1. (1) The director may declare all veterans’ home improvement loan sums to be immediately due and payable if all or part of the security is sold or otherwise transferred by the borrower to anyone other than those qualified persons identified in ORS 407.275.
2. (2) The director shall be notified in writing by the borrower of any transfer of ownership or right to possess the security, including to those qualified persons identified in ORS 407.275, that is used as security for a home improvement loan with ODVA.
3. (3) The provisions of OAR 274-020-0380(2), (3), (4) and (5) apply to any transfer on a veterans’ home improvement loan.

Statutory/Other Authority

Ch. 214 OL 1997, ORS 406.030, 407.115, 407.275, 407.305 & 407.335

Statutes/Other Implemented

Ch. 214 OL 1997 & ORS 407.275

History

DVA 6-1997, f. & cert. ef. 10-22-97