Posts Tagged ‘consumer protection’

Bill increases access for struggling homeowners by closing loophole

SALEM – A Senate Committee today held a public hearing on a bill that would expand Oregon’s foreclosure mediation program. Senate Bill 558 will give homeowners at risk of foreclosure the ability to request mediation with their lender regardless of the procedure that may follow.

“There are many Oregonians still struggling to stay in their homes because of the foreclosure crisis,” said Senate Majority Leader Diane Rosenbaum (D-Portland). “The benefits of mediation should be extended to all homeowners at risk of foreclosure, and we must act now to give middle class families the opportunity to keep a roof over their heads.”

Senator Rosenbaum and Senator Lee Beyer (D-Springfield), two chief sponsors of SB 558, testified at the bill’s first public hearing this afternoon.

SB 558 would expand the Foreclosure Avoidance Mediation Program (FAMP), which requires lenders to meet with homeowners in the presence of a neutral third party before a lender can proceed with a foreclosure sale. The program started operating for out-of-court foreclosures last summer, but soon after, the Oregon Court of Appeals invalidated record keeping practices used by many large lenders, which forced these banks to seek foreclosures through the courts.

“Extending the mediation program to include judicial foreclosures is just common sense,” said Senator Lee Beyer (D-Springfield). “This is a key step to ensuring that we can make a difference for Oregonians who are eager to work with their lenders and find a way to keep their home.”

While Oregon has made inroads into providing struggling homeowners with alternative options to foreclosures, the court decision has led most banks to conduct only judicial foreclosures. After the implementation of FAMP in July 2012 the overall foreclosure rate started to drop, and the amount of judicial foreclosures started to rise. According to a report from a Eugene company, lenders reported filing 681 judicial foreclosures in December 2012, up from 446 in November 2012.

“Passing SB 558 will strengthen the foreclosure avoidance program,” said Rosenbaum. “Let’s make sure that homeowners and lenders always have options to mutually resolve, and hopefully avoid, foreclosure.”

In the 2011 and 2012 Legislative Sessions, Senate Democrats took the lead on foreclosure issues, passing legislation that created the foreclosure avoidance program and prohibiting “dual-track” foreclosure sales when the homeowner is actively engaged in mutual negotiations or in compliance with a modification agreement.

Senate Bill 558 awaits further action in the Senate Committee on General Government, Consumer and Small Business Protection.

Senate takes final vote on SB 487, consumer protection victory for Oregonians

SALEM – The Senate took final action on a bill this afternoon that will give consumers greater protection from getting trapped in cyclical automatic renewal agreements that can become expensive and burdensome. Senate Bill 487 will require offers involving the automatic renewal of a product subscription to include a clear explanation that the order will automatically renew unless the customer notifies the business to stop.

Continue reading “Bill will prohibit misleading and costly automatic contract renewals” »

SB 827 builds on Senate Democrats’ foreclosure work of 2009 session

SALEM – The Oregon Senate approved a bill this morning that will clarify, streamline, and add some teeth to the state’s foreclosure laws. Senate Bill 827 will ensure that homeowners facing foreclosure receive timely, standardized information about how to request a loan modification and will give them recourse if there is a violation.

“The ongoing foreclosure crisis demands that we take action to help Oregon homeowners,” said Senator Suzanne Bonamici (D-NW Portland/Washington Co.), who carried the bill on the floor. “SB 827 builds on our work from last session and will increase the number of people we can help. With this bill, more Oregonians will have the information they need and the chance to be fairly considered for loan modification as an alternative to foreclosure.”

Continue reading “Senate bill will improve loan modification process for struggling homeowners” »

SB 756 will help Oregonians get every dollar they pay for on gift cards

SALEM – The Oregon Senate voted in support of legislation this morning that will allow Oregonians to redeem gift card balances of $5 or less for cash provided the card has been used for at least one purchase. Senate Bill 756 ensures consumers have a choice when left with a small balance on a gift card and that they aren’t forced to spend more than they intended.

Continue reading “Bill allows gift card users to get cash back on small balances” »

SB 292 sets standards that sellers must follow so consumers are not misled

SALEM – The Oregon Senate approved legislation this morning that will prevent sellers from imposing cumbersome financial obligations on consumers who sign up for “free trial offers.” Senate Bill 292 outlines the disclosure and billing requirements for such offers and requires a consumer’s affirmative consent to the terms of a free offer.

Continue reading “Legislation reins in supposedly “risk-free” trial offers” »