Relating to lending practices; declaring an emergency.
Catchline/Summary:
Requires lenders involved in residential property nontraditional mortgage products to ensure loan terms and underwriting standards for products and consider borrower's repayment capacity and risk mitigation factors. Requires lenders involved in residential property nontraditional mortgage products to ensure loan terms and underwriting standards for products and consider borrower's repayment capacity and risk mitigation factors. Requires lenders involved in residential property nontraditional mortgage products to establish risk management practices, maximum risk levels, controls, procedures and training programs to avoid lender over-reliance on nontraditional mortgage products. Requires disclosures by lender when soliciting, describing, offering, originating or servicing residential property nontraditional mortgage product.
Authorizes Director of Department of Consumer and Business Services to bring action to enjoin violation of provisions of Act. Authorizes court to impose fine of not more than $5,000 for each violation and to appoint receiver for person, or person's assets, who has violated any provision of Act.
Provides Director of Department of Consumer and Business Services with investigation and enforcement authority. Allows imposition of civil penalties for lender violations, not to exceed $5,000 per violation or $20,000 per continuing violation.
Creates private cause of action for damages.
Declares emergency, effective on passage.
Oregon Legislative Assembly - Public Testimony Registration Form
You are registering to speak about:
SB 965 House Committee On Elections, Ethics and Rules
Registration Instructions
Submit the form below to testify or comment either in person or remotely by video or phone. After completing the required fields (*), click the “Submit Registration to Testify” button.
Email address and phone number are required for administrative purposes and will not be posted to OLIS. Your phone number will be displayed on the livestream of the committee meeting if you testify by phone.
Registration ends 30 minutes prior to the start of the meeting. After that time, the registration system will close.
After registering and seeing a confirmation screen, you will receive an email with meeting details. If you do not receive a confirmation email, check your email spam folder.
Registration does not guarantee that you will have an opportunity to speak; the chair may determine that time for public testimony will be limited. Committee meetings are sometimes cancelled or rescheduled. You can receive email updates on selected bills or committee agendas by signing up for Capitol e-Subscribe.
If you would like to provide written testimony to the committee, see instructions to submit written testimony here.
To request spoken language interpretation, American Sign Language (ASL) interpretation, or Communication Access Realtime Translation (CART) services, please email languageaccess@oregonlegislature.gov or call 503-986-1538 at least 3 days in advance.
Para solicitar servicios de interpretación de lenguaje hablado, interpretación de lenguaje de señas americano (ASL) o traducción en tiempo real de acceso a la comunicación (CART), envíe un correo electrónico a languageaccess@oregonlegislature.gov o llame al 503-986-1538 con 3 dias de anticipación.
Confidential - Administrative Use Only
Will you travel more than 100 miles to this meeting to testify?
You Have Successfully Registered to Testify
Testimony Details:
You will receive an email soon with meeting details. If you registered to testify remotely, the
email will include a link or phone number to join the committee meeting.
If you do not receive a confirmation within 24 hours, have any questions, or need to cancel your registration,
please call 1-833-588-4500 or email the committee assistant listed on the committee page on OLIS.
Committee meetings are sometimes canceled or rescheduled. If you register to testify and the meeting is
rescheduled, you will need to register for the new meeting date. To receive email updates on selected
bills or committee agendas, sign up for Capitol E-Subscribe.
Measure Not Scheduled for Public Testimony
Thank you for your interest in providing public testimony on measure .
Either this measure is not currently scheduled for a public hearing, or the deadline to register to testify
or to submit written testimony has passed.
For questions about the legislature, legislative process, or other government agencies, please email
help.leg@oregonlegislature.gov or call 1-800-332-2313.
Measure Not Scheduled for Public Testimony
Thank you for your interest in providing written testimony on measure .
Either this measure is not currently scheduled for a public hearing, or the deadline to register to testify
or to submit written testimony has passed.
For questions about the legislature, legislative process, or other government agencies, please email
help.leg@oregonlegislature.gov or call 1-800-332-2313.