72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
SA to SB 43
 
LC 475/SB 43-5
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 43
 
               By COMMITTEE ON BUSINESS AND LABOR
 
                             April 1
 
  On page 1 of the printed bill, line 2, after '9.160' delete the
rest of the line and line 3 and insert ', 9.166 and 9.241.'.
  On page 2, after line 12, insert:
  ' (6) The exemption provided by subsection (4) of this section
does not apply to any acts relating to a document or form that
are performed by an escrow agent under subsection (4)(b), (c) or
(d) of this section unless the escrow agent provides to the
principals to the transaction a notice in at least 12-point type
as follows:
' _______________________________________________________________
  YOU WILL BE REVIEWING, APPROVING AND SIGNING IMPORTANT
DOCUMENTS AT CLOSING. LEGAL CONSEQUENCES FOLLOW FROM THE
SELECTION AND USE OF THESE DOCUMENTS. THESE CONSEQUENCES AFFECT
YOUR RIGHTS AND OBLIGATIONS. YOU MAY CONSULT AN ATTORNEY ABOUT
THESE DOCUMENTS. YOU SHOULD CONSULT AN ATTORNEY IF YOU HAVE
QUESTIONS OR CONCERNS ABOUT THE TRANSACTION OR ABOUT THE
DOCUMENTS. IF YOU WISH TO REVIEW TRANSACTION DOCUMENTS THAT YOU
HAVE NOT YET SEEN, PLEASE CONTACT THE ESCROW AGENT.
' _______________________________________________________________
  ' (7) The exemption provided by subsection (4) of this section
does not apply to any acts relating to a document or form that
are performed by an escrow agent under subsection (4)(b), (c) or
(d) of this section for a real estate sale and purchase
transaction in which all or part of the purchase price consists
of deferred payments by the buyer to the seller unless the escrow
agent provides to the principals to the transaction:
  ' (a) A copy of any proposed instrument of conveyance between
the buyer and seller to be used in the transaction;
  ' (b) A copy of any proposed deferred payment security
instrument between the buyer and seller to be used in the
transaction; and
  ' (c) A copy of any proposed promissory note or other evidence
of indebtedness between the buyer and seller to be used in the
transaction.
  ' (8) The notice and copies of documents that must be provided
under subsections (6) and (7) of this section must be delivered
in the manner most likely to ensure receipt by the principals to
the transaction at least three days before completion of the
transaction. If copies of documents have been provided under
subsection (7) of this section and are subsequently amended,
copies of the amended documents must be provided before
completion of the transaction.
  ' (9) Failure of any person to comply with the requirements of
subsections (3) to (8) of this section does not affect the
validity of any transaction and may not be used as a basis to
challenge any transaction.'.
  After line 30, insert:
  '  { +  SECTION 5. + } ORS 9.241 is amended to read:
  ' 9.241. (1)  { + Notwithstanding ORS 9.160, + } the Supreme
Court may adopt rules to govern the appearance in judicial and
administrative proceedings by attorneys who have not been
admitted to practice law in this state. Subject to those rules,
an attorney
  { - of the highest court of record in any other state or
country - }   { + who has not been admitted to practice law in
this state  + }may appear as counsel for a party in an action or
proceeding before a court, or may appear as counsel for a party
in an administrative proceeding, if the attorney is associated
with an active member of the Oregon State Bar.
  '  { +  (2) Notwithstanding ORS 9.160, the Supreme Court may
adopt rules pursuant to the procedures established by ORS 9.490
that allow attorneys who have not been admitted to practice law
in this state to practice law in Oregon on a temporary basis,
including performing transactional or prelitigation work. + }
  '  { - (2) - }  { +  (3) + } The Supreme Court may by rule
require the payment of a fee by an attorney appearing as counsel
for a party in an action or proceeding before a court under the
provisions of subsection (1) of this section. All amounts
collected from any fee imposed by the Supreme Court under the
provisions of this subsection shall be deposited with the Oregon
State Bar and are continuously appropriated to the Oregon State
Bar. Amounts appropriated to the Oregon State Bar under this
subsection may be used only for the funding of legal services
provided through the Legal Services Program established under ORS
9.572 and for expenses incurred by the Oregon State Bar in the
administration of the Legal Services Program and in collecting
fees imposed under this subsection.'.
                         ----------