Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 18 - CAPITAL ACCESS PROGRAM
Section 123-018-0150 - Withdrawal of Excess Deposits in Loss Reserve Accounts
Universal Citation: OR Admin Rules 123-018-0150
Current through Register Vol. 63, No. 9, September 1, 2024
Upon and after a formal determination or order by the Director of the Department:
(1) The following shall apply to all interest earnings on moneys transferred by the Department to match transmitted fees, as described in OAR 123-018-0085, for any loan enrolled after the date of Director's order:
(a) All Participating Financial Institutions
shall continually remove such interest earnings from the Loss Reserve Account,
paying the amount of such interest to the Department or sequestering them in a
separate account;
(b) Such interest
earnings shall not be available to cover any Loss, regardless of when they are
effectively sequestered or transferred as described in this rule; and
(c) Such interest earnings shall be paid or
transferred to the Department consistent with policies and directions of the
Department, pursuant to the Director's determination; and
(2) Interest earnings arising from prior match funds or from any fee assessed on or paid by a Borrower or Lender shall remain in the Loss Reserve Account and available to cover Losses.
Stat. Auth.: ORS 285A.075 & 285B.115(3)
Stats. Implemented: ORS 285B.115 & 285B.119
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