The 2008 Oregon Legislature's Special Session produced new laws relating to real property foreclosure activities and mortgage bankers and brokers. House Bill 3630 creates new duties and restrictions on foreclosure consultants and equity purchasers. It also requires a new notice during the nonjudicial foreclosure sale process. Senate Bill 1064 impacts mortgage bankers and brokers with added reporting requirements and creates new powers for the Director of the Department of Consumer and Business Services over loan originator's. If signed by Oregon's Governor, both Bills are immediately effective and become the law in Oregon. The new laws impose many additional restrictions, obligations and duties that must be complied with to ensure a valid foreclosure sale and to avoid significant legal liability for mortgage bankers and brokers. For more information, contact Erich Paetsch, the shareholder in charge of our Creditor's Rights practice area.