Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 300 - Community Lender Loan Loss Account Program
Section 123-300-0600 - Ownership, Control, Investment of Loan Loss Reserve Account

Universal Citation: OR Admin Rules 123-300-0600

Current through Register Vol. 63, No. 9, September 1, 2024

(1) Ownership of the Loan Loss Reserve Account shall be attributed to the lender's EIN (tax ID).

(2) The Department and the Department only shall control the Loan Loss Reserve Account and have oversight over the Account during the term of the Agreement. The Department may authorize the lender's withdrawal and use of a specified amount of funds from a Loan Loss Reserve Account only as provided in this division of administrative rules and the Agreement, namely for approved Enrolled Loan Loss, or upon release of a lender from an Agreement.

(3) Until such time that a lender achieves all the requirements specified in the Agreement for the 10-year maintenance period and is released from their obligations under the Agreement, the balance of all moneys in the lender's Loan Loss Reserve Account are subject to return and repayment to the State of Oregon, acting by and through the Department.

(4) Any earnings on the balance in a Loan Loss Reserve Account are subject to the same restrictions as provided in section (3) above.

Statutory/Other Authority: ORS 285A.075 & ORS 285B.780 - ORS 285B.799

Statutes/Other Implemented: ORS 285B.780 - ORS 285B.799 & ORS 706.008

Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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