) Makes false or
misleading representations concerning credit availability or the nature of the
transaction or obligation incurred.
(L) Makes false or
misleading representations relating to commissions or other compensation to be
paid in exchange for permitting real estate, goods or services to be used for
model or demonstration purposes or in exchange for submitting names of
potential customers.
(m) Performs service on
or dismantles any goods or real estate when not authorized by the owner or
apparent owner thereof.
(n) Solicits potential
customers by telephone or door to door as a seller unless the person provides
the information required under ORS 646.611.
(o) In a sale, rental or
other disposition of real estate, goods or services, gives or offers to give a
rebate or discount or otherwise pays or offers to pay value to the customer in
consideration of the customer giving to the person the names of prospective
purchasers, lessees, or borrowers, or otherwise aiding the person in making a
sale, lease, or loan to another person, if earning the rebate, discount or
other value is contingent upon occurrence of an event subsequent to the time
the customer enters into the transaction.
(p) Makes any false or
misleading statement about a prize, contest or promotion used to publicize a
product, business or service.
(q) Promises to deliver
real estate, goods or services within a certain period of time with intent not
to deliver them as promised.
(r) Organizes or induces
or attempts to induce membership in a pyramid club.
(s) Makes false or
misleading representations of fact concerning the offering price of, or the
person’s cost for real estate, goods or services.
(t) Concurrent with
tender or delivery of any real estate, goods or services fails to disclose any
known material defect or material nonconformity.
(u) Engages in any other
unfair or deceptive conduct in trade or commerce.
(v) Violates any of the
provisions relating to auction sales, auctioneers or auction marts under ORS
698.640, whether in a commercial or noncommercial situation.
(w) Manufactures mercury
fever thermometers.
(x) Sells or supplies
mercury fever thermometers unless the thermometer is required by federal law,
or is:
(A) Prescribed by a
person licensed under ORS chapter 677; and
(B) Supplied with
instructions on the careful handling of the thermometer to avoid breakage and
on the proper cleanup of mercury should breakage occur.
(y) Sells a thermostat
that contains mercury unless the thermostat is labeled in a manner to inform
the purchaser that mercury is present in the thermostat and that the thermostat
may not be disposed of until the mercury is removed, reused, recycled or
otherwise managed to ensure that the mercury does not become part of the solid
waste stream or wastewater. For purposes of this paragraph, “thermostat” means
a device commonly used to sense and, through electrical communication with
heating, cooling or ventilation equipment, control room temperature.
(z) Sells or offers for
sale a motor vehicle manufactured after January 1, 2006, that contains mercury
light switches.
(aa) Violates the
provisions of ORS 803.375, 803.385 or 815.410 to 815.430.
(bb) Violates ORS
646A.070 (1).
(cc) Violates any
requirement of ORS 646A.030 to 646A.040.
(dd) Violates the
provisions of ORS 128.801 to 128.898.
(ee) Violates ORS
646.883 or 646.885.
(ff) Violates any
provision of ORS 646A.020.
(gg) Violates ORS
646.569.
(hh) Violates the
provisions of ORS 646A.142.
(ii) Violates ORS
646A.360.
(jj) Violates ORS
646.553 or 646.557 or any rule adopted pursuant thereto.
(kk) Violates ORS
646.563.
(LL) Violates ORS
759.690 or any rule adopted pursuant thereto.
(mm) Violates the
provisions of ORS 759.705, 759.710 and 759.720 or any rule adopted pursuant
thereto.
(nn) Violates ORS
646A.210 or 646A.214.
(oo) Violates any
provision of ORS 646A.124 to 646A.134.
(pp) Violates ORS
646A.254.
(qq) Violates ORS
646A.095.
(rr) Violates ORS
822.046.
(ss) Violates ORS
128.001.
(tt) Violates ORS
646.649 (2) to (4).
(uu) Violates ORS
646A.090 (2) to (4).
(vv) Violates ORS
87.686.
(ww) Violates ORS
646.651.
(xx) Violates ORS
646A.362.
