Or. Admin. Code § 813-020-0047
Current through Register Vol. 63, No. 12, December 1, 2024
Section 813-020-0047 - [Effective until 5/2/2025] Title InsuranceA loan under the Single-Family Mortgage Program must be covered by a title insurance policy issued in American Land Title Association (ALTA) form by a title insurance company authorized to transact insurance in Oregon by the Department of Consumer and Business Services. All of the following requirements apply to a title insurance policy under this rule:
(1) The amount of coverage of the policy must be at least equal to the outstanding principal balance of the program loan.(2) The benefits of the policy must run to the Department, as either named insured or assignee.(3) The policy may not be subject to any exceptions or conditions other than those previously approved by:(b) The federal Department insuring or guaranteeing the loan, if any; or(c) A private mortgage insurer, if any.Or. Admin. Code § 813-020-0047
1HD 9-1984, f. & ef. 9-4-84; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 10-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; HSG 4-1995, f. & cert. ef. 9-28-95; Renumbered from 813-020-0041 by OHCS 8-2011(Temp), f. & cert. ef. 9-30-11 thru 3-27-12; Renumbered from 813-020-0041 by OHCS 1-2012, f. & cert. ef. 3-27-12; OHCS 46-2024, temporary suspend filed 11/04/2024, effective 11/4/2024 through 5/2/2025Statutory/Other Authority: ORS 456.555
Statutes/Other Implemented: ORS 456.620, 456.625, 456.635 & 456.640