Oregon Senate Bill 534

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 13 2025 - 25% progression
Action: 2025-01-17 - Referred to Housing and Development.
Pending: Senate Housing and Development Committee
Text: Latest bill text (Introduced) [PDF]

Lets a lender who gives a lump sum as the loan in a reverse mortgage get only that part of the total equity in the house to which the lump sum is equal at the time the lender gives the lump sum. (Flesch Readability Score: 61.4) Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum. Declares an emergency, effective on passage.

Relating to allowable claims of equity in a property that is subject to a reverse mortgage; declaring an emergency.

Sen. Deb Patterson [D]

Date	Chamber	Action
2025-01-17	Senate	Referred to Housing and Development.
2025-01-13	Senate	Introduction and first reading. Referred to President's desk.

Type	Source
Summary	https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/SB534
Text	https://olis.oregonlegislature.gov/liz/2025R1/Downloads/MeasureDocument/SB534/Introduced
Supplement	https://olis.oregonlegislature.gov/liz/2025R1/Downloads/MeasureAnalysisDocument/84731