Or. Admin. Code § 274-020-0450

Current through Register Vol. 63, No. 12, December 1, 2024

Section 274-020-0450 - Due on Sale

(1) By ORS 407.335(5) the Director has discretion to decide when a second sale or transfer of the property, or any part thereof, securing an ODVA loan, will cause the entire balance of the loan to be immediately due and payable.

(2) Effective with sales, or transfers of ownership, occurring after June 30, 1989, the Director will not declare the entire unpaid balance on any loan to be immediately due and payable because of a second sale, or transfer of ownership, of the property or any part thereof, securing the loan.

DVA 4-1989, f. & cert. ef. 10-4-89

Stat. Auth.: ORS 406 & ORS 407

Stats. Implemented: ORS 407.335