(yy) Violates ORS
646A.052 or any rule adopted under ORS 646A.052 or 646A.054.
(zz) Violates ORS
180.440 (1).
(aaa) Commits the
offense of acting as a vehicle dealer without a certificate under ORS 822.005.
(bbb) Violates ORS
87.007 (2) or (3).
(ccc) Violates ORS
92.405 (1), (2) or (3).
(ddd) Engages in an
unlawful practice under ORS 646.648.
(eee) Violates ORS
646A.365.
(fff) Violates ORS
98.854 or 98.858 or a rule adopted under ORS 98.864.
(ggg) Sells a gift card
in violation of ORS 646A.276.
(hhh) Violates ORS
646A.102, 646A.106 or 646A.108.
(iii) Violates ORS
646A.430 to 646A.450.
(jjj) Violates a
provision of sections 2 to 6 of this 2008 Act.
(2) A representation
under subsection (1) of this section or ORS 646.607 may be any manifestation of
any assertion by words or conduct, including, but not limited to, a failure to
disclose a fact.
(3) In order to prevail
in an action or suit under ORS 646.605 to 646.652, a prosecuting attorney need
not prove competition between the parties or actual confusion or
misunderstanding.
(4) An action or suit
may not be brought under subsection (1)(u) of this section unless the Attorney
General has first established a rule in accordance with the provisions of ORS
chapter 183 declaring the conduct to be unfair or deceptive in trade or
commerce.
(5) Notwithstanding any
other provision of ORS 646.605 to 646.652, if an action or suit is brought
under subsection (1)(zz) of this section by a person other than a prosecuting
attorney, relief is limited to an injunction and the prevailing party may be
awarded reasonable attorney fees.
SECTION 9. As
used in sections 9 to 14 of this 2008 Act:
(1) “Bona fide purchaser”
means a person that purchases a residential real property from an equity
purchaser:
(a) For valuable
consideration;
(b) In good faith;
(c) Without knowledge of
any continuing right to, or equity in, the property by the equity seller; and
(d) Without knowledge of
any violation of sections 9 to 14 of this 2008 Act by the equity purchaser
regarding the property.
(2) “Business day” does
not mean a Saturday or a legal holiday described in ORS 187.010 or 187.020.
(3) “Equity conveyance”:
(a) Means a transaction
that involves:
(A) The transfer of an
interest in a residence in foreclosure by an equity seller to an equity
purchaser, or to another person acting in association with the equity
purchaser, that allows the equity purchaser or other person to obtain legal or
equitable title to all or part of the residential real property; and
(B) A subsequent
conveyance, or agreement for a subsequent conveyance, of an interest in the
residential real property from the equity purchaser or person acting in
association with the equity purchaser to the equity seller to allow the equity
seller to possess the property during, or after termination of, the foreclosure
process.
(b) Does not mean a
transfer of interest by means of a nonjudicial foreclosure sale or by means of
a sheriff’s sale or other judicial foreclosure action.
(4) “Equity conveyance
contract” means a written contract between an equity seller and an equity
purchaser that contains an agreement for an equity conveyance.
(5) “Equity purchaser,”
except as provided in section 10 of this 2008 Act, means a person that enters
into an equity conveyance that transfers to the person, or to another acting in
association with the person, an interest in residential real property
sufficient to allow obtaining legal or equitable title to all or part of the
property.
(6) “Equity recapture
payment” means the resale price for a property, less the following:
(a) Amounts owing as of
the closing of the resale for liens or other encumbrances created or suffered
by the equity seller.
(b) Amounts paid after
the transfer of interest in the property by the equity seller and before the
closing of the resale on liens or other encumbrances created or suffered by the
equity seller.
(c) Cash received by the
equity seller from the equity purchaser under the equity conveyance contract.
(d) Title, escrow and
other customary closing costs incurred by the equity purchaser under the equity
conveyance contract or because of the resale.
(e) Real estate
commissions and charges incurred by the equity purchaser under the equity
conveyance contract or because of the resale.
(f) Charges for prorated
taxes and homeowner association dues, attributable to a period of time prior to
the transfer of interest in the property by the equity seller.
