The trio of banks joined the lawsuit because “the one-size-fits-all approach of House Bill 4204” could harm state-chartered banks that are based in Oregon, Navarro said in a statement. Attorney Advertising. Summary (2020-07-07) Relating to strategies to protect Oregonians from the effects of the COVID-19 pandemic; and declaring an emergency. Enrolled House Bill 4204 (HB 4204-A) Page 3 (b) Notwithstanding ORS 18.860 to 18.993 and except as provided in subsection (10) of this section, an execution sale of subject property may not occur during the emergency period. During the 2020 Special Session, the Oregon Legislature passed House Bill (HB) 4204 as a strategy to protect Oregonians from the effects of the Covid-19 pandemic. 20-37. The statute's impact is not limited to a moratorium on foreclosures and contains the following restrictions on lenders during the emergency period: While the foreclosure moratorium is automatic under the statute, borrowers were required under HB 4204 to deliver notice within 60 days of the June 30 effective date to gain the benefit of the restrictions noted above. the State of Oregon – House Bill 4204 Please accept this as notice of rights which may apply to you, as a borrower, under Oregon House Bill 4204, which became effective June 30, 2020. [Chapter 4, (2020 Laws): Effective date June 30, 2020.] The COVID-19 pandemic has affected business in ways unseen before. The bill provides certain relief to borrowers who have suffered a loss of income related to the COVID-19 pandemic, if their loan is secured by Oregon real property. Many may already know that the Oregon legislature passed HB 4204 affecting borrower defaults and foreclosures, which became effective on June 30, 2020. All rights reserved. Loans subject to HB 4204 are those secured by Oregon commercial and residential real estate or personal property in Oregon that serves as a residence (e.g., manufactured/mobile homes, RVs, floating homes). Oregon lawmakers passed House Bill 4204 in June, prohibiting banks from foreclosing on homeowners through September, seeking to establish protections for people caught up in … House Bill 4204: Directs lenders to defer both residential and commercial mortgage payments during the pandemic emergency period until September 30, 2020 if a borrower is unable to pay due to the COVID-19 pandemic. Spectrum: Partisan Bill (Democrat 17-0) Status: (Passed) 2020-07-07 - Chapter 4, (2020 Laws): Effective date June 30, 2020. HB 4204 applies to any loan secured by real estate in Oregon, consumer or commercial and irrespective of whether the lender is located in Oregon. Here is a link to Oregon Division of Financial Regulation Guidance for its 1-4 residential property licensees. HB 4204 required the governor to announce an extension of the moratorium 30 days before the moratorium expired on Sept. 30. House Bill 4204: A companion of sorts to the eviction ban, this bill prohibits lenders from pursuing foreclosures against homeowners and other borrowers through Sept. 30. Because of the extension, borrowers can now give the notice up through Dec. 31, 2020, and have it apply to any missed payments during the entirety of the emergency period, dating back to March 8, 2020. for accommodation under HB 4204 by August 29, 2020. As the threat escalated, the State’s response elevated to meet the threat. for accommodation under HB 4204 by August 29, 2020. Potential Conflicts of Interest/Vote Explanations. There are very limited exceptions to the moratorium, specifically including tax foreclosures. Since the start of the COVID-19 pandemic, the State of Oregon and federal agencies have enacted various moratoria on residential and commercial evictions and foreclosures. Please visit the State of Oregon website to print a copy of Legislators also passed House Bill 4204 Friday, which prohibits lenders from initiating foreclosures against homeowners and other borrowers through … Establishes temporary limitations on lenders being able to enforce default remedies on obligations secured by mortgages, trust deeds, land sale contracts or other instruments. Published July 13, 2020 by Caulin M. Price, Attorney. The bill requires lenders to defer loan payments and refrain from enforcing default remedies on certain secured obligations during the “emergency period” beginning March 8, 2020, and ending September 30, 2020, unless modified by the governor. Oregon Governor Kate Brown signed House Bill 4204 (HB 4204) into law on June 30, 2020. Gov. In response to the effects of the COVID-19 pandemic, the Oregon legislature enacted House Bill 4204, dated July 7 and effective June 30, establishing temporary … In response to the effects of the COVID-19 pandemic, the Oregon legislature enacted House Bill 4204, dated July 7 and effective June 30, establishing temporary restrictions on commercial and residential lenders from the exercise of certain remedies through, at the earliest, Sept. 30, 2020. It is unclear whether HB 4204 applies to new loans. Deferred payments would be due at the end of the loan, unless the borrower and lenders determine alternate, agreeable terms. Do not send any privileged or confidential information to the firm through this website. Bill Title: Relating to strategies to protect Oregonians from the effects of the COVID-19 pandemic; and declaring an emergency. HB 4204 required the governor to announce an extension of the moratorium 30 days before the moratorium expired on Sept. 30. “Every Oregonian deserves a … In response to the effects of the COVID-19 pandemic, the Oregon legislature enacted House Bill 4204, dated July 7 and effective June 30, establishing temporary restrictions on commercial and residential lenders from the exercise of certain remedies through, at the earliest, Sept. 30, 2020. Gov. Spectrum: Partisan Bill (Democrat 17-0) Status: (Passed) 2020-07-07 - Chapter 4, (2020 Laws): Effective date June 30, 2020. The new statute affects lenders of both commercial and residential loans secured by Oregon real estate. The bill requires lenders to defer loan payments and refrain from enforcing default remedies on certain secured obligations during the “emergency period” beginning March 8, 2020, and ending September 30, 2020, unless modified by the governor. Oregon State Legislature Building Hours: Monday - Friday, 8:00am - 5:00pm 1-800-332-2313 | 900 Court St. NE, Salem Oregon 97301 HB 4204: Foreclosure Moratorium and Mandatory Payment Deferral. Notably, this Order is an extension, … Update: Oregon’s Mortgage Foreclosure “Emergency Period” is now extended until December 31, 2020.  By Executive Order 20-37, Governor Kate Brown has extended the emergency period of the mortgage foreclosure moratorium enacted by HB 4204 until the end of 2020. The new law protects borrowers from foreclosure and the effects of default which arise as a result of the COVID-19 pandemic. HB 4204 also specifically contemplates the scenario where the borrower and lender negotiate an agreement to modify the loan in lieu of reliance on the statute. Please visit the State of Oregon website to print a copy of If you hold a mortgage and are having difficulty making payments, from decrease in rental income or otherwise, we encourage you to reach out to your lender. 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