Oregon Session Update: Priority Bills Advancing

Posted by Pam Leavitt on February 24, 2025

Many of you who attended OR Credit Union Day at the Capitol (thank you!) received background on the priority bills in the State of Oregon.  HB3370, an update to the Oregon Credit Union Act, HB3371 related to abandoned vehicles, and HB3188, a bill related to a Homeownership program are all moving through the legislative process.  All three have had public hearings and HB3370 was voted unanimously out of Committee.

Other Bills of Interest

We are getting close to the deadline to file new legislation for the 2025 session and already over 3000 bills have been introduced.  The GoWest Credit Union Association is tracking over 75 bills and have testified several times this session.  Here are just a few highlights and we will update the blog with additional bills in the future:

SB101 – This bill will extend the First-time Home Buyer savings account program by which an account holder must open a first-time home buyer savings account. GoWest testified in the Senate Finance & Revenue Committee in support.

HB2966 – The measure establishes the State Public Finance Task Force. Directs Task Force to study and make recommendations regarding public financing options and to submit a report with findings and recommendations to committees of the Legislative Assembly. Sunsets January 2, 2028. GoWest testified that the State does not need an official task force to have conversations with stakeholders on a state bank.

SB465, a bill that removes the annual cap on matching funds that an individual development account holder may accrue. GoWest testified in support of this bill.

HB2698, a bill to establishes a statewide goal for homeownership and requires the Housing and Community Services Department to track goal progress as part of the Oregon Housing Needs Analysis. GoWest was the only financial entity to be asked by advocates to support the bill and we testified in writing and verbally.

HB3175 – The measure removes the cap on fees a county may charge to fund the county’s activities related to public land survey corners.  We are monitoring the progress of this bill.

HB3428 – Allows an additional estate tax exclusion of $1 million. We are monitoring the progress of this bill with other members of the business community.

HB2561 – would stop state financial institutions established in states outside of Oregon from being able to rely on their home state laws when determining an allowable interest rate. The amendment clarifies that the borrower’s location governs where the loan is made and that state-chartered banks are not allowed to export interest rates to loans made in Oregon. DCBS
introduced the bill to “level the playing field between in-state and online lenders through the elimination of rent-a-bank schemes.”

SB906 – This bill is related to transparency concerning employer deductions from wages and requires that employers itemize statements provided to employees, in plain language, the amount and purpose of each deduction. We are monitoring the progress of this bill with other members of the business community.

Posted in Advocacy on the Move, Oregon Advocacy.