75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
Enrolled
Senate Bill 97
Printed pursuant to Senate Interim Rule 213.28 by order of the
President of the Senate in conformance with presession filing
rules, indicating neither advocacy nor opposition on the part
of the President (at the request of Governor Theodore R.
Kulongoski for Department of Veterans' Affairs)
CHAPTER ................
AN ACT
Relating to loan cancellation life insurance; amending ORS
278.415 and 407.465.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 407.465 is amended to read:
407.465. (1) Subject to the limitations provided for in this
chapter, the Department of Veterans' Affairs may provide loan
cancellation life insurance for any person { - who receives or
assumes a loan or makes a contract under this chapter for the
acquisition of a home or farm, and the spouse or former spouse of
that person - } { + described in ORS 407.475 + }.
(2) The insurance may insure the life of the person who
receives or assumes the loan or who is the contract purchaser and
the life of the spouse or former spouse of that person for all or
a portion of the amount of principal and interest due on the
state loan or contract. However, for each loan or contract, the
lives of not more than two persons shall be insured. The State of
Oregon shall be named the beneficiary of the insurance. When an
individual insured under this chapter dies, the proceeds of the
insurance shall be used to pay all or the insured portion of the
balance of the state loan or contract, and the department shall
issue a revised payment plan or a satisfaction of the loan or
contract.
{ - (3) The Oregon Department of Administrative Services
shall procure loan cancellation life insurance to meet the
requirements of this chapter in compliance with the laws
governing the purchase and furnishing of services to state
agencies. - }
SECTION 2. ORS 278.415 is amended to read:
278.415. { + (1) + } { - No - } { + A + } state agency
{ - shall - } { + may not + } purchase insurance { - , other
than for employee benefits, - } except as authorized by the
Oregon Department of Administrative Services and in accordance
with the terms, conditions and procurement methods as may be
established by the department { + , + } except for the
transaction of workers' compensation insurance and reinsurance
business by the State Accident Insurance Fund Corporation.
{ + (2) + } { - However, nothing in - } This section
{ - applies to - } { + does not apply to:
Enrolled Senate Bill 97 (SB 97-INTRO) Page 1
(a) + } Professional liability insurance acquired under ORS
9.080 (2) { + ;
(b) Insurance for employee benefits; or
(c) Loan cancellation life insurance procured by the Department
of Veterans' Affairs under ORS 407.465 + }.
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Passed by Senate February 4, 2009
...........................................................
Secretary of Senate
...........................................................
President of Senate
Passed by House March 11, 2009
...........................................................
Speaker of House
Enrolled Senate Bill 97 (SB 97-INTRO) Page 2
Received by Governor:
......M.,............., 2009
Approved:
......M.,............., 2009
...........................................................
Governor
Filed in Office of Secretary of State:
......M.,............., 2009
...........................................................
Secretary of State
Enrolled Senate Bill 97 (SB 97-INTRO) Page 3