The Oregon Legislative Assembly recently passed Enrolled House Bill 2688. The Bill creates new provisions and amends Oregon statute 87.202 regarding statements of account for foreclosures of liens on chattel. The amendments to ORS 87.202 apply to foreclosures by sale that occur on or after January 1, 2014.

Oregon statute 87.202 applies to foreclosures by sale of chattel. In Oregon, chattel includes movable objects that are capable of being owned, not including money, evidence of debt, or negotiable instruments. A person that forecloses a lien on chattel by sale must file a “statement of account”, verified by oath, with the recording officer of the county where the sale took place. Filing is required when the chattel sold has a fair market value of at least $1,000 (increased from the previous amount of $250), or the chattel sold is an animal that bears a marking recorded with the Oregon State Department of Agriculture.

This statement of account must show:

–        the amount of the lien claim and the costs of foreclosure,
–        a copy of the published notice of foreclosure sale,
–        the amount received through the foreclosure sale, and
–        the name of each person that received funds from the sale and the amount of funds each person received.

A copy of this statement of account must then be sent by registered or certified mail to the last known address of the owner of the chattel. When the chattel is a registered animal as mentioned above, then a copy of the statement of account must be sent to the State Department of Agriculture.

The Oregon Legislative Assembly recently passed Enrolled House Bill 2528. The Bill amends ORS 86.205 concerning definitions relating to paying interest on amounts collected in lender’s security protection provisions. One important change is found in the definition of “real estate loan agreement”. House Bill 2528 removes from the definition of real estate loan agreement the requirement that a loan be in the amount of $100,000 or less. The other amendments are largely clarifications in language and organization. The amendments are effective January 1, 2014.

The Oregon Legislative Assembly recently enacted Enrolled Senate Bill 34 as part of emergency state legislation. The Bill amends ORS 407.205, relating to loans from the Department of Veterans’ Affairs. The revisions to ORS 407.205 increased the limit on the number of loans made under the Department of Veterans’ Affairs that an eligible person may receive. The Bill increases the number of loans an eligible individual may receive or assume from 2 to 4 loans. The revisions are effective immediately on the date of passage 4/8/2013.

 

 

Paul McSheffrey is Associate Counsel and Compliance Specialist at Bankers Advisory, Inc.   He is a graduate of Northeastern University and earned his Juris Doctor at the New England School of Law. He is admitted to the Bar in Massachusetts and New York. He can be reached at paul@bankersadvisory.com