Bill Text: OR SB482 | 2011 | Regular Session | Introduced

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Bill Title: Relating to documents used in closing residential mortgage transactions; prescribing an effective date.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB482 Detail]

Download: Oregon-2011-SB482-Introduced.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 1488

                         Senate Bill 482

Sponsored by Senator BONAMICI (Presession filed.)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Requires insurers authorized to transact title insurance to
make or accept, keep, maintain and produce upon request copies of
documents that parties to residential mortgage transaction
executed or were required to produce or disclose while closing
mortgage loan or mortgage banking loan.
  Takes effect on 91st day following adjournment sine die.

                        A BILL FOR AN ACT
Relating to documents used in closing residential mortgage
  transactions; creating new provisions; amending ORS 744.086;
  and prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2011 Act is added to and made
a part of the Insurance Code. + }
  SECTION 2.  { + (1) As used in this section:
  (a) 'Mortgage banking loan' has the meaning given that term in
ORS 86A.100.
  (b) 'Mortgage loan' has the meaning given that term in ORS
86A.100.
  (c) 'Residential mortgage transaction' has the meaning given
that term in ORS 86A.100.
  (2) To qualify for authority to transact title insurance in
this state, an insurer shall make or accept, keep, maintain and
produce upon request copies of a complete set of the documents
that the parties to a residential mortgage transaction executed
or were required to produce or disclose while closing a mortgage
loan or mortgage banking loan. The copies shall bear the
signatures of the parties to the transaction where the documents
require the signatures to give the documents legal effect.
  (3) The insurer shall keep and maintain the copies described in
subsection (2) of this section for the duration of the term of
the mortgage loan or mortgage banking loan.
  (4) The insurer may include the insurer's costs to make, keep,
maintain and produce the copies described in subsection (2) of
this section in the insurer's fee for title insurance or may
charge a separate fee to recover the insurer's costs at the time
the insurer incurs the costs.
  (5) The insurer may keep and maintain the copies described in
subsection (2) of this section in electronic form, provided that
the insurer is certain that the insurer can retrieve and print
the copies upon request from the copies stored in electronic form
at any time during the term of the mortgage loan or mortgage
banking loan. + }
  SECTION 3. ORS 744.086 is amended to read:
  744.086. The Legislative Assembly finds that it is in the
interest of the insurance-buying public that insurance producers
authorized to transact title insurance be subject to the
Insurance Code. It is   { - declared to be - }  the intent of the
Legislative Assembly that { + , except as provided in section 2
of this 2011 Act, + } the Insurance Code shall apply to
 { - such - }  { +  an + } insurance producer  { +  authorized to
transact title insurance + } only to the extent necessary
 { - for the regulation of - }  { +  to regulate + } title
insurance ratemaking and unfair trade practices.
  SECTION 4.  { + Section 2 of this 2011 Act applies to
residential mortgage transactions that occur on or after the
effective date of this 2011 Act. + }
  SECTION 5.  { + This 2011 Act takes effect on the 91st day
after the date on which the 2011 session of the Seventy-sixth
Legislative Assembly adjourns sine die. + }
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