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OR SB534
Bill
Status
Failed
6/27/2025
Primary Sponsor
Deb Patterson
Click for details
AI Summary
- Limits lenders providing lump-sum reverse mortgages to claiming only the percentage of home equity equivalent to the lump sum on the date it was provided
- Contract provisions allowing lenders to claim more than this percentage of equity are void and without effect
- Requires reverse mortgage advertisements and solicitations to include clear and conspicuous disclosure of loan terms, including that equity may be lost and interest accrues on the balance
- Mandates lenders send annual notices at least 60 days before property taxes are due, reminding borrowers of their responsibility for taxes, insurance, and maintenance
- Declares an emergency, taking effect upon passage and applying to reverse mortgage contracts entered into on or after the effective date
Legislative Description
Relating to allowable claims of equity in a property that is subject to a reverse mortgage; declaring an emergency.
Last Action
In committee upon adjournment.
6/27/2025
Committee Referrals
Housing and Development1/17/2025
Full Bill Text
No bill text available