Oregon Statutes 646A.705 – Persons that are not foreclosure consultants
The following are not foreclosure consultants for purposes of ORS § 646A.702 to 646A.720:
Terms Used In Oregon Statutes 646A.705
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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.
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) An individual licensed to practice law in this state, if performing services within an attorney-client relationship.
(2) A person that holds or is owed an obligation that is secured by a lien on a residence in foreclosure or default, if performing services in connection with the obligation or lien.
(3) A person doing business under authority of an Oregon or federal law regulating banks, trust companies, savings and loan associations, credit unions or insurance companies, or as a licensee under ORS Chapter 725, if performing business services within the scope of that authority or license.
(4) A subsidiary, affiliate or agent of a person described in subsection (3) of this section, if performing business services within the scope of the person’s authority or license as the person’s subsidiary, affiliate or agent.
(5) The judgment creditor of a homeowner, if the creditor’s claim accrued before a notice of sale was sent to the creditor under ORS § 86.764.
(6) A title insurer authorized to conduct business in Oregon or an insurance producer licensed to conduct business in Oregon, if performing title insurance or settlement services within the scope of that authority or license.
(7) A mortgage broker or mortgage lender licensed under ORS § 86A.095 to 86A.198 to conduct business in Oregon, if acting within the scope of that license.
(8) A real estate licensee under ORS § 696.022 or an escrow agent licensed under ORS § 696.511, if acting within the scope of that license.
(9) A tax-exempt organization that offers counseling or advice to homeowners in foreclosure, if the organization:
(a) Is not directly or indirectly related to for-profit lenders or foreclosure purchasers;
(b) Does not contract to provide services to or receive services from for-profit lenders or foreclosure purchasers; and
(c) Has provided counseling or advice to homeowners for five years or more.
(10) A creditors’ committee, trustee or debtor in possession participating in a proceeding under the jurisdiction of the United States Bankruptcy Court.
(11) Any person whose employment with regard to a residential real property matter under the jurisdiction of the United States Bankruptcy Court is approved by order of the bankruptcy court.
(12) A person that is a member of the homeowner’s family or is owned or controlled by a member of the homeowner’s family. [2008 c.19 § 3; 2011 c.9 § 83]