§ 407.505 — Loan moneys to be reserved for borrower prior to loan commitment

Oregon § 407.505

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

Text

(1) When the Department of Veterans’ Affairs determines that an applicant’s loan may be approved in accordance with this chapter, the department, before making a loan commitment, shall reserve an amount of money in the Oregon War Veterans’ Fund equal to the amount requested by the applicant to be used only for payment to the applicant which shall be set aside in the Direct Commitment Reserve Account.
(2) Moneys in the Oregon War Veterans’ Fund Direct Commitment Reserve Account shall be reserved as loan proceeds for an applicant under subsection (1) of this section and may not be used for any other purpose unless the applicant cancels the application for the loan prior to receipt of the loan proceeds.

Legislative History

Formerly 407.035; 2005 c.625 §50