Current through Register Vol. 63, No. 9, September 1, 2024
(1) Effective
February 3, 1982, the interest rate on all loans secured by property
transferred before February 3, 1982 will not change on the first transfer on or
after February 3, 1982, but on any subsequent transfer the interest rate will
be as provided by this rule and will be variable, with the limitation that the
rate will not decrease and will not increase more than an additional one
percent, except as provided under ORS
407.335(4).
(2) Subject to the conditions and limitations
of section (1) of this rule, the interest rate on real property loans, when the
property securing the loan is transferred to someone other than those entitled
to the veteran's interest rate, shall be:
(a)
Through August 21, 1969, 5 percent;
(b) Effective August 22, 1969, 6.2
percent;
(c) Effective September 4,
1969, 7.9 percent;
(d) Effective
December 10, 1969, 8.1 percent;
(e)
Effective April 8, 1970, 7.8percent;
(f) Effective August 19, 1970, 7.4
percent;
(g) Effective January 6,
1971, 6.4 percent;
(h) Effective
May 27, 1971, 7 percent;
(i)
Effective June 1, 1977, 8 percent;
(j) Effective December 1, 1977, 8.8
percent;
(k) Effective December 1,
1978, 9.8 percent;
(l) Effective
December 1, 1979, 11 percent;
(m)
Effective December 1, 1980, 13 percent;
(n) Effective December 1, 1981, 17
percent;
(o) Effective February 3,
1982, 12 percent;
(p) Effective
October 15, 1982, 11.5 percent;
(q)
Effective January 1, 1985, 11.52percent;
(r) Effective January 1, 1986, 9.86 percent,
or one percent higher than the rate on the original note, whichever is higher.
"The rate on the original note" shall be the rate stated as such on the
note;
(s) Effective January 1,
1987, 8.59 percent, or one percent higher than the rate on the original note,
whichever is higher;
(t) Effective
September 1, 1987, 10.75 percent, or the rate existing on the loan immediately
prior to the transfer, whichever is higher.
(3) Subject to the conditions and limitations
of section (1) of this rule, the interest rate on personal property loans, when
the property securing the loan is transferred to someone other than those
entitled to the veteran's interest rate, shall be:
(a) Effective May 30, 1975, 9 percent.
Personal property included leaseholds until leaseholds were defined as real
property on October 4, 1977. On or after October 4, 1977, the interest rate on
leaseholds is the real property interest rate;
(b) Effective December 1, 1977, 9.8
percent;
(c) Effective December 1,
1978, 10.8percent;
(d) Effective
December 1, 1979, 12 percent;
(e)
Effective December 1, 1980, 14 percent;
(f) Effective December 1, 1981, 18
percent;
(g) Effective February 3,
1982, 12 percent;
(h) Effective
December 1, 1982, 12.5 percent;
(i)
Effective January 1, 1985, 11.52 percent;
(j) Effective January 1, 1986, 9.86 percent,
or one percent higher than the rate on the original note, whichever is higher.
"The rate on the original note" shall be the rate stated as such on the
note;
(k) Effective January 1,
1987, 8.59 percent, or one percent higher than the rate on the original note,
whichever is higher;
(l) Effective
September 1, 1987, 10.75 percent, or the rate existing on the loan immediately
prior to the transfer, whichever is higher.
(4) This rule does not apply to transfers to
the surviving spouse, unremarried former spouse, surviving child, or stepchild
of the original borrower, who are entitled to the veteran's interest
rate.
Stat. Auth.: ORS 406 & ORS 407
Stats. Implemented: ORS
407.275 & ORS
407.335
