75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 781
House Bill 2255
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
Presession filed (at the request of Governor Theodore R.
Kulongoski for Housing and Community Services Department)
SUMMARY
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.
Prohibits manufactured dwelling park nonprofit cooperative from
issuing stock. Exempts membership in manufactured dwelling park
nonprofit cooperative from security registration requirement.
Prohibits member of manufactured dwelling park nonprofit
cooperative from selling or redeeming membership at profit.
Limits number of manufactured dwelling park nonprofit cooperative
memberships to number of sites in manufactured dwelling park of
cooperative.
Specifies rights of lienholder acquiring manufactured dwelling
located in manufactured dwelling park of cooperative.
Establishes deadline for buyer of manufactured dwelling in park
of cooperative to join cooperative or move manufactured dwelling.
Makes membership in manufactured dwelling park nonprofit
cooperative mandatory for residents if newly created park
originates as cooperative.
Allows manufactured dwelling park nonprofit cooperative to be
sponsoring entity for purposes of tax credit for loans used to
finance construction, development, acquisition or acquisition and
rehabilitation of manufactured dwelling park. Limits types of
sponsoring entity that may be qualified borrower on loans for
manufactured dwelling parks.
A BILL FOR AN ACT
Relating to manufactured dwelling park nonprofit cooperatives;
creating new provisions; and amending ORS 59.025, 62.803,
62.809, 62.812, 62.815, 317.097 and 446.626.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Sections 2 and 3 of this 2009 Act are added to
and made a part of ORS 62.800 to 62.815. + }
SECTION 2. { + A manufactured dwelling park nonprofit
cooperative may record notices, restrictive covenants, leases,
memoranda and other documents relating to the cooperative in the
deed records of the county in which the manufactured dwelling
park of the cooperative is located. + }
SECTION 3. { + (1) If a lienholder provides a manufactured
dwelling park nonprofit cooperative with a written request for
notification, the cooperative shall provide the lienholder with
written notice if:
(a) A member of the cooperative who is identified in the
lienholder request for notification terminates occupancy in the
manufactured dwelling park of the cooperative and the cooperative
knows or reasonably should know of the termination;
(b) A member of the cooperative who is identified in the
lienholder request for notification terminates membership in the
cooperative; or
(c) The cooperative terminates, or gives notice of cause for
terminating, the occupancy or membership of a member of the
cooperative who is identified in the lienholder request for
notification.
(2) The cooperative shall allow a lienholder described in
subsection (1) of this section a reasonable time to cure any
cause asserted by the cooperative for terminating park occupancy
by the member. If the lienholder effects the cure, the lienholder
may assume the terminating member's proprietary lease.
(3) If a lienholder assumes a proprietary lease under
subsection (2) of this section, the lienholder may remove the
manufactured dwelling, subject to the satisfaction of any
obligation to the cooperative, or may sell the manufactured
dwelling. A buyer taking possession of the manufactured dwelling
from a lienholder is subject to ORS 62.809 (8). If the member of
the cooperative terminated occupancy in the park without
terminating membership in the cooperative, an application for
membership by the buyer or moving of the manufactured dwelling
shall act to transfer the membership of the terminating owner to
the cooperative. + }
SECTION 4. ORS 62.803 is amended to read:
62.803. As used in ORS 62.800 to 62.815, unless the context
requires otherwise:
{ + (1) 'Lienholder' means the holder of a manufactured
dwelling lien:
(a) That is recorded in the deed records of the county in which
the manufactured dwelling is located; or
(b) Of which a manufactured dwelling park nonprofit cooperative
has actual knowledge. + }
{ - (1) - } { + (2) + } 'Manufactured dwelling' has the
meaning given that term in ORS 446.003.
{ - (2) - } { + (3) + } 'Manufactured dwelling park' has
the meaning given that term in ORS 446.003.
{ - (3) - } { + (4) + } 'Manufactured dwelling park
nonprofit cooperative' means a cooperative corporation that:
(a) Is organized to acquire or develop, and to own, an interest
in one or more manufactured dwelling parks that are primarily
used for the siting of manufactured dwellings owned and occupied
by members of the cooperative;
(b) Limits the use of all income and earnings to use by the
cooperative and not for the benefit or profit of any individual;
and
(c) Elects to be governed by ORS 62.800 to 62.815.
