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OR SB676
Bill
Status
6/27/2025
Primary Sponsor
Daniel Bonham
Click for details
AI Summary
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Caps interest rates at prime rate plus one percent for loans under Oregon's veterans' home and farm loan program, applying to both new fixed-rate loans and assumed loans
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Requires the Department of Veterans' Affairs to consider loan program solvency, current money value, and impact on veteran applicants when setting rates
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Appropriates $40,000,000 from the General Fund to the Oregon War Veterans' Fund for the biennium beginning July 1, 2025
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Funds to be used to advance loans to qualified veterans for acquiring farms and homes under Article XI-A, section 3 of the Oregon Constitution
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Amends ORS 407.315 and 407.325 to establish the new interest rate ceiling
Legislative Description
Relating to veterans' loans for acquisition of real property.
Last Action
In committee upon adjournment.
6/27/2025