HB 2846

Directs the Department of Veterans' Affairs to develop a program under which the department, pursuant to contracts with financial institutions, provides loan or credit guarantees for qualified veterans for the purpose of refinancing existing home mortgages on veterans' primary residences.

Status	In House Committee (HHOUSH)
Sponsors	Paul Evans (Democrat) (Chief), Tom Andersen (Democrat), Mark Gamba (Democrat), April Dobson (Democrat)
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

This bill directs the Department of Veterans’ Affairs to create a program providing loan and credit guarantees to help qualified veterans refinance existing home mortgages on their primary residences.

Original Bill Text

Sponsors#

Chief Sponsors: Paul Evans

Overview#

Digest: Makes ODVA create a program to provide loan and credit guarantees for veterans to refinance home mortgages. Creates a fund to pay for amounts due under a guarantee. Bans payments by ODVA other than from the fund. (Flesch Readability Score: 66.2). Directs the Department of Veterans’ Affairs to develop a program under which the department, pursuant to contracts with financial institutions, provides loan or credit guarantees for qualified veterans for the purpose of refinancing existing home mortgages on veterans’ primary residences. Establishes the Veterans Refinancing and Reintegration Services Fund. Appropriates moneys in the fund to the department. Prohibits the department from paying amounts due under a loan or credit guarantee agreement from any source other than available funds in the Veterans Refinancing and Reintegration Services Fund. Provides that amounts due and payable under an agreement do not constitute a debt, or a lending of credit, of the state. Authorizes financial institutions to exercise rights against the security if there are insufficient available funds to pay amounts due under a loan or credit guarantee agreement. Directs the Oregon Department of Administrative Services to include in the Governor’s budget request to the Legislative Assembly for each fiscal period amounts sufficient to permit the payment of amounts due on unpaid loan and credit guarantees for that fiscal period.

Public Testimony

Name	Organization	Position	Date
Jessie Dhillon	Unincorporated Washington County	Support	2025-03-08
Pamela Leavitt	GoWest Credit Union Association	Support	2025-03-10

Legislative History

Date	Chamber	Action
2025-01-13	H	First reading. Referred to Speaker's desk.
2025-01-17	H	Referred to Housing and Homelessness with subsequent referral to Ways and Means.
2025-03-10	H	Public Hearing held.
2025-06-27	H	In committee upon adjournment.