HB 2878

Directs Department of Veterans' Affairs to develop program under which providers contracting with department provide credit guarantees for qualified borrowers for purpose of refinancing home mortgages.

Status	In House Committee (HVEM)
Sponsors	Paul Evans (Democrat) (Chief)
Fiscal impact	May have fiscal impact, but no statement yet issued
Revenue impact	May have revenue impact, but no statement yet issued

Bill Text

Introduced

Directs the Department of Veterans’ Affairs to develop a program providing credit guarantees for qualified veterans to refinance home mortgages.

Original Bill Text

Sponsors#

Chief Sponsors: Paul Evans

Overview#

Directs Department of Veterans’ Affairs to develop program under which providers contracting with department provide credit guarantees for qualified borrowers for purpose of refinancing home mortgages. Prohibits department from paying amounts due under loan or credit guarantee agreement from any source other than available moneys in Veterans Refinancing and Reintegration Services Fund. Authorizes financial institution to exercise rights against security if there are insufficient available moneys to pay amounts due under loan or credit guarantee agreement. Establishes Veterans Refinancing and Reintegration Services Fund. Continuously appropriates moneys in fund to department for purposes of program. Directs Oregon Department of Administrative Services to include in Governor’s budget for each fiscal period amounts sufficient to permit payment of amounts due on unpaid loan and credit guarantees for that fiscal period.

Public Testimony

Name	Organization	Position	Date
Jennifer Donovan	Oregon Department of Veterans Affairs	Neutral	2021-02-23

Legislative History

Date	Chamber	Action
2021-01-11	H	First reading. Referred to Speaker's desk.
2021-01-19	H	Referred to Veterans and Emergency Management.
2021-02-16	H	Public Hearing cancelled.
2021-02-23	H	Public Hearing held.
2021-06-26	H	In committee upon adjournment.