Posts Tagged ‘Senator Suzanne Bonamici’

HB 3706 adds loans and credit transactions to Oregon’s Unlawful Trade Practices Act

The Senate passed legislation this afternoon that broadens the state’s anti-fraud laws to apply to lenders. House Bill 3706 will allow both private citizens and the Attorney General to sue lenders for misrepresentations, as they can do with most other businesses in Oregon.

“Banks and lenders should be subject to the same laws as other Oregon businesses, and if they break those laws we should be able to hold them accountable,” said Senator Suzanne Bonamici (D-NW Portland/Washington Co.), chair of the Senate Consumer Protection Committee. “Strengthening consumer confidence is an important part of rebuilding our economy, and better consumer protection laws can help bring back that confidence.”

HB 3706 will add “loans and extensions of credit” to the definition of “real estate, goods, or services” in the Unlawful Trade Practices Act. Consumer finance lenders, banks and trusts, credit unions, and mortgage lenders would no longer be exempt from legal action.

“This session is about sticking up for middle class families,” said Senate Majority Leader Richard Devlin (D-Tualatin). “When fraud is committed, Oregonians need to be able to take action against those that did them wrong. This bill closes a major loophole.” Read the rest of this entry »

SB 1017 will allow greater access to two business development funds

Senate Democrats fulfilled a key commitment on their February 2010 Agenda this afternoon by passing legislation that allows greater access to business development funds. Senate Bill 1017, called the Access to Business Capital Act (ABC Act) gives small businesses better access to the capital they need through the Oregon Business Development Fund and the Oregon Entrepreneurial Development Loan Fund.

Senator Suzanne Bonamici (D-NW Portland/Washington Co.) and Representative Margaret Doherty (D-Tigard) worked together on the legislation, which is a key part of both the House and Senate Democrats’ agendas for the February session.

“The ABC Act helps community businesses by making it easier for them to access small business loan programs,” said Bonamici. “This bill will provide additional flexibility to get money out the door more quickly to companies that need help.” Read the rest of this entry »

SB 1002 raises coverage for insurance annuities to protect consumers from risk

Legislation passed today in the Senate will provide greater protection to people who buy annuities, a financial product popular with seniors and those planning for retirement.  Senate Bill 1002 raises the benefit limit for annuities from the current $100,000 to $250,000.

“Just as bank deposits are protected by the FDIC, money that consumers invest in annuities is covered by Oregon guaranty associations,” explained Senator Suzanne Bonamici (D-Washington Co./Portland), chair of the Consumer Protection and Public Affairs Committee. “The average amount invested in annuities has grown, but Oregon’s coverage limit hasn’t increased since 1991. This bill raises the limit so that investors will be better protected if an insurance company is liquidated or becomes insolvent.” Read the rest of this entry »

Bills extend unemployment benefits and increase small businesses’ access to capital

Two bills that are a major part of the Senate Democrats’ February jobs agenda moved out a Senate committee today. Two bills, one extending unemployment insurance benefits and one making it easier for small businesses to access capital, were voted out of the Senate Commerce and Workforce Development Committee by a unanimous vote.

“These bills are perfect examples of our commitment to getting Oregonians back to work and supporting small businesses this session,” said Senator Diane Rosenbaum (D-Portland), chair of the Committee.

Senate Bill 990 uses $19 million in the unemployment trust fund to give Oregonians a six week extension in much-needed benefits. The funds are available after a 2009 extension was supplemented by federal stimulus dollars, leaving a remaining balance for a new extension. SB 990 will be voted on by the full Senate within the week.

“Oregonians need to be able to feed their families while they continue to look for work,” said Rosenbaum. “This six week extension will help over 18,000 workers who have already exhausted their Federal benefits.”

Senate Bill 1017 was also voted out of committee today. That bill gives small businesses better access to the capital they need through the Oregon Entrepreneurial Development Loan Fund and the Oregon Business Development Fund.

“This bill will help small businesses in rural and urban areas across the state and it will further the entrepreneurial spirit that is so important to Oregon,” said Senator Suzanne Bonamici (D-Washington Co./Portland), the bill’s chief sponsor.

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. Read the rest of this entry »

SB 628 outlines process to help prevent foreclosures

With Oregon foreclosure rates soaring, the Senate voted today to pass an assistance package that aims at helping Oregonians who are at risk of losing their homes. SB 628 establishes a process to bring lenders and borrowers together to review the viability of a modified loan with a goal of preventing foreclosures.

“This legislation creates the opportunity for homeowners to have a conversation with their lender about modifying their loans,” said Senator Suzanne Bonamici (D-NW Portland/Washington Co.), chief sponsor of the bill. “Many times when borrowers fall behind on their mortgage payments they don’t know who to call, and when they do, they find that there isn’t anyone on the other end of the line to help them navigate this complicated system.”

SB 628 requires that any Notice of Default sent to Oregon homeowners outline the following:

• Information about the possibility of loan modification;
• A “Modification Request Form (Form);” and
• Contact information for referral to a Housing Counselor.

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HB 3004 will protect borrowers from being targeted by lenders twice

SALEM – The Senate today voted in favor of HB 3004, legislation that prevents lenders or their affiliates from pursuing further action against a second mortgage once the home has already been foreclosed and sold.  Under the bill, if a lender or its affiliate holds two mortgages, one for 80 percent and one for 20 percent, and forecloses and sells the home, the lender is barred from suing the former homeowner for their interest in the second lien for 20 percent.

