Oregon Senate Bill 491 Signed Into Law – Modifies Notice Requirements
Drew Hagedorn
By Drew Hagedorn, Tonkin Torp, LLP, UTA Oregon Lobbyist
The UTA tracked this bill carefully throughout the 2011 legislative session working in conjunction with Oregon's financial lobby to amend the bill to mitigate or eliminate any negative impact on trustees.
The Oregon Law Center, a non-profit low-income advocacy group, introduced the bill at the outset of the session. UTA worked with the proponents, the Oregon Bankers Association, the Oregon Credit Union Association the Independent Community Banks of Oregon among others to amend the bill to acceptable language. Dave Fennell of Routh Crabtree Olsen also was a great help.
The bill, which became law, will take effect on September 21, 2011.
By way of background, the Oregon Legislative Assembly adopted legislation in 2009 and 2010 designed to provide additional rights to tenants living in residential properties subject to foreclosure sale.
Prior to passage of Senate Bill 952 (2009), once a property was foreclosed, tenants were given 30 days notice of the intent to remove them in preparation for sale; that measure granted tenants additional notice and provided for the return of prepaid rent and security deposits. The application of the notice requirements was further clarified with passage of Senate Bill 1013 (2010).
Senate Bill 491 further modifies the requirements for notice of foreclosure and termination of tenancy for residential dwellings in foreclosure. Most prominently, the bill conforms state law to federal law with regard to notice periods. When the federal law sunsets in 2014, the notice periods will revert to the current state requirements.
Read SB 491 |