SECTION 5. ORS 62.809 is amended to read:
62.809. (1) A person may become a member of a manufactured
dwelling park nonprofit cooperative if the person:
(a) Is a natural person;
(b) Owns a manufactured dwelling that is, or is to be, located
in a manufactured dwelling park of the cooperative and occupied
by the person;
(c) { - (A) - } Pays the membership fee required by the
cooperative;
{ - or - } { + and + }
{ - (B) Purchases a share of membership stock issued by the
cooperative; and - }
(d) Meets any additional membership qualifications established
in the articles of incorporation or bylaws of the cooperative.
(2) A manufactured dwelling park nonprofit cooperative shall
accept as a member any person who meets the qualifications
described in subsection (1) of this section.
(3) Membership in a manufactured dwelling park nonprofit
cooperative entitles the member to rent space for a manufactured
dwelling in a manufactured dwelling park of the cooperative and
to occupy the manufactured dwelling.
(4) { + The total number of memberships available for issuance
by a manufactured dwelling park nonprofit cooperative may not
exceed the number of manufactured dwelling sites in the
manufactured dwelling park of the cooperative. + } A cooperative
shall create or issue one membership { - or share of membership
stock - } for each manufactured dwelling that is, or is to be,
located in a manufactured dwelling park of the cooperative and
occupied by the dwelling owner. A person may not own more than
one membership { - or share of membership stock - } in the
same cooperative. A membership
{ - or membership stock - } may not be issued or transferred
to a person unless the person meets the qualifications for
membership described in subsection (1) of this section.
(5) A cooperative shall issue memberships { - or shares of
membership stock - } for a fee determined by the directors of
the cooperative. The directors may periodically adjust the fee
amount as provided in the articles of incorporation or bylaws of
the cooperative. Except for periodic adjustments, the membership
fee
{ - or membership stock price - } charged by the cooperative
shall be the same for all members. { - A member may not sell,
transfer or redeem a membership for more than the amount the
member paid for the membership plus any adjustments approved by
the directors to reflect cost-of-living increases. - }
{ + (6) A member may sell or redeem membership in the
cooperative only to the cooperative. A member may sell or redeem
membership to the cooperative only for the price the member paid
for the membership. + }
{ - (6) - } { + (7) Except as provided in this section, + }
the articles of incorporation or bylaws of the cooperative shall
establish the methods for accepting and terminating membership
and for the sale, transfer or redemption of a membership { - or
share of membership stock - } .
{ + (8)(a) A member may sell to another person the member's
manufactured dwelling located in the manufactured dwelling park
of a cooperative. The member selling the manufactured dwelling
must arrange to sell or redeem membership to the cooperative as
described in subsection (6) of this section.
(b) A person that buys a manufactured dwelling located in the
park of a cooperative from any person may apply to become a
member of the cooperative. If a member of the cooperative
transfers title to a manufactured dwelling to any person, and no
buyer of the manufactured dwelling from the member or from
another person becomes a member of the cooperative within six
months after the member transfers title, the owner of the
manufactured dwelling must remove the manufactured dwelling from
the park of the cooperative. Notwithstanding ORS 446.626, if a
manufactured dwelling located in a manufactured dwelling park of
a cooperative was recorded in the county deed records before
being sold by a member of the cooperative, the county shall
continue to list the manufactured dwelling in the deed records
until the earlier of:
(A) Six months after the member of the cooperative listed in
the county deed records transfers title to the manufactured
dwelling to any person, unless the county is notified that a
subsequent buyer of the manufactured dwelling has become a member
of the cooperative; or
(B) Issuance of a trip permit under ORS 446.631 for moving the
dwelling.
(9) If a newly created manufactured dwelling park originates as
a manufactured dwelling park nonprofit cooperative, a
manufactured dwelling owner must become a member of the
cooperative before residing in the park. + }
SECTION 6. ORS 62.812 is amended to read:
62.812. (1) As used in this section, 'debts, liabilities and
obligations' includes, but is not limited to, the repurchase of
each membership in the cooperative for the amount { - last - }
{ + that was + } charged by the cooperative as a membership fee
{ - or as the purchase price of membership stock - } .
(2) If a manufactured dwelling park nonprofit cooperative
dissolves, after payment or provision for all debts, liabilities
and obligations of the cooperative, the cooperative shall
distribute the assets of the cooperative to:
(a) Another manufactured dwelling park nonprofit cooperative;
(b) An organization organized for a public or charitable
purpose;
(c) A religious corporation;
(d) The United States;
(e) This state;
(f) A local government in this state;
(g) A housing authority created under ORS 456.055 to 456.235;
or
(h) A person that is recognized as tax exempt under section
501(c)(3) of the Internal Revenue Code.