(g) Attorney fees
incurred by the equity purchaser under the equity conveyance contract or
because of the resale.
(h) Reimbursement of
actual repair and maintenance expenses.
(i) Reimbursement for
the construction of improvements to the property.
(7) “Equity seller”
means a natural person who is the record owner of a residence in foreclosure at
the time an interest in the residence is transferred under an equity conveyance
to an equity purchaser or to a person acting in association with an equity
purchaser.
(8) “Primary housing
expenses” means the total amount required to pay regular principal, interest,
rent, utilities, hazard insurance, real estate taxes and association dues on a
residential real property.
(9) “Resale” means a
sale by an equity purchaser to a bona fide purchaser of residential real
property that is the subject of an equity conveyance contract.
(10) “Resale price”
means the gross sale price of a residential real property upon resale.
(11) “Residence in
foreclosure” means residential real property:
(a) Consisting of one to
four single-family dwelling units;
(b) On which the owner
occupies a dwelling unit; and
(c) Against which a
notice of default has been recorded.
(12) “Settlement agent”
means a provider of settlement services who:
(a) Is a licensed escrow
agent, title insurance agent or attorney; and
(b) Is not the equity
purchaser or an employee or associate of the equity purchaser.
(13) “Settlement
conference” means an in-person meeting between an equity seller and a
settlement agent:
(a) For the purpose of
completing documents incident to the transfer of an interest as part of an
equity conveyance; and
(b) During which the
settlement agent provides the equity seller with the HUD-1 settlement statement
used by the United States Department of Housing and Urban Development.
SECTION 10. The
following are not equity purchasers for purposes of sections 9 to 14 of this
2008 Act:
(1) A party to a deed in
lieu of foreclosure.
(2) A creditors’
committee, trustee or debtor in possession participating in a proceeding under
the jurisdiction of the
(3) Any person whose
employment with regard to a residential real property matter under the
jurisdiction of the
(4) A family or living
trust in which the equity seller is the beneficiary or a member of the
beneficiary.
SECTION 11. (1)
A written contract is required for every equity conveyance. An equity purchaser
shall provide an equity seller with a copy of the equity conveyance contract at
least 24 hours before the equity seller signs the contract. The equity
conveyance contract must:
(a) Be written in a
language that is spoken by the equity seller and that was used in discussions
between the equity seller and equity purchaser to describe the equity purchaser’s
services or to negotiate the terms of the contract and, except as provided in
paragraph (f) of this subsection, be printed in at least 12-point type;
(b) Contain the entire
agreement of the parties;
(c) Be dated and
personally signed by the equity seller and the equity purchaser and witnessed
by a notary public;
(d) Contain on the first
page the name and address, facsimile number and electronic mail address of the
settlement agent to which a notice of cancellation may be delivered;
(e) Describe in detail
the terms of the equity conveyance including:
(A) The name and
business address, and any telephone number, facsimile number and electronic
mail address, of the person to whom the equity seller will transfer an interest
in the residence in foreclosure;
(B) The address of the
residence in foreclosure;
(C) The total
consideration the equity purchaser and any other party are to give as a result
of the transfer of interest;
(D) The time at which
the interest is to be transferred to the equity purchaser or other person and
the terms of the transfer;
(E) Any financial or
legal obligations that the equity seller may remain subject to, including a
description of any mortgages, liens or other obligations that will remain in
place;
(F) Any services the
equity purchaser will perform for the equity seller before or after the
transfer of interest;
(G)(i) The terms of any
post-transfer conveyance or agreement for a conveyance to the equity seller to
allow the equity seller to remain in the home, including but not limited to the
terms of any rental agreement, repurchase agreement, contract for deed, land
installment contract or option to buy; and
(ii) Any provisions for
eviction or removal of the equity seller in the case of late payment;
(H) An explanation of
how any repurchase price or fee associated with any conveyance of title or deed
back to the equity seller will be calculated; and
(I) An explanation of
the percentage of any equity recapture payment the equity seller is to receive
if the equity seller does not exercise a right to receive back a conveyance of
title or deed; and
(f) Contain, in
immediate proximity to the space reserved for the equity seller’s signature, a
notice in substantially the following form and printed in at least 14-point
boldfaced type:
____________________________________________________________________________
NOTICE REQUIRED BY
THIS IS AN IMPORTANT LEGAL CONTRACT.
