Oregon · 2025 Regular Session · Bill
SB 534: Relating to allowable claims of equity in a property that is subject to a reverse mortgage; declaring an emergency.
In committee Official data
- Introduced
- In committee
- Passed one chamber
- Passed both chambers
- Enacted
Last official action: ·Record last updated:
Plain-language summary
SB 534 is a bill introduced in the Oregon Senate on January 13, 2025. According to its official title, it concerns: Relating to allowable claims of equity in a property that is subject to a reverse mortgage; declaring an emergency. Primary sponsor: Deb Patterson (Democratic). It lists 1 additional sponsor. Most recent recorded action (June 28, 2025): In committee upon adjournment.
Generated automatically from the official title, sponsor list, and status record only. It does not characterize the bill’s purpose or effects. How summaries are written
Official summary
Abstract published by the legislature (via Open States). Text as published by the legislature; reproduced verbatim.
Digest: Lets a lender who gives a lump sum as the loan in a reverse mortgage get only that part of the total equity in the house to which the lump sum is equal at the time the lender gives the lump sum. (Flesch Readability Score: 61.4) Allows a lender that, in a reverse mortgage, provides a lump sum in exchange for a claim upon the equity of a property to claim as the lender's equity, and receive as proceeds in a sale of the property, not more than the percentage of the total equity in the property to which the lump sum is equivalent on the date the lender provides the lump sum. Declares an emergency, effective on passage.
Sponsors
Sponsors by party (alphabetical): Democratic 1 · Republican 1
| Name | Role | Party | Chamber | District |
|---|---|---|---|---|
| Deb Patterson | Primary sponsor | Democratic | Senate | 10 |
| Suzanne Weber | Co-sponsor | Republican | Senate | 16 |
“Support” is shown only as formal sponsorship recorded by the legislature. Roll-call votes are available on the official bill page.
Recent official actions
- In committee upon adjournment.
- Public Hearing held.
- Referred to Housing and Development.
- Introduction and first reading. Referred to President's desk.