2013 ORS § 348.592¹
Loan cancellation insurance

(1) The Executive Director of the Office of Student Access and Completion may obtain loan cancellation insurance for any person holding a loan under this section and ORS 348.505 (Financial aid defined) to 348.530 (Powers) and 348.570 (Funds and accounts).

(2) The insurance shall insure the life of the student who borrows under this section and ORS 348.505 (Financial aid defined) to 348.530 (Powers) and 348.570 (Funds and accounts) for the amount of the principal and interest due on the loan and the State of Oregon shall be named as the beneficiary. If the borrower dies before repaying the loan, the insurance shall be used to pay the balance of the loan and the executive director shall issue a satisfaction of the obligation.

(3) The Oregon Department of Administrative Services shall procure bids for the purchasing of insurance in compliance with the laws governing the purchase and furnishing of services to state agencies. [Formerly 348.620; 2011 c.637 §177; 2013 c.747 §121]

Note: The amendments to 348.592 (Loan cancellation insurance) by section 121, chapter 747, Oregon Laws 2013, become operative July 1, 2014. See section 204, chapter 747, Oregon Laws 2013. The text that is operative until July 1, 2014, is set forth for the users convenience.

348.592 (Loan cancellation insurance). (1) The Oregon Student Access Commission may obtain loan cancellation insurance for any person holding a loan under this section and ORS 348.505 (Financial aid defined) to 348.530 (Powers) and 348.570 (Funds and accounts).

(2) Such insurance shall insure the life of the student who borrows under this section and ORS 348.505 (Financial aid defined) to 348.530 (Powers) and 348.570 (Funds and accounts) for the amount of the principal and interest due on the loan and the State of Oregon shall be named as the beneficiary. If the borrower dies before repaying the loan, the insurance shall be used to pay the balance of the loan and the commission shall issue a satisfaction of the obligation.

(3) The Oregon Department of Administrative Services shall procure bids for the purchasing of insurance in compliance with the laws governing the purchase and furnishing of services to state agencies.

Note: 348.592 (Loan cancellation insurance) was added to and made a part of 348.500 (Purpose) to 348.695 (Rights and remedies of bondholders and trustees) by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.