§ 94.585 — Authority to amend declaration and initial bylaws to comply with federal or state laws

Oregon § 94.585

• Jurisdiction: Oregon
• Vol.: 3
• Title 10: Property Rights and Transactions
• Ch. 94: Real Property Development

Text

A declarant may amend the declaration or initial bylaws in order to comply with requirements of the Federal Housing Administration, the United States Department of Veterans Affairs, Rural Development or the Farm Service Agency of the United States Department of Agriculture, the Federal National Mortgage Association, the Government National Mortgage Association, the Federal Home Loan Mortgage Corporation, any department, bureau, board, commission or agency of the United States or the State of Oregon or any corporation wholly owned, directly or indirectly, by the United States or the State of Oregon that insures, guarantees or provides financing for a planned community or lots in a planned community. However, if the need to amend the declaration or the initial bylaws occurs after the turnover to the homeowners association has occurred, the amendment must be approved by the association in accordance with the approval provisions of the declaration or bylaws.

Legislative History

1981 c.782 §19; 1991 c.67 §18; 1999 c.677 §6; 2007 c.71 §26