Status (overview) of bill: https://olis.leg.state.or.us/liz/2016R1/Measures/Overview/SB1563
SB 1563 Authorizes Environmental Quality Commission to develop low-interest loan program for on-site septic system repairs, replacements, upgrades or evaluations. Declares emergency.
PERSONAL CHOICE: Makes loans more accessible for repair or replacement of septic systems.
FREE MARKET: The participating lenders must agree to subordinate their liens to the borrowers’ consensual mortgage liens. If the first mortgage is consensual for the secondary loan, then the free market could better serve.
FISCAL RESPONSIBILITY: Uses $250,000 General Fund taxpayer funds as startup to be continuously renewed to finance a new program that provides loans or grants to low and moderate income and small business applicants that are unable to obtain traditional financing. However, the loan is required to be attached as a second to the borrowers’ consensual mortgage lien.
LIMITED GOVERNMENT: Grows government with an added program of unnecessary services making rules, loans, grants, providing community outreach, financial risk analyses, loan origination and servicing and development of related programs. The majority of the $250,000 is to grow government adding a new line-item to DEQ’s budget for years to come – at taxpayer’s expense.
Legislative Assembly declares it to be the policy of this state to offer affordable loans – since when?