Bonamici joins Governor to support 2009 consumer protection legislation
August 3rd, 2009
SB 628, provides foreclosure assistance, signed into law Thursday
Senator Suzanne Bonamici joined Governor Ted Kulongoski Thursday in Portland for the signing of important consumer protection legislation passed in the 2009 session. The Governor signed two pieces of legislation while also speaking broadly about the successes achieved in consumer protection during the 2009 session.
“There is no question in my mind that Oregon consumers are big winners because of bills passed this legislative session,” said Bonamici (D-NW Portland/Washington Co.), who chairs the Senate Consumer Protection and Public Affairs Committee. “Whether they’re facing the loss of a home, looking for help managing their debt, or purchasing a car, we passed meaningful laws that look out for the best interests of all Oregonians.”
Bonamici was the chief advocate for one of the pieces of legislation signed yesterday. Senate Bill 628 will provide homeowners with additional information about loan modification and it creates an opportunity for homeowners facing foreclosure to have a conversation with their lenders. Under the provisions of the bill, lenders must determine in good faith whether the homeowners are eligible for loan modification. The bill also funds additional housing counselors to help homeowners through the complicated process that consumers encounter when faced with foreclosure.
“Many people don’t know what to do when they are on the brink of losing their homes,” said Bonamici. “Help is available—but it is only meaningful if homeowners know how to ask for that help.”
Another bill signed yesterday was House Bill 2189, which allows the state to enforce federal mortgage laws and also has Oregon join a national registry of loan originators.
“In these challenging times, it is more important than ever that Oregon families aren’t taken advantage of by individuals or companies that don’t comply with the law,” said Bonamici. “I’m proud of the work we accomplished during the recent session to protect Oregon families, but there is always more we can do. I am confident the Legislature will continue this important work during the interim and beyond.”
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