Or. Admin. Code § 411-050-0740

Current through Register Vol. 63, No. 12, December 1, 2024

Section 411-050-0740 - Foreclosure

(1) A licensee must provide written notification to the LLA within 10 calendar days after receipt of any notice of default, or any notice of potential default, with respect to a real estate contract, trust deed, mortgage, or other security interest affecting any property occupied or used by the licensee.

(2) The licensee must provide a copy of the notice of default or warning of potential default to the LLA.

(3) The licensee must provide written updates to the LLA at least every 30 days until the default or warning of potential default has been resolved and no additional defaults or potential defaults have been declared and no additional warnings have been issued. Written updates must include:

(a) The current status on what action has been or is about to be taken by the licensee with respect to the notice received.

(b) The action demanded or threatened by the holder of the security interest.

(c) Any other information reasonably requested by the LLA.

(4) The licensee must provide written notification within 24 hours to the LLA upon final resolution of the matters leading up to or encompassed by the notice of default or the notice warning of potential default.

(5) If the subject default property is licensed as an AFH, the licensee must provide written notification of the following within 24 hours to the LLA, and all the residents and the residents' representatives, if applicable, regarding:

(a) The filing of any litigation regarding such security interest, including the filing of a bankruptcy petition by or against the licensee or an entity owning any property occupied or used by the licensee.

(b) The entry of any judgment with respect to such litigation.

(c) The passing of the date 40 days before any sale scheduled pursuant to the exercise of legal rights under a security interest, or a settlement or compromise related thereto, of the licensee's property or property occupied or used by the licensee.

(d) The sale, pursuant to the exercise of legal rights under a security interest, or a settlement or compromise related thereto, of the licensee's property or property occupied or used by the licensee.

Or. Admin. Code § 411-050-0740

APD 19-2019, adopt filed 06/20/2019, effective 7/1/2019

Statutory/Other Authority: ORS 409.050, 410.070, 413.085, 443.001, 443.004, 443.725, 443.730, 443.735, 443.738, 443.742 & 443.760, 443.767, 443.775, 443.790, 443.880

Statutes/Other Implemented: ORS 197.660 - 197.670, 409.050, 410.070, 413.085, 441.373, 443.001 - 443.004 & 443.705 - 443.825, 443.875, 443.991