The OMBA Legislative Committee met on Friday, February 20, to review developments in the 2026 short session.
February 20 also marked the deadline for remaining policy bills to receive floor votes and be assigned to committees in the opposite chamber (House bills to the Senate and Senate bills to the House). Measures that remain active will now continue their legislative process in the second chamber.
Senate Walkout
While not directly related to OMBA’s legislative priorities, Senate Republicans conducted a one-day walkout on Wednesday, February 18, reflecting ongoing tensions within the Legislature. The walkout was tied to a dispute over the timing of a vote on SB 1599, a referendum concerning gas tax and vehicle fee increases. Legislative leaders continue to debate whether the measure should be referred to voters in upcoming state elections this year or at a later date.
HB 4128 – Institutional Investor Participation
HB 4128 has passed the House and now moves to the Senate. Discussions are ongoing regarding enforcement structure and related amendments as the bill advances. Current indications suggest that OMBA’s recommended amendments will be incorporated into the Senate version.
HB 4136 – Budget & Mortgage Interest Deduction
HB 4136, addressing Oregon’s mortgage interest deduction (MID), remains active. The bill proposes eliminating the state MID for second homes, with discussion focused on directing any resulting revenue toward first-time homebuyer initiatives. At this time, no specific framework has been established outlining how potential revenue would be allocated or administered to support homeownership.
OMBA, along with other housing and financial services organizations, remains opposed to the bill and continues to engage as the measure progresses.
HB 4098 – Insurance / UTPA Expansion
HB 4098 did not receive sufficient votes on the House floor and is no longer moving forward this session.
The committee will continue to monitor developments and coordinate with aligned trade groups as the session moves toward adjournment on March 8.
Thank you for your continued engagement and support.
Eric Wiley
Vice President
Chair, Legislative Committee
Oregon Mortgage Bankers Association
