Oregon Administrative Rules
Chapter 274 - DEPARTMENT OF VETERANS' AFFAIRS
Division 45 - POST VIETNAM ERA VETERANS' HOME LOAN PROGRAM
Section 274-045-0145 - Loan Cancellation Life Insurance
Current through Register Vol. 63, No. 12, December 1, 2024
(1) The Director of the Oregon Department of Veterans' Affairs (Director), prior to obtaining loan cancellation life insurance for any person who receives or assumes a loan or makes a contract with ODVA for the acquisition of a home, and the spouse or former spouse of that person, may enter into a contract with an insurance carrier which allows the carrier to:
(2) The Director will negotiate a contract with the insurance carrier as necessary to insure procurement and maintenance of adequate, solvent, and uninterrupted, long-term insurance coverage.
(3) The insurance contract may provide that loan cancellation life insurance on a loan or contract for the acquisition of a home or farm will be canceled after payments on the loan or contract become four months delinquent. Accounts due monthly are considered four months delinquent when the cumulative delinquency equals four times the standard monthly payment.
(4) The insurance contract may provide that insurance canceled for the above reason cannot be reinstated unless payments are brought current and a new application for insurance is submitted. The provisions of section (1) of this rule will apply to the newly submitted application.
Stat. Auth.: ORS 406.030, ORS 407.115, ORS 407.465, ORS 407.475
Stats. Implemented: ORS 407.115, ORS 407.135, ORS 407.145, ORS 407.465, 407.475