YOU ARE TRANSFERRING YOUR DEED OR
TITLE AND THIS COULD RESULT IN THE
PERMANENT LOSS OF YOUR HOME.
CONTACT A LAWYER OR
OTHER PROFESSIONAL ADVISER
BEFORE SIGNING.
YOU MAY CANCEL THIS CONTRACT WITHIN THREE (3) BUSINESS DAYS.
If you cancel, you must pay for services that were provided under this
contract before cancellation and repay any money spent on your behalf under
this contract. You have 60 days after cancellation to pay for the services and
repay any money spent on your behalf. You must also pay any interest allowed by
this contract, which may not exceed nine percent per year.
The law requires that this contract contain the entire agreement. You
should not rely on any other written or oral agreement or promise.
____________________________________________________________________________
(2) An equity
conveyance contract provision is void if the provision provides for an equity
seller to:
(a) Waive any rights of
the equity seller under sections 9 to 14 of this 2008 Act;
(b) Consent to
jurisdiction for litigation or dispute resolution in a state other than
(c) Consent to a choice
of laws provision that applies the laws of a state other than
(d) Consent to venue in
a county other than the county in which the residential real property is
located; or
(e) Pay any costs or
fees that the equity purchaser or a person acting in association with the
equity purchaser incurred to enforce the contract, other than court costs and
filing fees incurred in a successful circuit court action.
(3) An equity conveyance
may not be carried out using a power of attorney from the equity seller to the
equity purchaser or a person acting in association with the equity purchaser.
SECTION 12. (1)
In addition to any other cancellation or rescission right, an equity seller may
cancel an equity conveyance contract as provided under this section before the
earlier of:
(a) Midnight of the
third business day after the equity seller signs a document purporting to
transfer an interest in the residence in foreclosure; or
(b) A foreclosure sale
of the residence in foreclosure.
(2) If the equity seller
gives a written notice of cancellation under this section by mail, the notice
is effective upon the earlier of:
(a) Delivery to the
physical address of the equity purchaser or settlement agent; or
(b) Actual receipt by
the equity purchaser or settlement agent.
(3) If the equity seller
gives a written notice of cancellation under this section by facsimile number
or electronic mail, the notice is effective upon the earlier of:
(a) Delivery to the
facsimile or electronic mail address of the equity purchaser or the settlement
agent; or
(b) Actual receipt by
the equity purchaser or settlement agent.
(4) Proof of a
transmission by the equity seller to the facsimile number or electronic mail
address of the equity purchaser or of the settlement agent creates a rebuttable
presumption that the notice of cancellation was delivered to the facsimile
number or electronic mail address of the equity purchaser or settlement agent
at the time of transmission.
(5) An equity seller who
cancels or breaches an equity conveyance contract under this section shall, no
later than 60 days after the cancellation or breach, pay for any services
provided in good faith under the contact prior to the cancellation or breach
and repay any moneys paid or advanced under the contract by or on behalf of the
equity purchaser. The equity seller shall also pay any interest stated in the
equity conveyance contract, not to exceed nine percent per year.
(6) Failure of the
equity seller to repay moneys as provided in subsection (5) of this section
does not invalidate the cancellation of the equity conveyance contract.
(7) When both parties
have signed the equity conveyance contract, the equity purchaser shall
immediately provide the equity seller with a signed and dated copy of the
contract and a cancellation form. The cancellation form must:
(a) Be in duplicate;
(b) Be on a separate
sheet of paper attached to the contract;
(c) Be easily
detachable; and
(d) Contain a statement
in substantially the following form and be printed in at least 14-point
boldfaced type:
____________________________________________________________________________
HOW TO CANCEL
IF YOU DECIDE NOT TO TRANSFER YOUR DEED OR TITLE, YOU MAY CANCEL THIS
CONTRACT.
