Bill Text: OR SB827 | 2011 | Regular Session | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to foreclosures of trust deeds; declaring an emergency.

Spectrum: Moderate Partisan Bill (Democrat 7-1)

Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB827 Detail]

Download: Oregon-2011-SB827-Amended.html

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     76th OREGON LEGISLATIVE ASSEMBLY--2011 Regular Session

SA to SB 827

LC 3001/SB 827-1

                      SENATE AMENDMENTS TO
                         SENATE BILL 827

 By COMMITTEE ON GENERAL GOVERNMENT, CONSUMER AND SMALL BUSINESS
                           PROTECTION

                            April 27

  On page 6 of the printed bill, delete lines 10 through 16 and
insert:
  ' (5)(a) After complying with the provisions of ORS 86.737 and
section 3 (1) and (2), chapter 864, Oregon Laws 2009, and not
earlier than 45 days after the beneficiary or beneficiary's agent
receives the loan modification form described in ORS 86.737 (6),
the trustee shall file for recording in the official record of
the county or counties in which the property is located an
affidavit from the beneficiary or beneficiary's agent that states
how the beneficiary or beneficiary's agent has complied with the
provisions of ORS 86.737 and section 3 (1) and (2), chapter 864,
Oregon Laws 2009. The trustee shall mail a copy of the affidavit
to the Department of Justice.'.
  Delete lines 19 through 23 and insert:
  ' (c) The Department of Consumer and Business Services by rule
shall prescribe the contents and format of the affidavit. The
affidavit must:
  ' (A) Identify the grantor and the loan;
  ' (B) State that the beneficiary or the beneficiary's agent has
complied with the provisions of ORS 86.737 and section 3 (1) and
(2), chapter 864, Oregon Laws 2009;
  ' (C) State the dates and identify the types of communication
the beneficiary or beneficiary's agent had with the grantor under
the provisions of section 3 (1) and (2), chapter 864, Oregon Laws
2009;
  ' (D) State the actions the beneficiary or beneficiary's agent
took to modify the loan if the grantor returned the loan
modification form described in ORS 86.737 (6);
  ' (E) List the steps the beneficiary or beneficiary's agent
took to mitigate loan losses; and
  ' (F) State why the steps the beneficiary or beneficiary's
agent listed in subparagraph (E) of this paragraph failed, if the
beneficiary or beneficiary's agent did not modify the loan.'.
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