(1) The Director of Veterans’ Affairs shall identify each farm or home loan made under this chapter with moneys from the Oregon War Veterans’ Fund which, at the current rate of payment by the borrower, is not being amortized or will not be fully amortized by the agreed to date.

Terms Used In Oregon Statutes 407.195

  • Home: includes real property connected to a residential structure, including any long-term leasehold and any outbuildings. See Oregon Statutes 407.085
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(2) The director shall notify each borrower making payments on a loan identified under subsection (1) of this section that, at the current rate of payment, the loan principal will not be fully paid by the final payment date. The notice shall also include:

(a) The current principal balance.

(b) The current monthly principal and interest payment.

(c) The estimated monthly principal and interest payment necessary to reduce the principal balance to zero by the agreed to date.

(d) The estimated time remaining until the obligation is fully paid at the current payment level and the difference between that time and the agreed to date.

(3) The notice required under this section shall be made a part of the annual statement to borrowers for the calendar year 1989 and thereafter. [1987 c.652 § 22]

 

[Amended by 1967 c.189 § 1; 1971 c.80 § 4; 1983 c.740 § 128; renumbered 407.565]

 

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