Info on Senate Bill 1552

MEMORANDUM
June 29, 2012

To: All interested parties

Re: Notice Regarding Senate Bill 1552
http://www.leg.state.or.us/12reg/measpdf/sb1500.dir/sb1552.en.pdf

Effective July 11, 2012, a $100 fee will be collected (in addition to standard recording fees) for each Notice of Default recorded. There are two options to have this fee waived.

Option 1: Yearly Affidavit

• Eligible parties may record the yearly affidavit by January 31 of each calendar year. (As the governor signed this bill on April 11, 2012, this year’s affidavit may be recorded on or before August 10, 2012).

• The affidavit must be signed and notarized. Standard recording fees apply.

• The subsequent Notice of Defaults may reference the document number of the yearly affidavit on the first page or cover sheet of the document, or a copy of the affidavit may be attached to the Notice of Default.

Option 2:

• Eligible parties may attach a new exemption affidavit to each Notice of Default if the yearly affidavit is not recorded within the statutory period. If the exemption affidavit is not attached, or presented as a separate document and recorded concurrently with the Notice of Default, the $100 fee will be assessed.

• For eRecordings, please attach the affidavit to the Notice of Default as one document, or submit the separate documents as ONE PACKAGE in order to prevent the $100 fee from being assessed.

Please do not hesitate to contact our office with any questions.

Sincerely,

Valerie Unger
Polk County Clerk