Legislative roundup: Bills to help wildfire victims, strengthen real estate transactions, raise cap on rainy day fund advance
SALEM, Ore. (KTVZ) -- As the Oregon Legislature's short 2024 session moves toward adjournment, a variety of bills are advancing toward final passage. Here are three of this week's news releases on legislation beyond the high-profile housing and Measure 110 "fix" packages drawing most attention:
On Wednesday, From the Oregon Senate Republican Caucus:
Financial Relief for Wildfire Victims Passes Oregon Senate
SALEM, Ore. – Today, the Oregon Senate unanimously voted to pass SB 1520, a bill which allows Oregon wildfire victims to recover and rebuild their lives without the additional strain of taxation of settlements related to their wildfire losses. The measure proposes to exempt legal settlements from state income taxes for wildfire occurring after January 1, 2020, that were declared state and federal emergencies.
“SB 1520 is the result of a year-long bipartisan effort to give wildfire victims financial relief needed to rebuild their homes and get their lives back on track,” said Senator Brian Boquist (R-Dallas), who introduced the measure. “Now that many victims of recent wildfires have received their settlements from Pacific Power, they want to begin the process of rebuilding. However, they often can’t because they owe roughly 45% of their net settlement to the State and Federal Government in taxes. The tax relief provided in this bill means many of these wildfire victims will have the ability to begin rebuilding their homes, businesses, and communities.”
“It is critical that we ease the burden of Oregonians who have already suffered immense loss to catastrophic wildfire in recent years. “This bill is a great opportunity to provide them with needed financial relief,” said Senator Lynn Findley (R-Vale), a chief sponsor.
“I appreciate the work of Senator Boquist and am grateful for our colleagues in passing SB 1520,” said Senator David Brock Smith (R-Port Orford), a chief sponsor. “Too many of my constituents from Curry to Douglas Counties have lost their homes to wildfire due to a lack of management of our federal forest lands. SB 1520 exempts taxes on settlements associated with the loss of due to wildfire. This is the right thing to do.”
A key priority for the Senate Republican Caucus this session is growing the economy and lowering costs for Oregonians. SB 1520 is a key bill on our agenda, which can be found here.
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SENATOR DICK ANDERSON
REPRESENTATIVE VIKKI BREESE-IVERSON
FOR IMMEDIATE RELEASE
Date: February 28, 2024
Contact: Ashley Kuenzi, Communications Director
Ashley.Kuenzi@oregonlegislature.gov
Oregon Senate Strengthens Consumer Protections in Real Estate Transactions
SALEM, Ore. – Today, the Oregon Senate passed HB 4058, a bill increasing transparency and strengthening consumer protections in real estate transactions. The measure was carefully crafted in partnership with industry experts.
“With over 30 years of experience in real estate, I know how important transparency in written agreements are. Oregonians deserve these common-sense consumer protections.” said Senator Dick Anderson (R-Lincoln City), a chief sponsor who carried the measure.
“When the industry shows up with a plan to promote greater transparency in their own industry, we need to show up for them and get it done,” said Representative Vikki Breese-Iverson (R-Prineville), who introduced the bill. “HB 4058 is goodfor all Oregonians. I’m proud of Oregon Realtors who continue to be a proactive leader in the industry.”
What the bill does:
- HB 4058 regulates residential property wholesaling, which is where a person enters into a purchase contract with a property owner for one purchase price, then assigns the contract to another buyer for a profit without ever taking the title to the property. Wholesaling is currently unregulated in Oregon. HB 4058 follows the example set by other states and local governments across the country by implementing common-sense consumer protections.
- HB 4058 prohibits future right to list contracts where some real estate firms have locked homeowners into contracts which require the homeowner to list their home with a particular firm if the homeowner decides to sell at any time in the next 40 years.
- HB 4058 requires real estate licensees to use written agreements when representing buyers or sellers in real estate transactions and prohibits buyers’ agents and sellers’ agents from sharing compensation with each other without disclosure to their client. Consumers of real estate services should understand what services they can expect from their agent and how their agent is getting paid. HB 4058 ensures that will happen on both the listing and buying side of the transaction.
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OFFICE OF SENATOR ELIZABETH STEINER
FOR IMMEDIATE RELEASE
February 29, 2024
Press Contact:
Tess Seger, Tess.Seger@oregonlegislature.gov
Stabilizing Oregon’s Rainy Day Resources
Senate Bill 1562 ensures that vital services reach Oregonians in economic downturns.
SALEM, Ore. — Today, Senate Bill 1562 passed the Oregon Senate with unanimous support. This legislation will raise the cap of money on Oregon’s Rainy Day Fund, allowing Oregon to better prepare for future economic uncertainty.
The Rainy Day Fund was created in the 2007 legislative session based on information from previous economic recessions. Since then, our general fund revenue has tripled and the state has provided more services to Oregonians.
“The state should be prepared to provide vital services to Oregonians in the case of an economic downturn,” said Senator Elizabeth Steiner (D-NW Portland), chief sponsor of the bill and co-chair of the Joint Ways and Means Committee. “This bill will ensure that Oreogn’s resources are strong when communities are counting on us the most.”
SB 1562 is a key pillar of Senate Democrats’ Uniting Oregon Agenda, which aims to balance Oregon’s budget and maintain funding for critical state services. The bill now goes to the Oregon House of Representatives for consideration.
