Oregon Administrative Rules
Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT
Division 300 - Community Lender Loan Loss Account Program
Section 123-300-1700 - Inspection of Files and Record Retention

Universal Citation: OR Admin Rules 123-300-1700

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

(1) Program lenders shall permit the Department and any party designated by the Department, including the Secretary of State at any reasonable time, to inspect and make copies of any accounts, books and records, including, without limitation, Program lender's files relating to Enrolled Loans. The lender shall supply such materials and information as the Department may reasonably require in person or in an electronic format reasonably prescribed by the Department.

(2) Program lenders shall retain and keep accessible for a minimum of 5 years from repayment of an Enrolled Loan in full, or payment of a Claim against the Loan Loss Reserve Account, the following:

(a) All documentation provided by the Borrower when making its application;

(b) Materials created by the lender when underwriting the loan including, but not limited to, the credit approval memo, collateral examinations, appraisals, and credit analysis documentation;

(c) Enrolled Loan documentation including, but not limited to, loan agreements, personal and business guarantees, deeds of trust, UCC filings, subordination agreements, and other common commercial lending documentation;

(d) All documentation provided by the Borrower at or near the time of default prior to the liquidation of assets;

(e) The lender's liquidation plan; and

(f) All documentation related to the liquidation of assets and realization from personal and business guarantees.

(g) All other documentation related to the Agreement.

(3) If there are unresolved issues or disputes at the end of the records retention period required by section (2) above, a lender shall retain the books, documents, papers and records until the issues are resolved.

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

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

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