Oregon Code § 407.505·Enacted ·Last updated March 01, 2026
Statute Text
Loan
moneys to be reserved for borrower prior to loan commitment.
(1) When the Department of
Veterans Affairs determines that an applicants loan may be approved in
accordance with this chapter, the department, before making a loan commitment,
shall reserve an amount of money in the Oregon War Veterans Fund equal to the
amount requested by the applicant to be used only for payment to the applicant
which shall be set aside in the Direct Commitment Reserve Account.
(2) Moneys in the
Oregon War Veterans Fund Direct Commitment Reserve Account shall be reserved
as loan proceeds for an applicant under subsection (1) of this section and may
not be used for any other purpose unless the applicant cancels the application
for the loan prior to receipt of the loan proceeds. [Formerly 407.035; 2005
c.625 §50]
Plain English Explanation
This Oregon statute addresses Loan
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 407.505
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Loan
. Read the full statute text above for details.
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The formal citation is Oregon Code § 407.505. Use this format in legal documents and court filings.
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