Oregon Administrative Rules
Chapter 340 - DEPARTMENT OF ENVIRONMENTAL QUALITY
Division 176 - UNDERGROUND STORAGE TANK LOAN GUARANTEE
Section 340-176-0080 - Notice of Default on a Guaranteed Loan
Current through Register Vol. 63, No. 3, March 1, 2024
(1) Any commercial lending institution wishing to obtain payment from the Department under the Department's loan guarantee shall provide the following:
(2) Subject to the availability of funds from the Underground Storage Tank Compliance and Corrective Action Fund, the Department, within 30 days after receipt of the default notice:
(3) If the commercial lending institution receives payment of the loan, in whole or in part, after the date of the default notice, the commercial lending institution shall promptly notify the Department in writing of such payment.
(4) Once the Department has paid the loan guarantee certificate in whole or in part, the commercial lending institution shall reimburse the Department for any collection of the principal portion on the unpaid loan at the guarantee percentage shown on the loan guarantee certificate. The reimbursement shall be in legal tender. The expenses of collection including interest accrued after default may be deducted from the reimbursement paid to the Department.
(5) The Department understands that collection may consist of cash, securities, notes, personal property, real property or any other form of payment accepted by the commercial lending institution. The reimbursement to the Department shall be after the collection has been converted to legal tender. Payment to the Department by the commercial lending institution shall be made within 30 days after any collection is converted into legal tender.
Stat. Auth.:ORS 466.706 -ORS 466.895 &ORS 466.995
Stats. Implemented: OL 1989, Ch. 1071