ORS 456.715¹
Insurance of loans

(1) The Housing and Community Services Department may insure residential, manufactured dwelling, manufactured dwelling park and manufactured dwelling park nonprofit cooperative loans or obtain reinsurance on such loans. All such loans shall be used only to provide residential housing for persons and families of lower income and the insured must agree to any restrictions placed upon such residential housing by the department. The department may establish dedicated accounts within the Housing Finance Fund to provide reserves against losses in connection with that insurance.

(2) All applications for residential loan insurance under subsection (1) of this section shall be made on such forms and accompanied by such application fee as the department may prescribe.

(3) The department shall notify the applicant of its determinations and the approval or denial of the application.

(4) Notwithstanding subsection (1) of this section, the department may insure loans for manufactured dwelling units, manufactured dwelling parks and manufactured dwelling park nonprofit cooperatives if the department determines that the unit, park or cooperative has a significant percentage of residents who are persons of lower income. [1973 c.828 §§25,26; 1979 c.60 §10; 1979 c.327 §16; 2007 c.607 §23]

Notes of Decisions

The pro­vi­sions of this sec­tion relating to insurance should not be "deleted and severed" as unconstitu­tional, but, rather, should be interpreted as preventing any contract of loan insurance except from special revenue funds. Gibson v. Smith, 20 Or App 264, 531 P2d 724 (1975), Sup Ct review denied

1 Legislative Counsel Committee, CHAPTER 456—Housing, https://­www.­oregonlegislature.­gov/­bills_laws/­Archive/­2007ors456.­pdf (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 456, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­456ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information