l9n/ Oregon

2011 Regular Session

House Bill 2916

Prohibits lender or assignee of lender from bringing action or otherwise seeking payment for residual debt following short sale if lender reports to Internal Revenue Service that, for specified reasons, lender has canceled all or portion of borrower's debt under real estate loan agreement and if lender provides to borrower written evidence of report.

Became law as Chapter 480, Oregon Laws 2011, signed June 23, 2011, 163 days after it was filed. In force from June 23, 2011.

What it does

The synopsis the Legislative Assembly published with the bill.

<i>Directs lender that requires or consents to short sale of residential property to offer option to borrower to pay residual debt in amount or at discount at which lender sells or assigns residual debt to third party for collection. Specifies conditions for offer and acceptance of offer. Requires amount or discount in offer to be comparable to amount or discount common in market for similar debt.</i>] <i>Provides that violation of provisions of Act is unlawful practice enforceable with private action.</i>] <b>Prohibits lender or assignee of lender from bringing action or otherwise seeking payment for residual debt following short sale if lender reports to Internal Revenue Service that, for specified reasons, lender has canceled all or portion of borrower's debt under real estate loan agreement and if lender provides to borrower written evidence of report.</b> Declares emergency, effective on passage.

Sponsors

Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.

In the House of Representatives

Its course

January 11 to June 23, 2011, on one scale. In the top row each mark is a day something happened; taller marks are busier days.

Each committee stop sits inside its chamber.

Every action18 actions on 16 days

In the House of RepresentativesJan 11 to Apr 26105 days

Waiting for a committeeJan 11 to Jan 2110 days

General Government and Consumer ProtectionJan 21 to Apr 2089 days

In the SenateApr 26 to Jun 1045 days

Waiting for a committeeApr 26 to Apr 293 days

General Government, Consumer and Small Business ProtectionApr 29 to Jun 941 days

With the GovernorJun 10 to Jun 2313 days

Votes

Yeas to nays, as the Legislative Assembly recorded them. Committee votes are set in.

  • House of Representatives, third reading59–0

    Passed · Apr 26 · 1 present

  • Senate, third reading27–0

    Passed · Jun 10 · 3 present

Amendments

Each amendment offered, and what became of it.

  • House of Representatives committee amendmentAdopted

    Adopted Apr 20

Text

Each version as the Legislative Assembly printed it.

l9n doesn't hold this bill's text yet.

What happened

In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.

In the House of Representatives Jan 11 – Apr 26

  1. Jan 11Introduced
  2. Jan 21Sent to General Government and Consumer Protection
  3. Apr 5Heard in General Government and Consumer Protection
  4. Apr 14Heard in General Government and Consumer Protection
  5. Apr 20General Government and Consumer Protection recommended it as amended
  6. Apr 25Read a second time
  7. Apr 26Passed the House of Representatives, 59 to 0

In the Senate Apr 27 – Jun 10

  1. Apr 27Arrived in the Senate
  2. Apr 29Sent to General Government, Consumer and Small Business Protection
  3. May 11Heard in General Government, Consumer and Small Business Protection
  4. Jun 1Heard in General Government, Consumer and Small Business Protection
  5. Jun 9General Government, Consumer and Small Business Protection recommended it
  6. Read a second time
  7. Jun 10Passed the Senate, 27 to 0

To the Governor Jun 17 – Jun 23

  1. Jun 17Signed in the House of Representatives
  2. Jun 20Signed in the Senate
  3. Jun 23Signed by the Governor
  4. Became chapter 480 of Oregon Laws 2011, in force from June 23, 2011
All 18 actions, as published
  1. Jan 11First reading. Referred to the desks of the Co-Speakers.House of Representatives
  2. Jan 21Referred to General Government and Consumer Protection.House of Representatives
  3. Apr 5Public Hearing held.House of Representatives
  4. Apr 14Work Session held.House of Representatives
  5. Apr 20Recommendation: Do pass with amendments and be printed A-Engrossed.House of Representatives
  6. Apr 25Second reading.House of Representatives
  7. Apr 26Third reading. Carried by Wingard. Passed.House of Representatives
  8. Apr 27First reading. Referred to President's desk.Senate
  9. Apr 29Referred to General Government, Consumer and Small Business Protection.Senate
  10. May 11Public Hearing held.Senate
  11. Jun 1Work Session held.Senate
  12. Jun 9Recommendation: Do pass the A-Eng. bill.Senate
  13. Jun 9Second reading.Senate
  14. Jun 10Third reading. Carried by Monroe. Passed.Senate
  15. Jun 17Co-Speakers signed.House of Representatives
  16. Jun 20President signed.Senate
  17. Jun 23Governor signed.House of Representatives
  18. Jun 23Chapter 480, (2011 Laws): Effective date June 23, 2011.House of Representatives