SECTION 7. ORS 62.815 is amended to read:
62.815. (1) As used in this section, 'business entity' has the
meaning given that term in ORS 62.605.
(2) A manufactured dwelling park nonprofit cooperative may not:
{ - (a) Notwithstanding ORS 62.225, pay a dividend on stock
to members. - }
{ + (a) Issue stock in the cooperative. + }
(b) Apportion, distribute or pay net proceeds or savings to
members.
(c) Make payments in redemption or refund of capital credits or
retains to an heir of a member.
(d) Merge with a business entity other than another
manufactured dwelling park nonprofit cooperative.
(e) Convert to another type of business entity.
SECTION 8. ORS 59.025 is amended to read:
59.025. The following securities are exempt from ORS 59.049 and
59.055:
(1)(a) A security issued or guaranteed by the United States or
by a state, a political subdivision of a state or an agency or
other instrumentality of any of the foregoing.
(b) Any other security offered in connection with or as part of
the security set forth in paragraph (a) of this subsection if the
security cannot be severed and sold separately from the security
in paragraph (a) of this subsection.
(2) A security issued or guaranteed by a foreign government
with which the United States is at the time of the sale
maintaining diplomatic relations, or by a state, province or
political subdivision thereof having the power of taxation or
assessment, if the security is recognized as a valid obligation
by such foreign government or state, province or political
subdivision thereof.
(3) A security that represents an interest in or a direct
obligation of or is guaranteed by a national bank, federal
savings and loan association, federal credit union or federal
land bank or joint stock land bank or national farm loan
association.
(4) Any of the following securities:
(a) A security listed or approved for listing upon notice of
issuance on the New York Stock Exchange, the American Stock
Exchange, the Midwest Stock Exchange, the Pacific Stock Exchange
or any other exchange recognized by rule of the Director of the
Department of Consumer and Business Services;
(b) A security designated or approved for designation upon
notice of issuance under the National Association of Securities
Dealers Automated Quotation System, Inc. National Market System;
(c) Any other security of the issuer of a security listed or
designated under paragraph (a) or (b) of this subsection, that is
of senior or substantially equal rank to the listed or designated
security;
(d) A security issuable under rights or warrants listed or
approved under paragraph (a), (b) or (c) of this subsection; or
(e) A warrant or right to purchase or subscribe to any security
referred to in paragraph (a), (b), (c) or (d) of this subsection.
(5) A security maintaining a rating approved by the director in
a recognized securities manual.
(6) A security that represents an interest in or a direct
obligation of and that has been or is to be issued by a bank,
trust company, savings and loan association, or credit union,
that is subject to the examination, supervision and control of a
regulatory agency of this state.
(7) Commercial paper issued, given or acquired in a bona fide
way in the ordinary course of legitimate business, trade or
commerce, when the commercial paper is not made the subject of a
public offering.
(8) A security, the issuance of which is under supervision,
regulation or control by the Public Utility Commission of this
state, if the Public Utility Commission is exercising control
over, or is regulating or supervising, the issuer thereof.
(9) Stock or membership certificates issued by an agricultural
cooperative corporation or irrigation association when the stock
is issued to evidence membership in the cooperative or
association or as a patronage dividend and certificates issued to
members or patrons by such a cooperative or association
evidencing their respective interests in reserves or as patronage
dividends. This exemption shall not apply to any cooperative or
association that expects to engage in or is engaged in the
production, processing or marketing of forest products.
(10) Stock or membership certificates issued by a fishing
cooperative corporation, when the stock or certificates are
issued to members of the cooperative corporation either for the
purpose of showing membership in the cooperative corporation or
for the purpose of showing their respective interests in reserves
or patronage dividends. For purposes of this subsection, a
fishing cooperative corporation is an association of persons
engaged commercially in harvesting, marketing or processing
products of aquatic life from fresh and salt water, that is
formed or operated under ORS chapter 62 with the purpose of
commercially harvesting, marketing or processing such products or
engaging in group bargaining with respect to the sale of such
products.
