72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
HA to HB 2498
 
LC 1290/HB 2498-3
 
                       HOUSE AMENDMENTS TO
                         HOUSE BILL 2498
 
                    By COMMITTEE ON JUDICIARY
 
                             May 21
 
  On page 1 of the printed bill, line 2, after '82.010 ' insert
', 82.025 and 90.260'.
  Delete lines 12 and 13 and insert:
  ' (2) The rate of interest on judgments for the payment of
money for transactions described in subsection (1) of this
section is nine percent per annum.
  ' (3) Except as provided in this subsection, the rate of
interest on judgments for the payment of money not described in
subsection (2) of this section is a rate equal to the weekly
average one-year constant maturity Treasury yield, as published
by the Board of Governors of the Federal Reserve System, for the
calendar week preceding the date of entry of the judgment. A
judgment on a contract bearing interest at a rate other than the
rate of interest described in this subsection shall bear interest
at the same rate provided in the contract as of the date of the
entry of the judgment.
  ' (4) The following apply to judgments described in subsections
(2) and (3) of this section:'.
  In line 14, delete 'under this subsection'.
  In line 16, delete 'under this subsection'.
  In line 20, delete 'under this subsection'.
  Delete lines 22 through 29.
  In line 30, delete '(3)' and insert '(5)'.
  On page 2, line 11, delete '(4)' and insert '(6)' and delete
'(3)' and insert '(5)'.
  In line 13, delete '(3)' and insert '(5)'.
  Delete lines 15 and 16 and insert:
  '  { +  SECTION 2. + } ORS 82.025 is amended to read:
  ' 82.025. ORS 82.010   { - (3) and (4) - }   { + (5) and
(6) + } and 82.020 do not apply to:
  ' (1) Any financial institution or trust company, as those
terms are defined in ORS 706.008, any consumer finance licensee
under ORS chapter 725, or any pawnbroker licensed under ORS
chapter 726.
  ' (2) Any lender approved by the Secretary of Housing and Urban
Development of the United States for participation in any
mortgage insurance program under the National Housing Act (12
U.S.C. 1701 et seq.).
  ' (3) Any loan secured by a first lien on real property or made
to finance the acquisition of real property and secured by any
lien on that property.
  ' (4) Any loan which is secured by real property, which is
scheduled under the loan agreement to be repaid in substantially
equal payments and which is made by a lender described in this
subsection. A lender under this subsection is one who makes,
invests in or arranges real property loans, including loans
secured by first liens on residential manufactured homes,
aggregating more than $1 million per year. Under this subsection,
payments shall be 'substantially equal' if, under the terms of
 
the loan agreement, no single scheduled payment is more than
twice the amount of any other scheduled payment.
  ' (5) Any loan wholly or partially secured or covered by
guarantees or insurance by the Federal Housing Administration,
the United States Department of Veterans Affairs or the Farmers
Home Administration of the United States, any department, bureau,
board, commission or agency of the United States, or any
corporation wholly owned, directly or indirectly by the United
States.
  ' (6) Any loan permitted under applicable federal law and
regulations from a tax qualified retirement plan to a person then
a participant under the plan.
  ' (7) Any bona fide sale or resale of securities or commercial
paper.
  ' (8) Any interest charge by broker-dealers registered under
the Securities Exchange Act of 1934 for carrying a debit balance
in an account for a customer if the debit balance is payable on
demand and secured by stocks or bonds.
  '  { +  SECTION 3. + } ORS 90.260 is amended to read:
  ' 90.260. (1) A landlord may impose a late charge or fee,
however designated, only if:
  ' (a) The rent payment is not received by the fourth day of the
weekly or monthly rental period for which rent is payable; and
  ' (b) There exists a written rental agreement that specifies:
  ' (A) The tenant's obligation to pay a late charge on
delinquent rent payments;
  ' (B) The type and amount of the late charge, as described in
subsection (2) of this section; and
  ' (C) The date on which rent payments are due and the date or
day on which late charges become due.
  ' (2) The amount of any late charge shall not exceed:
  ' (a) A reasonable flat amount, charged once per rental period.
'Reasonable amount' means the customary amount charged by
landlords for that rental market;
  ' (b) A reasonable amount, charged on a per-day basis,
beginning on the fifth day of the rental period for which rent is
delinquent. This daily charge may accrue every day thereafter
until the rent, not including any late charge, is paid in full,
through that rental period only. The per-day charge may not
exceed six percent of the amount described in paragraph (a) of
this subsection; or
  ' (c) Five percent of the periodic rent payment amount, charged
once for each succeeding five-day period, or portion thereof, for
which the rent payment is delinquent, beginning on the fifth day
of that rental period and continuing and accumulating until that
rent payment, not including any late charge, is paid in full,
through that rental period only.
  ' (3) In periodic tenancies, a landlord may change the type or
amount of late charge by giving 30 days' written notice to the
tenant.
  ' (4) A landlord shall not deduct a previously imposed late
charge from a current or subsequent rental period rent payment,
thereby making that rent payment delinquent for imposition of a
new or additional late charge or for termination of the tenancy
for nonpayment pursuant to ORS 90.400 (2).
  ' (5) A landlord may charge simple interest on an unpaid late
charge at the rate allowed for judgments pursuant to ORS 82.010
  { - (2) - }  and accruing from the date the late charge is
imposed.
  ' (6) Nonpayment of a late charge alone shall not constitute
grounds for termination of a rental agreement for nonpayment of
rent pursuant to ORS 90.400 (2), but shall constitute grounds for
termination of a rental agreement for cause pursuant to ORS
90.400 (1) or 90.630 (1). A landlord may note the imposition of a
late charge on a notice of nonpayment of rent pursuant to ORS
90.400 (2), so long as the notice states or otherwise makes clear
that the tenant may cure the nonpayment notice by paying only the
delinquent rent, not including any late charge, within the
allotted time.
  ' (7) A late charge includes an increase or decrease in the
regularly charged periodic rent payment imposed because a tenant
does or does not pay that rent by a certain date.
  '  { +  SECTION 4. + }  { + The amendments to ORS 82.010,
82.025 and 90.260 by sections 1 to 3 of this 2003 Act apply to
judgments entered on or after the effective date of this 2003
Act. + } ' .
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