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HB2846 • 2025

Directs the Department of Veterans' Affairs to develop a program under which the department, pursuant to contracts with financial institutions, provides loan or credit guarantees for qualified veterans for the purpose of refinancing existing home mortgages on veterans' primary residences.

Directs the Department of Veterans' Affairs to develop a program under which the department, pursuant to contracts with financial institutions, provides loan or credit guarantees for qualified veterans for the purpose of refinancing existing home mortgages on veterans' primary residences.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Representative Evans, Representative Andersen,, Dobson,, Gamba,
Last action
2025-06-27
Official status
In House Committee
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2025-06-27 House

    In committee upon adjournment.

  2. 2025-03-10 House

    Public Hearing held.

  3. 2025-01-17 House

    Referred to Housing and Homelessness with subsequent referral to Ways and Means.

  4. 2025-01-13 House

    First reading. Referred to Speaker's desk.

Official Summary Text

Digest: Makes ODVA create a program to provide loan and credit guarantees for veterans to refinance home mortgages. Creates a fund to pay for amounts due under a guarantee. Bans payments by ODVA other than from the fund. (Flesch Readability Score: 66.2).
Directs the Department of Veterans' Affairs to develop a program under which the department, pursuant to contracts with financial institutions, provides loan or credit guarantees for qualified veterans for the purpose of refinancing existing home mortgages on veterans' primary residences.
Establishes the Veterans Refinancing and Reintegration Services Fund. Appropriates moneys in the fund to the department. Prohibits the department from paying amounts due under a loan or credit guarantee agreement from any source other than available funds in the Veterans Refinancing and Reintegration Services Fund.
Provides that amounts due and payable under an agreement do not constitute a debt, or a lending of credit, of the state. Authorizes financial institutions to exercise rights against the security if there are insufficient available funds to pay amounts due under a loan or credit guarantee agreement.
Directs the Oregon Department of Administrative Services to include in the Governor's budget request to the Legislative Assembly for each fiscal period amounts sufficient to permit the payment of amounts due on unpaid loan and credit guarantees for that fiscal period.
Relating to: Relating to refinancing options for veterans.
Current location: In House Committee