Oregon Statutes 646A.710 – Foreclosure consulting contract; requirements; void provisions
(1) A written foreclosure consulting contract is required for any services that a foreclosure consultant provides to a homeowner. A foreclosure consultant shall provide a homeowner with a copy of the foreclosure consulting contract at least 24 hours before the homeowner signs the contract. The foreclosure consulting contract must:
Terms Used In Oregon Statutes 646A.710
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Venue: The geographical location in which a case is tried.
(a) Be written in a language that is spoken by the homeowner and that was used in discussions between the homeowner and foreclosure consultant to describe the foreclosure consultant’s services or to negotiate the contract and, except as provided in paragraph (f) of this subsection, be printed in at least 12-point type.
(b) Fully disclose the nature and extent of the services the foreclosure consultant is to provide.
(c) Fully disclose the terms and total amount of any compensation the foreclosure consultant or a person working in association with the foreclosure consultant is to receive.
(d) Be dated and personally signed by the homeowner and the foreclosure consultant.
(e) Contain on the first page the name and address, facsimile number and electronic mail address of the foreclosure consultant to which a notice of cancellation may be delivered.
(f) Contain, in immediate proximity to the space reserved for the homeowner’s signature, a notice in substantially the following form and printed in at least 14-point boldfaced type:
______________________________________________________________________________
NOTICE REQUIRED BY OREGON LAW
THIS IS AN IMPORTANT LEGAL CONTRACT AND COULD RESULT IN THE LOSS OF YOUR HOME. YOU SHOULD CONTACT A LAWYER OR OTHER PROFESSIONAL ADVISER BEFORE SIGNING.
YOU MAY CANCEL THIS CONTRACT AT ANY TIME.
If you cancel, you must pay for any services that were provided under this contract before the cancellation and repay any money spent on your behalf under this contract. You have 60 days after cancellation to pay for services and to repay any money spent on your behalf. You must also pay any interest allowed by this contract, which may not exceed nine percent per year.
________ (name of foreclosure consultant) or any person working with ________ (name of foreclosure consultant) CANNOT ask you to sign or have you sign any lien, mortgage or deed that transfers an interest in your home or property to ________ (name of foreclosure consultant) or any person working with ________ (name of foreclosure consultant).
________ (name of foreclosure consultant) or any person working with ________ (name of foreclosure consultant) CANNOT guarantee you that they will be able to refinance your home or arrange for you to keep your home.
The law requires that this contract contain the entire agreement. You should not rely on any other written or oral agreement or promise.
______________________________________________________________________________
(2) A foreclosure consulting contract provision is void if the provision provides for the homeowner to:
(a) Waive any rights of the homeowner under ORS § 646A.702 to 646A.720;
(b) Consent to jurisdiction for litigation or dispute resolution in a state other than Oregon;
(c) Consent to a choice of laws provision that applies the laws of a state other than Oregon;
(d) Consent to venue in a county other than the county in which the residence in foreclosure or default is located; or
(e) Pay any costs or fees incurred by the foreclosure consultant to enforce the contract, other than court costs and filing fees incurred in a successful circuit court action. [2008 c.19 § 4]