Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 720 - CREDIT UNIONS
Section 441-720-0225 - Adoption of Federal Statutes, Rulings, Policy Regarding Mortgage Assumptions
Universal Citation: OR Admin Rules 441-720-0225
Current through Register Vol. 63, No. 9, September 1, 2024
(1) A state credit union is authorized to exercise the powers to allow nonmembers to assume real estate mortgages of members conferred on a federally chartered credit union as follows:
(a) The assumption is in
conjunction with the nonmember's purchase of the member's principal
residence;
(b) The nonmember
assumes only the remaining unpaid balance of the loan;
(c) The terms of the loan remain unchanged;
and
(d) There is no extension of
the original maturity date specified in the loan agreement with the
member.
(2) An assumption is impermissible if the original loan was made with the intent of having a nonmember assume the loan.
Stat. Auth.: ORS 723.102
Stats. Implemented: ORS 723.156 & 723.602
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