Oregon Statutes 180.096 – Use of Countrywide Financial Corporation settlement proceeds
(1) Notwithstanding the purposes set forth in ORS § 180.095, and except as provided in subsection (2) of this section, the Department of Justice shall use the proceeds of the State of Oregon’s settlement with Countrywide Financial Corporation that are deposited into the Department of Justice Protection and Education Revolving Account to make grants, in consultation with the Housing and Community Services Department, to nonprofit entities to provide foreclosure relief services.
Terms Used In Oregon Statutes 180.096
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- 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.
(2) The Department of Justice need not use the proceeds identified in subsection (1) of this section if sufficient funding for the purposes identified in subsection (1) of this section is available from another source. [2009 c.864 § 7; 2011 c.9 § 10]
180.096 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 180 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
[1971 c.85 8,9; 1977 c.445 § 1; repealed by 1993 c.518 § 4]