74th OREGON LEGISLATIVE ASSEMBLY--2008 Special Session
House Bill 3630
Sponsored by COMMITTEE ON ELECTIONS, ETHICS AND RULES (at the request of House Interim Committee
on Consumer Protection)
The following summary is not prepared by the sponsors of the measure and is not a part of the body thereof subject
to consideration by the Legislative Assembly. It is an editor′s brief statement of the essential features of the
measure as introduced.
Imposes duties and restrictions on foreclosure consultants. Requires that provision of foreclo-
sure consulting services to homeowners be pursuant to written contract. Makes violation of fore-
closure consulting laws unfair trade practice. Makes violation of foreclosure consulting laws
criminal offense with maximum penalty of one year′s imprisonment, $10,000 fine, or both. Creates
private cause of action for damages arising from violation of foreclosure consulting laws. Applies
to agreements for foreclosure services homeowner enters into 90 or more days after effective date
Imposes duties and restrictions on equity purchasers. Requires that conveyance of homeowner
equity in residence in foreclosure be pursuant to written contract. Makes violation of equity
conveyance laws unlawful practice. Makes violation of equity conveyance laws criminal offense with
maximum penalty of one year′s imprisonment, $10,000 fine, or both. Applies to equity conveyance
agreements equity seller enters into seven or more days after effective date of Act.
Requires trustee to provide grantor of residential trust deed with toll-free telephone access to
certain loan information and consultant services. Makes violation subject to civil penalty, not to
exceed $500. Applies to trust deeds created on or after effective date of Act.
Requires trustee to send grantor of residential trust deed notice of pending foreclosure and
possible ways to avoid foreclosure at or before time trustee sends grantor notice of sale. Makes vi-
olation subject to civil pen