§ 407.285 — Rate of interest payable by certain transferees

Oregon § 407.285

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

Text

(1) Notwithstanding the repeal of section 5, chapter 11, Oregon Laws 1982 (first special session), during the term of a loan for which the interest rate was initially fixed under section 5, chapter 11, Oregon Laws 1982 (first special session), the Department of Veterans’ Affairs may periodically prescribe the interest rate to be paid by the transferee. However, the interest rate for such loans may not at any time be less than the rate initially fixed under section 5, chapter 11, Oregon Laws 1982 (first special session), nor exceed a rate per annum which is one percent higher than the rate initially fixed under section 5, chapter 11, Oregon Laws 1982 (first special session).
(2) The department may prescribe the interest rate to be paid by the transferee at a rate greater than the rate described in subsection (1) of this section, but only to the extent necessary to avoid invoking the provisions of section 4, Article XI-A of the Oregon Constitution.

Legislative History

1982 s.s.1 c.11 §7; 1987 c.221 §3; 2005 c.625 §33