76th OREGON LEGISLATIVE ASSEMBLY--2011 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 3533
 
                         House Bill 3265
 
Sponsored by Representative HOLVEY
 
 
                             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 financial institution from using broker price opinion
to value real property or interest in real property in certain
circumstances. Classifies use of broker price opinion as unlawful
practice.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to broker price opinions; creating new provisions;
  amending ORS 646.607; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1)(a) As used in this section, 'broker price
opinion' means an opinion that a real estate broker, as defined
in ORS 696.010, or a person engaging in professional real estate
activity, as defined in ORS 696.010, provides to a financial
institution, as defined in ORS 706.008, concerning the value of
real property or an interest in real property on a specific date
or at a specific time.
  (b) 'Broker price opinion' does not include real estate
appraisal activity, as defined in ORS 674.010, that a person
licensed under ORS chapter 674 performs in accordance with rules
adopted by the Appraiser Certification and Licensure Board.
  (2) A financial institution may not use a broker price opinion
to value real property or an interest in real property:
  (a) For the purpose of making a mortgage loan, as defined in
ORS 86A.100;
  (b) In connection with a foreclosure of a trust deed under ORS
86.705 to 86.795 or a foreclosure of a mortgage or other lien
under ORS chapter 88; or
  (c) In other circumstances where a law requires the use of a
real estate appraisal.
  (3) Violating a provision of subsection (2) of this section is
an unlawful practice under ORS 646.607 that is subject to an
investigative demand under ORS 646.618 and to enforcement in
accordance with ORS 646.632. + }
  SECTION 2. ORS 646.607 is amended to read:
  646.607. A person engages in an unlawful practice when in the
course of the person's business, vocation or occupation the
person:
  (1) Employs   { - any - }  { +  an + } unconscionable tactic in
connection with
 
  { - the sale, rental or other disposition - }  { +  selling,
renting or otherwise disposing + } of real estate, goods or
services, or
  { - collection or enforcement of - }  { +  collecting or
enforcing + } an obligation;
  (2) Fails to deliver all or   { - any - }  { +  a + } portion
of real estate, goods or services as promised, and upon request
of the customer, fails to refund   { - any - }  money that
 { - has been - }  { +  the person + } received from the customer
 { - that was - }  for   { - the purchase of - }  { +
purchasing + } the undelivered real estate, goods or services and
that { +  the seller does not retain + }   { - is not retained by
the seller - }  pursuant to   { - any - }  { +  a + } right,
claim or defense   { - asserted - }  { +  the seller asserts + }
in good faith. This subsection does not create a warranty
obligation and does not apply to a dispute over the quality of
real estate, goods or services delivered to a customer;
  (3) Violates ORS 401.965 (2);
  (4) Violates a provision of ORS 646A.725 to 646A.750;
  (5) Violates ORS 646A.530;   { - or - }
  (6) Employs a collection practice that is unlawful under ORS
646.639  { - . - }  { + ; or
  (7) Violates section 1 (2) of this 2011 Act. + }
  SECTION 3.  { + This 2011 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2011 Act takes effect on its
passage. + }
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