THE NOTICE OF CANCELLATION MUST BE RECEIVED WITHIN THREE (3) BUSINESS
DAYS AFTER YOU SIGNED THE CONTRACT.
Date of Contract: _____
Your notice of cancellation must be received before midnight on: _____ (date).
To cancel the contract, deliver a signed and dated copy of this Notice
of Cancellation, or write something saying you want to cancel, and deliver it
to __________
(name of settlement agent) at __________ (address of settlement
agent). You can cancel by fax or e-mail. Deliver any cancellation by fax to __________
or any cancellation by e-mail to __________.
If you cancel, you must pay for any services that were provided under
the contract before you canceled and repay any money spent on your behalf under
the contract. You have 60 days after cancellation to pay for the services and
repay any money spent on your behalf. You must also pay any interest allowed
under the contract, which may not exceed nine percent per year.
NOTICE OF CANCELLATION
TO: __________ (name of settlement agent)
__________ (address, fax and e-mail of
settlement agent)
I cancel the contract. Please return all signed documents to me.
Date: _____
Your (homeowner’s) printed name and address:
______________
Your (homeowner’s) signature:
______________
____________________________________________________________________________
(8) Notwithstanding
subsection (1)(a) of this section, the period during which the equity seller
may cancel the equity conveyance contract does not commence until the equity
purchaser has complied with subsection (7) of this section.
(9) A notice of
cancellation under this section is sufficient, however expressed, if the notice
indicates the intent of the equity seller to cancel the equity conveyance
contract. The equity conveyance contract may not require the equity seller to
use the notice of cancellation form described in subsection (7) of this
section.
(10) No later than 10
days after receipt of a notice of cancellation given in accordance with this
section, the equity purchaser shall return, without condition, any original
deed, title and contract, and any other document of transfer signed by the
equity seller.
SECTION 13. (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 section 14 of this 2008 Act.
(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.
SECTION 14. (1)
For purposes of determining whether an equity purchaser has violated section 13
(1)(a) of this 2008 Act, there is a rebuttable presumption that:
(a) An equity seller has
or will have a reasonable ability to pay for a subsequent reconveyance of a
residential real property if, on the date the equity seller signs the equity
conveyance contract, the monthly payments projected for the equity seller’s
primary housing expenses under the contract and monthly payments for regular
principal and interest payments on other personal debt do not, in total, exceed
60 percent of the equity seller’s monthly gross income.
(b) The equity purchaser
has failed to verify that the equity seller has a reasonable ability to pay for
a subsequent reconveyance of a property if the equity purchaser has not
obtained supporting documents other than a statement by the equity seller of
assets, liabilities and income.
(2) If a property is
resold within 24 months after an equity seller enters into an equity conveyance
contract, at the time of making the equity recapture payment to the equity
seller under section 13 (1)(e) of this 2008 Act, the equity purchaser shall
provide the equity seller with a detailed accounting of the basis for the
payment amount. The accounting shall include detailed documentation of the
amounts subtracted by the equity purchaser from the resale price to determine
the amount of the equity recapture payment.
(3) A bona fide
purchaser that enters into a transaction with an equity seller or equity
purchaser receives good title to the property, free and clear of:
(a) The rights of the
parties to an equity conveyance contract or a memorandum of agreement; or
(b) Any cancellation of
the equity conveyance contract.
(4) Sections 9 to 14 of
this 2008 Act do not impose a duty on a property purchaser, settlement agent,
title insurer or title insurance producer regarding the application of the
proceeds of a resale of property by an equity purchaser.
(5) At the time of
presenting an equity conveyance for recording, the equity purchaser shall
present a memorandum of agreement for recording in the county where the
residential real property is located. The memorandum of agreement must be
signed by the equity purchaser and the equity seller, witnessed by a notary
public and in substantially the following form:
____________________________________________________________________________
MEMORANDUM OF AGREEMENT
DATED: _____
SELLER NAME (print): __________
PURCHASER NAME (print): __________
EXPIRATION DATE: _____, unless
otherwise extended by written agreement
between the parties.