(11) Stock or membership certificates issued by an association
of consumers formed or operated under ORS chapter 62 with the
purpose of providing groceries to its consumer members, when the
stock or certificates are issued to members either for the
purpose of showing membership in the association or for the
purpose of showing their respective interests in patronage
dividends or reserves. For purposes of the exemption under this
subsection:
(a) The price of stock or a membership certificate may not
exceed $300.
(b) The benefits shall be limited to discounts on purchases or
patronage dividends, or any combination of such discounts and
dividends.
(c) The association may issue only one stock or membership
certificate to an individual.
(12) Any security issued in connection with an employee's stock
purchase, savings, pension, profit sharing or similar employee's
benefit plan, provided:
(a) That the plan meets the requirements for qualification
under section 401 of the Internal Revenue Code of 1986; and
(b) That the terms of the plan are fair, just and equitable to
employees under rules of the director.
(13) Any security issued by a person:
(a) Organized and operated exclusively for religious,
educational, benevolent, fraternal, charitable or reformatory
purpose and not for pecuniary profit, and no part of the net
earnings of which inures to the benefit of any person, private
stockholder, or individual; and
(b) Designated by rule of the director.
{ + (14) Memberships issued by a manufactured dwelling park
nonprofit cooperative under ORS 62.800 to 62.815. + }
{ - (14) - } { + (15) + } Any other security exempted by
rule of the director.
SECTION 9. ORS 317.097, as amended by section 6, chapter 29,
Oregon Laws 2008, and section 15, chapter 45, Oregon Laws 2008,
is amended to read:
317.097. (1) A credit against taxes otherwise due under this
chapter for the taxable year shall be allowed to a lending
institution in an amount equal to the difference between:
(a) The amount of finance charge charged by the lending
institution during the taxable year at an annual rate less than
the market rate for a loan that is made before January 1, 2020,
that complies with the requirements of this section; and
(b) The amount of finance charge that would have been charged
during the taxable year by the lending institution for the loan
for housing construction, development, acquisition or
rehabilitation measured at the annual rate charged by the lending
institution for nonsubsidized loans made under like terms and
conditions at the time the loan for housing construction,
development, acquisition or rehabilitation is made.
(2) The maximum amount of credit for the difference between the
amounts described in subsection (1)(a) and (b) of this section
may not exceed four percent of the average unpaid balance of the
loan during the tax year for which the credit is claimed.
(3) Any tax credit otherwise allowable under this section that
is not used by the taxpayer in a particular year may be carried
forward and offset against the taxpayer's tax liability for the
next succeeding tax year. Any credit remaining unused in the next
succeeding tax year may be carried forward and used in the second
succeeding tax year, and likewise, any credit not used in that
second succeeding tax year may be carried forward and used in the
third succeeding tax year, and any credit not used in that third
succeeding tax year may be carried forward and used in the fourth
succeeding tax year, and any credit not used in that fourth
succeeding tax year may be carried forward and used in the fifth
succeeding tax year, but may not be carried forward for any tax
year thereafter.
(4) In order to be eligible for the tax credit allowed under
subsection (1) of this section, the loan shall { - be - } :
(a) { + Be + } made to an individual or individuals who own
the dwelling, participate in an owner-occupied community
rehabilitation program and are certified by the local government
or its designated agent as having an income level at the time the
loan is made of less than 80 percent of the area median income;
(b)(A) { + Be + } made to a qualified borrower;
(B) Used to finance construction, development, acquisition or
rehabilitation of housing; and
(C) Accompanied by a written certification by the Housing and
Community Services Department that the:
(i) Housing created by the loan is or will be occupied by
households earning less than 80 percent of the area median
income; and
(ii) Full amount of savings from the reduced interest rate
provided by the lending institution is or will be passed on to
the tenants in the form of reduced housing payments, regardless
of other subsidies provided to the housing project;
(c)(A) { + Subject to subsection (13) of this section, be
+ }made to a qualified borrower;
(B) Used to finance construction, development, acquisition, or
acquisition and rehabilitation of housing consisting of a
manufactured dwelling park; and
(C) Accompanied by a written certification by the Housing and
Community Services Department that the housing will continue to
be operated as a manufactured dwelling park during the period for
which the tax credit is allowed; or
(d)(A) { + Be + } made to a qualified borrower;
(B) Used to finance acquisition, or acquisition and
rehabilitation, of housing consisting of a preservation project;
and
(C) Accompanied by a written certification by the Housing and
Community Services Department that the housing preserved by the
loan:
(i) Is or will be occupied by households earning less than 80
percent of the area median income; and
(ii) Has a rent assistance contract with the United States
Department of Housing and Urban Development or the United States
Department of Agriculture that will be maintained by the
qualified borrower.
