Key Votes
SB 1552 - Requirements for Lenders Seeking Foreclosure - Key Vote
Oregon Key Votes
Michael Schaufler voted Yea (Passage) on this legislation.
Read recent statements Michael Schaufler made in this general time period.
Stages
- April 11, 2012 Executive Signed
- March 5, 2012 House Bill Passed
- Feb. 16, 2012 Senate Bill Passed
- Feb. 1, 2012 Introduced
Family
Issues
Stage Details
Legislation - Signed (Executive) - April 11, 2012
Title: Requirements for Lenders Seeking Foreclosure
Legislation - Bill Passed (House) (59-1) - March 5, 2012 (Key vote)
Title: Requirements for Lenders Seeking Foreclosure
Vote to pass a bill that requires lenders to enter into mediation with borrowers before foreclosure.
- Requires a lender seeking to foreclose on a residential mortgage to enter into mediation with the borrower to negotiate a foreclosure avoidance measure (Sec. 2).
- Defines a “foreclosure avoidance measure” as an agreement between a lender and a borrower that uses any of the following methods to modify a mortgage (Sec. 2):
- The lender defers or refrains from collecting 1 or more payments due on the mortgage;
- The lender modifies the terms of the mortgage;
- The lender accepts a deed in lieu of foreclosure from the borrower;
- The borrower conducts a short sale; or
- The lender provides the borrower with other assistance that enables the borrower to avoid foreclosure.
- Requires the lender and the borrower to share the cost of mediation, except that the borrower's portion of the cost may not exceed $200 (Sec. 2).
- Authorizes a mediator to waive the borrower's portion of a mediation fee (Sec. 2).
- Authorizes a borrower to opt-out of mediation with a lender after consulting a housing counselor (Sec. 2).
Legislation - Bill Passed (Senate) (26-4) - Feb. 16, 2012 (Key vote)
Title: Requirements for Lenders Seeking Foreclosure
Vote to pass a bill that requires lenders to enter into mediation with borrowers before foreclosure.
- Requires a lender seeking to foreclose on a residential mortgage to enter into mediation with the borrower to negotiate a foreclosure avoidance measure (Sec. 2).
- Defines a “foreclosure avoidance measure” as an agreement between a lender and a borrower that uses any of the following methods to modify a mortgage (Sec. 2):
- The lender defers or refrains from collecting 1 or more payments due on the mortgage;
- The lender modifies the terms of the mortgage;
- The lender accepts a deed in lieu of foreclosure from the borrower;
- The borrower conducts a short sale; or
- The lender provides the borrower with other assistance that enables the borrower to avoid foreclosure.
- Requires the lender and the borrower to share the cost of mediation, except that the borrower's portion of the cost may not exceed $200 (Sec. 2).
- Authorizes a mediator to waive the borrower's portion of a mediation fee (Sec. 2).
- Authorizes a borrower to opt-out of mediation with a lender after consulting a housing counselor (Sec. 2).
Legislation - Introduced (Senate) - Feb. 1, 2012
Title: Requirements for Lenders Seeking Foreclosure
Sponsors
- Alan C. Bates (OR - D)
- Lee L. Beyer (OR - D)
- Brian J. Boquist (OR - R)
- Chris Garrett (OR - D)
- Paul R. Holvey (OR - D)
- Tina Kotek (OR - D)
- C. Gene Whisnant (OR - R)
Co-sponsors
- Laurie Monnes Anderson (OR - D)
- Jason A. Atkinson (OR - R) (Out Of Office)
- Jules Kopel Bailey (OR - D)
- Jeff Barker (OR - D)
- Phil Barnhart (OR - D)
- Elizabeth Terry Beyer (OR - D) (Out Of Office)
- Deborah Boone (OR - D)
- Peter J. Buckley (OR - D)
- Brian L. Clem (OR - D)
- Peter C. Courtney (OR - D)
- Jean Cowan (OR - D) (Out Of Office)
- Michael E. Dembrow (OR - D)
- Richard Devlin (OR - D)
- Jackie Dingfelder (OR - D)
- Margaret Doherty (OR - D)
- Chris Edwards (OR - D)
- Lew Frederick (OR - D)
- Sara A. Gelser (OR - D)
- Merwyn R. 'Mitch' Greenlick (OR - D)
- Chris Harker (OR - D)
- Mark Hass (OR - D)
- Dave Hunt (OR - D) (Out Of Office)
- Elizabeth K. 'Betsy' Johnson (OR - D)
- Alissa Keny-Guyer (OR - D)
- Betty Komp (OR - D)
- Greg Matthews (OR - D)
- Nancy Nathanson (OR - D)
- Julie Parrish (OR - R)
- Floyd F. Prozanski Jr. (OR - D)
- Tobias Read (OR - D)
- Arnold L. 'Arnie' Roblan (OR - D) (Out Of Office)
- Diane M. Rosenbaum (OR - D)
- Patrick Sheehan (OR - R) (Out Of Office)
- William 'Chip' Shields (OR - D)
- Jefferson Smith (OR - D) (Out Of Office)
- Elizabeth Steiner Hayward (OR - D)
- Chris Telfer (OR - R) (Out Of Office)
- Carolyn Tomei (OR - D)
- Joanne Verger (OR - D) (Out Of Office)
- Matthew 'Matt' Wand (OR - R) (Out Of Office)
- Bradley 'Brad' Witt (OR - D)