LEGAL DESCRIPTION AND PROPERTY ADDRESS: ____________
TERMS OF AGREEMENT: ____________
TRUE AND ACTUAL CONSIDERATION IS: __________
SELLER SIGNATURE: ____________
PURCHASER SIGNATURE: ____________
____________________________________________________________________________
SECTION 15. Sections
9 to 14 of this 2008 Act do not preclude an equity seller from:
(1) Seeking to have a
transfer of interest under an equity conveyance declared to be an equitable
mortgage; or
(2) Asserting any claim
against an equity purchaser for an equitable mortgage.
SECTION 16.
ORS 646.607 is amended to read:
646.607. A person
engages in an unlawful practice when in the course of the person’s business,
vocation or occupation the person:
(1) Employs any
unconscionable tactic in connection with the sale, rental or other disposition
of real estate, goods or services, or collection or enforcement of an
obligation;
(2) Fails to deliver all
or any portion of real estate, goods or services as promised, and upon request
of the customer, fails to refund any money that has been received from the
customer that was for the purchase of the undelivered real estate, goods or
services and that is not retained by the seller pursuant to any right, claim or
defense asserted in good faith. This subsection does not create a warranty
obligation and does not apply to a dispute over the quality of real estate,
goods or services delivered to a customer; [or]
(3) Violates ORS 401.107
(1) to (4); or
(4) Violates a provision
of sections 9 to 14 of this 2008 Act.
SECTION 17. (1)
As used in this section, “equity seller” has the meaning given that term in
section 9 of this 2008 Act.
(2) In addition to any
action by the Attorney General under ORS 646.607 or any other cause of action,
an equity seller may bring an action for damages incurred by the equity seller
resulting from a violation of sections 9 to 14 of this 2008 Act.
(3) If a court finds
that a defendant in an action under this section committed a violation of
sections 9 to 14 of this 2008 Act knowingly, in addition to any award of
damages for other violations of sections 9 to 14 of this 2008 Act, the court
shall award the equity seller three times the amount of the actual damages
sustained by the equity seller as a result of the knowing violation.
(4) The court may award
an equity seller prevailing in an action under this section reasonable attorney
fees, costs and expenses. If a court finds that an equity seller brought an
action under this section in bad faith or solely for purposes of harassment,
the court may award a prevailing defendant reasonable attorney fees.
(5) An action under this
section must be commenced within six years.
SECTION 18. Violation
of a provision of sections 2 to 6 or 9 to 14 of this 2008 Act is a misdemeanor
punishable by not more than one year’s imprisonment, a fine of not more than
$10,000, or both.
SECTION 19. Sections
20 and 21 of this 2008 Act are added to and made a part of ORS 86.705 to 86.795.
SECTION 20. (1)
If a notice of default is recorded for property that is subject to a
residential trust deed, the sender of a notice of sale under ORS 86.740 shall,
on or before the date the notice of sale is served or mailed, give notice under
this section to the grantor by both first class and certified mail with return
receipt requested. Subject to any rules adopted under subsection (2) of this
section, the notice must be in substantially the following form and printed in
at least 14-point type:
____________________________________________________________________________
NOTICE:
YOU ARE IN DANGER OF LOSING
YOUR PROPERTY IF YOU DO NOT
TAKE ACTION IMMEDIATELY
This notice is about your mortgage loan on your property at __________
(address).
Your lender has decided to sell this property because the money due on
your mortgage loan has not been paid on time or because you have failed to
fulfill some other obligation to your lender. This is sometimes called “foreclosure.”
The amount you would have had to pay as of _____ (date) to
bring your mortgage loan current was $_____. The amount you must now pay
to bring your loan current may have increased since that date.
By law, your lender has to provide you with details about the amount
you owe, if you ask. You may call __________ (telephone number) to find out
the exact amount you must pay to bring your mortgage loan current and to get
other details about the amount you owe. You may also get these details by
sending a request by certified mail to: __________.
