Gov. Attorney Advertising. During the 2020 Special Session, the Oregon Legislature passed House Bill (HB) 4204 as a strategy to protect Oregonians from the effects of the Covid-19 pandemic. Please note that email communications to the firm through this website do not create an attorney-client relationship between you and the firm. Click "accept" below to confirm that you have read and understand this notice. HB 4204 required the governor to announce an extension of the moratorium 30 days before the moratorium expired on Sept. 30. “Every Oregonian deserves a … Establishes temporary limitations on lenders being able to enforce default remedies on obligations secured by mortgages, trust deeds, land sale contracts or other instruments. PORTLAND, Ore. - Governor Kate Brown today extended protections from foreclosure for Oregon homeowners and business owners through executive action, until December 31. Real Estate Team summarizes impact of Oregon HB 4204. All rights reserved. The statute's impact is not limited to a moratorium on foreclosures and contains the following restrictions on lenders during the emergency period: While the foreclosure moratorium is automatic under the statute, borrowers were required under HB 4204 to deliver notice within 60 days of the June 30 effective date to gain the benefit of the restrictions noted above. In addition to the protections provided within HB 4213 for tenants of rental properties, the Oregon Legislature also passed HB 4204 to provide protections for mortgage holders. Many may already know that the Oregon legislature passed HB 4204 affecting borrower defaults and foreclosures, which became effective on June 30, 2020. Judicial and Non-Judicial Foreclosures Prohibited HB 4204 prohibits lenders from foreclosing on consumer and commercial loans secured by real estate in Oregon during the “emergency period,” which runs from March 8, 2020, through September 30, 2020, unless extended by the Governor. Please visit the State of Oregon website to print a copy of It applies to both residential and commercial real estate (and any personal property constituting a residence, such as a mobile home). Bill Title: Relating to strategies to protect Oregonians from the effects of the COVID-19 pandemic; and declaring an emergency. Relating to strategies to protect Oregonians from the effects of the COVID-19 pandemic; and declaring an emergency. House Bill 4204: Directs lenders to defer both residential and commercial mortgage payments during the pandemic emergency period until September 30, 2020 if a borrower is unable to pay due to the COVID-19 pandemic. Definitions. HB 4204 applies to any loan secured by real estate in Oregon, consumer or commercial and irrespective of whether the lender is located in Oregon. On June 30th, 2020, Oregon governor Kate Brown signed into law HB 4204, providing sweeping protections to mortgagors and putting a moratorium on foreclosure proceedings.This law also requires all lenders operating within the state to provide written notice by mail to every borrower by August 29, 2020 of the protections added by the bill. Oregon lawmakers passed House Bill 4204 in June, prohibiting banks from foreclosing on homeowners through September, seeking to establish protections for people caught up in … On June 20, 2020, Oregon Governor Kate Brown signed House Bill 4204 into law. Legislators also passed House Bill 4204 Friday, which prohibits lenders from initiating foreclosures against homeowners and other borrowers through … The trio of banks joined the lawsuit because “the one-size-fits-all approach of House Bill 4204” could harm state-chartered banks that are based in Oregon, Navarro said in a statement. It does not apply to loans secured by properties outside of Oregon, even if the lender is in Oregon. the State of Oregon – House Bill 4204 Please accept this as notice of rights which may apply to you, as a borrower, under Oregon House Bill 4204, which became effective June 30, 2020. Lenders should be careful to comply with the provisions of HB 4204, as borrowers have a private right of action to cover actual damages if suffering "an ascertainable loss of money or property" and may recover attorneys' fees and costs. “Every Oregonian … House Bill 4204 (HB 4204) was signed into law on June 30, 2020, after a short, special session of the legislature. Summary (2020-07-07) Relating to strategies to protect Oregonians from the effects of the COVID-19 pandemic; and declaring an emergency. [Chapter 4, (2020 Laws): Effective date June 30, 2020.] The COVID-19 pandemic has affected business in ways unseen before. House Bill 4204 was one of the most debated measures in the Legislature — passing in the House 39-18 and passing in the Senate 19-8. Oregon House Bill 4204 On June 30, 2020 the Oregon House Bill 4204 came into effect. HB 4204 is the first of its kind, and other states, particularly along the west coast, could follow suit. House Bill 2001 aims to provide Oregonians with more housing choices, especially housing choices more people can afford. If you hold a mortgage and are having difficulty making payments, from decrease in rental income or otherwise, we encourage you to reach out to your lender. Notably, this Order is an extension, … Potential Conflicts of Interest/Vote Explanations. The new statute affects lenders of both commercial and residential loans secured by Oregon real estate. Update: Oregon’s Mortgage Foreclosure “Emergency Period” is now extended until December 31, 2020.  By Executive Order 20-37, Governor Kate Brown has extended the emergency period of the mortgage foreclosure moratorium enacted by HB 4204 until the end of 2020. In response to the effects of the COVID-19 pandemic, the Oregon legislature enacted House Bill 4204, dated July 7 and effective June 30, establishing temporary restrictions on commercial and residential lenders from the exercise of certain remedies through, at the earliest, Sept. 30, 2020. Emergency period: This is the period between March 8, 2020, and September 30, 2020, with an option to extend by executive order. The new law protects borrowers from foreclosure and the effects of default which arise as a result of the COVID-19 pandemic. Kate Brown further extended the "emergency period," which dates retroactively to March 8, 2020, until Dec. 31, 2020, via Executive Order No. the State of Oregon – House Bill 4204 Please accept this as notice of rights which may apply to you, as a borrower, under Oregon House Bill 4204, which became effective June 30, 2020. Executive Order 20-37 will extend House Bill 4204’s current moratorium on foreclosures, as allowed by that legislation. Most notably, HB 4204 prohibits any foreclosure, whether judicial or non-judicial, during the emergency period. On June 20, 2020, Oregon Governor Kate Brown signed House Bill 4204 into law. Gov. Specifically, lenders authorized to do business in Oregon are required to provide their borrowers with written notice of their rights and accommodations under HB 4204 within 60 days of the June 30 effective date. There are very limited exceptions to the moratorium, specifically including tax foreclosures. 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