(5) A loan made to refinance a loan that meets the criteria
stated in subsection (4) of this section shall be treated the
same as a loan that meets the criteria stated in subsection (4)
of this section.
(6) In order to be eligible for the tax credit allowed under
subsection (1) of this section, the loan also shall be
accompanied by a written certification by the Housing and
Community Services Department that:
(a) Specifies the period, as determined by the Housing and
Community Services Department, during which the loan is eligible
for the tax credit under subsection (1) of this section; and
(b) States that the loan is within the limitation imposed by
subsection (7) of this section.
(7)(a) The Housing and Community Services Department may
certify loans that are eligible under subsection (4) of this
section if the total credits attributable to all loans eligible
for credits under subsection (1) of this section and then
outstanding do not exceed $17 million for any fiscal year. In
making loan certifications, the Housing and Community Services
Department shall attempt to distribute the tax credits statewide,
but shall concentrate the tax credits in those areas of the state
that are determined by the State Housing Council to have the
greatest need for affordable housing.
(b) The certification under subsection (6) of this section
shall state the period for which the credit will be allowed,
which may not exceed 20 years.
(8) The applicant's receipt of a credit under section 42 of the
Internal Revenue Code does not affect the credit allowed under
this section.
(9) A loan meeting the requirements of subsections (4) and (6)
of this section may be sold to a qualified assignee with or
without the lending institution's retaining servicing of the loan
so long as a designated lending institution maintains records
annually verified by a loan servicer that establish the amount of
tax credit earned by the taxpayer throughout each year of
eligibility.
(10) As used in this section:
(a) 'Annual rate' means the yearly interest rate specified on
the note, and not the annual percentage rate, if any, disclosed
to the applicant to comply with the federal Truth in Lending Act.
(b) 'Finance charge' means the total of all interest, loan
fees, interest on any loan fees financed by the lending
institution, and other charges related to the cost of obtaining
credit.
(c) 'Lending institution' means any insured institution, as
that term is defined in ORS 706.008, any mortgage banking company
that maintains an office in this state or any community
development corporation that is organized under the Oregon
Nonprofit Corporation Law.
(d) 'Manufactured dwelling park' has the meaning given that
term in ORS 446.003.
(e) 'Nonprofit corporation' means a corporation that is exempt
from income taxes under section 501(c)(3) or (4) of the Internal
Revenue Code as amended and in effect on December 31, 2007.
(f) 'Preservation project' means housing that was previously
developed as affordable housing with a contract for rent
assistance from the United States Department of Housing and Urban
Development or the United States Department of Agriculture and
that is being acquired by a sponsoring entity.
(g) 'Qualified assignee' means any investor participating in
the secondary market for real estate loans.
(h) 'Qualified borrower' means any borrower that is a
sponsoring entity that has a controlling interest in the real
property that is financed by the loan described in subsection (4)
of this section. Such a controlling interest includes, but is not
limited to, a controlling interest in the general partner of a
limited partnership that owns the real property.
(i) 'Sponsoring entity' means a nonprofit corporation,
nonprofit cooperative, state governmental entity, local unit of
government as defined in ORS 466.706, housing authority or any
other person, provided that the person has agreed to restrictive
covenants imposed by a nonprofit corporation, nonprofit
cooperative, state governmental entity, local unit of government
or housing authority.
(11) Notwithstanding any other provision of law, a lending
institution that is a community development corporation organized
under the Oregon Nonprofit Corporation Law may transfer any part
or all of any tax credit arising under subsection (1) of this
section to one or more other lending institutions that are
stockholders or members of the community development corporation
or that otherwise participate through the community development
corporation in the making of one or more loans that generate the
tax credit under subsection (1) of this section.
(12) The lending institution shall file an annual statement
with the Housing and Community Services Department, specifying
that it has conformed with all requirements imposed by law to
qualify for this tax credit.
{ + (13) Notwithstanding subsection (10)(h) and (i) of this
section, a qualified borrower on a loan to finance the
construction, development, acquisition or acquisition and
rehabilitation of a manufactured dwelling park under subsection
(4)(c) of this section must be a nonprofit corporation,
manufactured dwelling park nonprofit cooperative, state
governmental entity, local unit of government as defined in ORS
466.706 or housing authority. + }
{ - (13) - } { + (14) + } The Housing and Community
Services Department and the Department of Revenue may adopt rules
to carry out the provisions of this section.