THIS IS WHEN AND WHERE
YOUR PROPERTY WILL BE SOLD
IF YOU DO NOT TAKE ACTION:
Date and time: __________, 2_____ at __________
Place: __________
THIS IS WHAT YOU CAN DO
TO STOP THE
1. You can pay the amount past due or correct any other default, up to
five days before the sale.
2. You can refinance or otherwise pay off the loan in full anytime
before the sale.
3. You can call __________ (name) at __________ (telephone
number) to find out if your lender is willing to give you more time or change
the terms of your loan.
4. You can sell your home, provided the sale price is enough to pay
what you owe.
There are government agencies and nonprofit organizations that can give
you information about foreclosure and help you decide what to do. For the name and
telephone number of an organization near you, please call the statewide
telephone contact number at __________. You may also wish to talk to a
lawyer. If you need help finding a lawyer, you may call the Oregon State Bar’s
Lawyer Referral Service at __________ or toll-free in
WARNING: You may get offers from people who tell you they can help you
keep your property. You should be careful about those offers. Make sure you
understand any papers you are asked to sign. If you have any questions, talk to
a lawyer or one of the organizations mentioned above before signing.
DATED: _____, 2_____
Trustee name: __________ (print)
Trustee signature: __________
Trustee telephone number: __________
____________________________________________________________________________
(2) The Department of
Consumer and Business Services may adopt rules prescribing the format, font
size and other physical characteristics of the notice form set forth in
subsection (1) of this section. The department shall adopt rules specifying the
statewide resource telephone contact numbers and website addresses the sender
is to insert in completing the notice.
(3) When filling blanks
in the notice form set forth in subsection (1) of this section, the sender of
the notice shall include, stated in plain language:
(a) The amount of
payment that was needed to bring the mortgage loan current as of the date
stated in the notice; and
(b) One or more
telephone numbers consisting of:
(A) A telephone number
that will allow the grantor access during regular business hours to details
regarding the grantor’s loan delinquency and repayment information; and
(B) A telephone number
that will allow the grantor access during regular business hours to
person-to-person consultation with an individual authorized by the beneficiary
to discuss the grantor’s payment and loan term negotiation and modification
options.
(4) Telephone numbers
described in subsection (3) of this section must be toll-free numbers unless
the beneficiary:
(a) Made the loan with
the beneficiary’s own money;
(b) Made the loan for
the beneficiary’s own investment; and
(c) Is not in the
business of making loans secured by an interest in real estate.
(5) If the sender giving
notice under subsection (1) of this section has actual knowledge that the
grantor is not the occupant of the residential real property, the sender shall
also give notice to the occupant of the property by both first class and
certified mail with return receipt requested.
SECTION 21. If
a notice required by section 20 of this 2008 Act is not sent to a grantor, and
the grantor does not actually receive a copy of the notice at least 25 days
prior to the date the trustee conducts the sale, the grantor shall have the
same rights possessed by the holder of a junior lien or interest who was
omitted as a party defendant in a judicial foreclosure proceeding. The
purchaser at the trustee’s sale, or the purchaser’s heirs, assigns or
transferees, shall have the same rights possessed by a purchaser at a sheriff’s
sale following a judicial foreclosure.
SECTION 22. (1)
Sections 2 to 6 of this 2008 Act apply to agreements for services by a
foreclosure consultant entered into by homeowners beginning 90 or more days
after the effective date of this 2008 Act.
(2) Sections 9 to 14 of
this 2008 Act apply to agreements for equity conveyances entered into by equity
sellers beginning seven or more days after the effective date of this 2008 Act.
(3) Section 20 of this
2008 Act applies to residential trust deed properties for which a notice of
sale under ORS 86.740 is sent beginning 90 or more days after the effective
date of this 2008 Act.
SECTION 23. This
2008 Act being necessary for the immediate preservation of the public peace,
health and safety, an emergency is declared to exist, and this 2008 Act takes
effect on its passage.
Approved by the Governor March 11, 2008
Filed in the office of Secretary of State March 11, 2008
Effective date March 11, 2008
__________