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.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.705 – Persons that are not foreclosure consultants.
The following are not foreclosure consultants for purposes of ORS 646A.702 to 646A.720: (1) An individual licensed to practice law in this state, if performing services within an attorney-client relationship. (2) A person that holds or is owed an obligation that is secured by a lien on a residence in foreclosure or default, if performing […]
Section 646A.710 – Foreclosure consulting contract; requirements; void provisions.
(1) A written foreclosure consulting contract is required for any services that a foreclosure consultant provides to a homeowner. A foreclosure consultant shall provide a homeowner with a copy of the foreclosure consulting contract at least 24 hours before the homeowner signs the contract. The foreclosure consulting contract must: (a) Be written in a language […]
Section 646A.715 – Cancellation; effective date; payment for services provided before cancellation or breach; form; sufficiency of notice.
(1) In addition to any other cancellation or rescission right, a homeowner may cancel a foreclosure consulting contract as provided under this section at any time. (2) Cancellation under this section occurs when the homeowner gives written notice of cancellation to the foreclosure consultant: (a) At a physical address specified in the foreclosure consulting contract; […]
Section 646A.720 – Prohibited acts of foreclosure consultant.
A foreclosure consultant may not: (1) Claim, demand, charge, collect or receive any compensation from a homeowner unless the foreclosure consultant has performed in good faith under the contract: (a) Each service the foreclosure consultant contracted to perform for the homeowner; or (b) Each service to be compensated, prior to the homeowner canceling or breaching […]
Section 646A.725 – Definitions for ORS 646A.725 to 646A.750.
As used in ORS 646A.725 to 646A.750: (1) “Bona fide purchaser” means a person that purchases a residential real property from an equity purchaser: (a) For valuable consideration; (b) In good faith; (c) Without knowledge of any continuing right to, or equity in, the property by the equity seller; and (d) Without knowledge of any […]
Section 646A.730 – Persons that are not equity purchasers.
The following are not equity purchasers for purposes of ORS 646A.725 to 646A.750: (1) A party to a deed in lieu of foreclosure. (2) A creditors’ committee, trustee or debtor in possession participating in a proceeding under the jurisdiction of the United States Bankruptcy Court. (3) Any person whose employment with regard to a residential […]
Section 646A.735 – Written contract; requirements; void provisions; power of attorney prohibited.
(1) A written contract is required for every equity conveyance. An equity purchaser shall provide an equity seller with a copy of the equity conveyance contract at least 24 hours before the equity seller signs the contract. The equity conveyance contract must: (a) Be written in a language that is spoken by the equity seller […]
Section 646A.740 – Cancellation; effective date; rebuttable presumption of delivery; payment for services; form; sufficiency of notice; return of documents.
(1) In addition to any other cancellation or rescission right, an equity seller may cancel an equity conveyance contract as provided under this section before the earlier of: (a) Midnight of the third business day after the equity seller signs a document purporting to transfer an interest in the residence in foreclosure; or (b) A […]
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]