“It is well-known by now that some lenders gave Oregon borrowers complicated loans that trapped them with high payments,” said Senator Suzanne Bonamici (D-NW Portland/Washington Co.), who carried the bill on the Senate Floor. “If Oregonians lose their homes, they’re already paying the price. They shouldn’t have to pay a second time.”

HB 3004 applies retroactively, potentially relieving beleaguered Oregonians of millions of dollars of debt, and applies only to lenders that hold both mortgages.  Local bankers and credit unions have supported the bill, decrying the deceptive practices of a few out of state lenders.

“This bill ensures that if a homeowner defaults on a loan, the lender gets the property and the homeowner doesn’t face further indebtedness,” said Senator Vicki Walker (D-Eugene). “We are effectively closing a loophole that will help Oregonians who are already facing hard times.”

HB 3004 was introduced by Representatives Brian Clem (D-Salem) and Chris Edwards (D- Eugene) and now goes to the House for concurrence.

HB 2191 lays ground rules for businesses operating in Oregon

SALEM – With more and more Oregon families struggling to stay afloat in tough economic times, the Senate passed House Bill 2191 this morning. The bill addresses problems raised by the proliferation of debt management providers in the state – some of which do not have the consumer’s best interest at heart.

“Many of these companies are making a profit off of people who are already struggling in this challenging economy,” said Senator Suzanne Bonamici (D-Beaverton), chair of the Senate Consumer Protection Committee. “We need to set strong standards for these companies to ensure no more Oregonians are harmed by their misleading tactics.”

Some companies operating under the guise of debt management require high fees before delivering services and they usually advise consumers not to communicate with their creditors – which is often the worst advice. While the debt management company negotiates with creditors on a consumer’s behalf, late fees and penalties can continue to add up, sometimes resulting in legal action against the debtor.

“These are people who are trying to get out of debt and some companies out there are only making the problem worse,” said Senator Diane Rosenbaum (D-Portland). “The ads on the radio and signs you see on the road promise help, but there are sometimes really underhanded operations behind the promises.”

Specifically, HB 2191 requires that consumers be provided with specified disclosures and written contracts, including a three-day right of cancellation. The bill also prohibits misleading advertising. Costs for setup and counseling will both be capped at $50 and the charge for any negotiated reduction in debt is limited to 7.5 percent.

“Some of these companies are legitimate and some are not, but Oregonians shouldn’t have to figure that out through trial and error,” said Senator Margaret Carter (D-Portland). “The consequences of ending up with a bad actor can put a person into a worse situation than when they started.” Read the rest of this entry »

HB 2578 will require photographic evidence of violation to be taken

SALEM – Legislation that creates protection from predatory towing companies passed in the Senate this morning with a unanimous vote. House Bill 2578 requires a tower to contact a property owner or tenant before towing and allows the vehicle owner to move their vehicle without fees beyond the initial hookup. The bill also requires that parking rules be clearly posted by a landlord.

“This bill is for anyone who has felt that sinking feeling of going out to your car and finding it missing without notice,” said Senator Suzanne Bonamici (D-Washington Co./NW Portland), Chair of the Senate Consumer Protection Committee. “Given the opportunity, most people want to follow the rules – but those rules need to be enforced in good faith – not just for a towing company to make a profit.”

Patrol towing generally involves an agreement between a property owner and tower to allow any unauthorized vehicle on the property to be towed without notice. House Bill 2578 prohibits this practice except for in cases where public safety or access is compromised. The bill would also require a tower to take photographic evidence of a parking infraction before towing a vehicle.

“Because tow-truck drivers work on commission, they’re motivated to act quickly and this can result in errors,” said Senator Ginny Burdick (D-Portland). “Taking a quick photo will provide solid evidence that a violation did in fact occur. It’s a simple requirement, but one that should give both parties some solid ground to work with when dealing with disputes. ”

HB 2578 was introduced in the House by Representative Chuck Riley (D-Hillsboro) and Representative Michael Dembrow (D-Portland). The bill will now go to the House for concurrence.

SB 284 increases the statute of ultimate repose, or SOUR, to 10 years

The Senate passed legislation this morning that keeps courtroom doors open for consumers harmed by dangerously defective products that are greater than 8 years old.  SB 284 increases the statute of ultimate repose – age of a defective product – for product liability actions from its current limit of 8 years to 10 years. The bill also includes a “look away” provision to the state of manufacture, giving the injured party the length of time allowed in the state where the product was originated.

“A defective product can cause serious, life-altering injuries,” said Senator Floyd Prozanski (D-Eugene), chair of the Senate Judiciary Committee. “This is about fairness to consumers. It’s an incremental step, but two years and the inclusion of a look away provision can make a significant difference if you’ve been hurt by a faulty product.”

A statute of ultimate repose (SOUR) limits the length of time after a consumer is harmed that a manufacturer can legally be held responsible for the defective product.  Currently, Oregonians have the 49th weakest level of protection with the majority of states having no limitation at all.  SB 284 also affords four Lake Oswego teachers who have suffered alleged harm from R type metal halide and mercury vapor light bulbs, the opportunity to pursue their case against the New Jersey based manufacturer of the bulbs.

“Some of the stories we heard in committee were heartbreaking,” said Senator Suzanne Bonamici (D-Washington Co./Portland), a member of the Judiciary Committee. “There are people in this state who have lost limbs because of malfunctioning washing machines and farm equipment and they have little recourse because of Oregon’s short statute of ultimate repose. This is a step toward justice for those who may suffer from an injury in the future.”
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