SECTION 10. ORS 446.626 is amended to read:
446.626. (1) The owner of a manufactured structure that
qualifies under this subsection may apply to the county assessor
to have the structure recorded in the deed records of the county.
The application must be on a form approved by the Department of
Consumer and Business Services. The application must include a
description of the location of the real property on which the
manufactured structure is or will be sited. If the structure is
being sold by a manufactured structure dealer, the dealer may
file the application on behalf of the owner within the time
described in ORS 446.736 (7). A manufactured structure qualifies
for recording in the deed records if the owner of the structure:
(a) Also owns the land on which the manufactured structure is
located; { - or - }
(b) Is the holder of a recorded leasehold estate of 20 years or
more if the lease specifically permits the manufactured structure
owner to record the structure under this section { - . - }
{ + ; or
(c) Is a member of a manufactured dwelling park nonprofit
cooperative formed under ORS 62.800 to 62.815 that owns the land
on which the manufactured structure is located. + }
(2) If the assessor, as agent for the department, determines
that the manufactured structure qualifies for recording in the
deed records of the county, the assessor shall cause the
structure to be recorded in the deed records. The deed records
must contain any unreleased security interest in the manufactured
structure. If the department has issued an ownership document for
the manufactured structure, the owner must submit the ownership
document to the assessor with the application described in
subsection (1) of this section. Upon recording the manufactured
structure in the deed records, the assessor shall send the
ownership document to the department for cancellation. The
department shall cancel the ownership document and send
confirmation of the cancellation to the assessor and the owner.
(3) The recording of a security interest in the deed records of
the county under this section satisfies the requirements for
filing a financing statement for a fixture to real property under
ORS 79.0502. The recording of a manufactured structure in the
deed records of the county is independent of the assessment and
taxation of the structure as real property under ORS 308.875. The
recording of a manufactured structure in the deed records of the
county makes the structure subject to the same provisions of law
applicable to any other building, housing or structure on the
land. However, the manufactured structure may not be sold
separately from the land or leasehold estate unless the owner
complies with subsection (4) of this section.
(4) The owner of a manufactured structure that is recorded in
the deed records of the county may apply to have the structure
removed from the deed records and an ownership document issued
for the structure. Unless the manufactured structure is subject
to ORS 446.631, the owner must apply to the county assessor, as
agent for the department, for an ownership document as provided
in ORS 446.571. Upon approval of the application, the assessor
shall terminate the recording of the manufactured structure in
the deed records.
(5) If a manufactured structure described in
{ - paragraph - } { + subsection + } (1)(b) { + or (c) + } of
this section is recorded in the deed records, the owner of the
structure has a real property interest in the manufactured
structure for purposes of:
(a) Recordation of documents pursuant to ORS 93.600 to 93.800,
93.802, 93.804, 93.806 and 93.808;
(b) Deed forms pursuant to ORS 93.850 to 93.870;
(c) Mortgages, trust deeds and other liens pursuant to ORS
86.010 to 86.990 and ORS chapters 87 and 88; and
(d) Real property tax collection pursuant to ORS chapters 311
and 312. The structure owner is considered the owner of the real
property for purposes of assessing the structure under ORS
308.875.
SECTION 11. { + (1) Section 2 of this 2009 Act applies to
notices, restrictive covenants, leases, memoranda and other
documents created before, on or after the effective date of this
2009 Act.
(2) Section 3 of this 2009 Act applies to a lienholder whose
written notice is received by a manufactured dwelling park
nonprofit cooperative on or after the effective date of this 2009
Act.
(3) The amendments to ORS 62.809 by section 5 of this 2009 Act
apply to:
(a) The sale or redemption of a membership issued before, on or
after the effective date of this 2009 Act, except to the extent
of any vested contractual right to membership value increases
accruing before the effective date of this 2009 Act; and
(b) Parties to the sale, on or after the effective date of this
2009 Act, of a manufactured dwelling located in the park of a
cooperative.
(4) The amendments to ORS 59.025 by section 8 of this 2009 Act
apply to memberships in manufactured dwelling park nonprofit
cooperatives formed before, on or after the effective date of
this 2009 Act.
(5) The amendments to ORS 317.097 by section 9 of this 2009 Act
apply to loans made on or after the effective date of this 2009
Act. + }
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