Section 646A.745 – Required and prohibited acts.
(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 […]
Section 646A.750 – Rebuttable presumptions; accounting; bona fide purchaser; memorandum of agreement; form.
(1) For purposes of determining whether an equity purchaser has violated ORS 646A.745 (1)(a), 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 […]
Section 646A.755 – Acts not precluded.
ORS 646A.725 to 646A.750 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. [2008 c.19 §15]
Section 646A.760 – Civil action for damages; attorney fees and costs; limitation on commencement of action.
(1) As used in this section, “equity seller” has the meaning given that term in ORS 646A.725. (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 […]
Section 646A.765 – Penalties.
Violation of a provision of ORS 646A.702 to 646A.720 or 646A.725 to 646A.750 is a Class A misdemeanor. [2008 c.19 §18; 2011 c.597 §260]
Section 646A.770 – Definitions.
As used in ORS 646A.770 to 646A.787: (1) “Borrower” means an individual who enters into a finance agreement that is secured by a motor vehicle or who, in connection with purchasing or leasing a motor vehicle, incurs an obligation to pay money to a creditor under terms and conditions that are specified in a finance […]
Section 646A.700 – Short title.
ORS 646A.702 to 646A.720 and 646A.725 to 646A.750 may be cited as the Mortgage Rescue Fraud Protection Act. [2008 c.19 §1]
Section 646A.773 – Applicability of Insurance Code; statement of costs; exemptions.
(1)(a) A guaranteed asset protection waiver is not insurance and is not subject to the provisions of the Insurance Code. A person, other than an insurer, that sells a guaranteed asset protection waiver in compliance with ORS 646A.770 to 646A.787 does not become subject to the Insurance Code by reason of the sale. (b) Notwithstanding […]
Section 646A.702 – Definitions for ORS 646A.702 to 646A.720.
As used in ORS 646A.702 to 646A.720: (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,” […]
Section 646A.776 – Required disclosures; cancellation provisions; effect on motor vehicle purchaser’s credit.
A person may not sell a guaranteed asset protection waiver in connection with a sale of a motor vehicle that is used for personal, family or household purposes unless, at the time of the sale: (1) The person discloses, in writing and in plain and easily understandable language: (a) The name, address and other contact […]