Oregon Statutes 316.796 – Definitions
As used in ORS § 316.796 to 316.803:
Terms Used In Oregon Statutes 316.796
- Individual: means a natural person, including aliens and minors. See Oregon Statutes 316.022
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) ‘Account holder’ means a first-time home buyer who establishes a first-time home buyer savings account.
(2) ‘Allowable closing costs’ means disbursements listed in a settlement statement for the purchase of a single family residence by an account holder.
(3) ‘Eligible costs’ means the down payment and allowable closing costs for the purchase of a single family residence by an account holder.
(4) ‘Financial institution’ means a bank, a trust company, a commercial bank, a national bank, a savings bank, a savings and loan, a thrift institution, a credit union, an insurance company, a mutual fund, an investment firm or a similar entity authorized to do business in this state.
(5) ‘First-time home buyer’ means an individual who is a resident of this state and has not owned or purchased, either individually or jointly, a single family residence during a period of three years prior to the date of the purchase of a single family residence.
(6) ‘First-time home buyer savings account’ or ‘account’ means an account established as a first-time home buyer savings account by written agreement between an account holder and a financial institution and that the account holder designates for the purpose of paying or reimbursing eligible costs for the purchase of a single family residence in this state by the account holder.
(7) ‘Resident of this state’ has the meaning given that term in ORS § 316.027.
(8) ‘Settlement statement’ means the statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U.S.C. § 2601 et seq., and regulations thereunder.
(9) ‘Single family residence’ means a residence intended for occupation by a single family unit that is owned and occupied by an account holder as the account holder’s principal residence. ‘Single family residence’ includes a manufactured home, residential trailer, mobile home or condominium unit.
(10) ‘Taxable income’ has the meaning given that term in ORS § 316.022. [2018 c.109 § 2]