§ 407.085 — Definitions

Oregon § 407.085

• Jurisdiction: Oregon
• Vol.: 10
• Title 33: Privileges and Benefits of Veterans and Service Personnel
• Ch. 407: Veterans Loans

Text

As used in this chapter:
(1) “Acquisition” means the purchase, improvement or refinancing of a home or farm or the payment of down payments or closing costs for such purposes.
(2) “Bonds” includes, but is not limited to, serial bonds, term bonds, notes, obligations, lines of credit, revolving credit agreements, loans, financing agreements or other evidence of indebtedness determined by the Department of Veterans’ Affairs, with the approval of the State Treasurer, to be necessary or desirable to provide funds for the purposes expressed in Article XI-A of the Oregon Constitution.
(3) “Fixed interest rate” means an interest rate on a home or farm loan that remains the same for the term of the loan.
(4)(a) “Home” means a residential structure, including a manufactured home or a condominium unit, which is established, maintained and used primarily as a principal residence by a veteran.
(b) “Home” includes real property connected to a residential structure, including any long-term leasehold and any outbuildings.
(5) “Manufactured home” means a structure that is:
(a) At least 20 feet in width;
(b) Constructed for movement on the public highways and that has sleeping, cooking and plumbing facilities;
(c) Intended for human occupancy;
(d) Being used for residential purposes;
(e) Classified and taxed as real property in the county where the structure is located; and
(f) Constructed in accordance with federal manufactured housing construction and safety standards adopted under ORS 446.155 or the National Manufactured Housing Construction and Safety Standards Act of 1974 (P.L. 93-383).
(6) “Trust deed” has the meaning given that term in ORS 86.705.
(7) “Variable interest rate” means an interest rate on a home or farm loan that may change periodically during the term of the loan.

Legislative History

Formerly 407.010; 2001 c.98 §5; 2005 c.625 §15; 2019 c.223 §2; 2021 c.13 §1