Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 15 - OREGON RURAL REHABILITATION PROGRAM
Section 813-015-0040 - Transfer of Ownership

Universal Citation: OR Admin Rules 813-015-0040

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

(1) An Eligible Borrower who has received an ORR Loan shall not transfer ownership, lease, or otherwise encumber any property which serves as security for a ORR Loan without prior written consent from the Department. Consent will not be unreasonably withheld.

(2) A transfer of ownership means a sale, conveyance or other transfer of:

(a) Any interest of a general partner;

(b) Any interest in a joint venture;

(c) More than twenty-five percent (25%) of the limited partner's interest;

(d) More than ten percent (10%) of a corporate owner's interest; or

(e) Any individual interest when the ownership is not a limited partnership, joint venture or corporation.

(3) The Department may collect from the Eligible Borrower a transfer processing charge of 1% of the current ORR Loan balance with a minimum of $100 and a maximum of $1,000, plus any incurred Department of Justice charges or other legal costs incurred.

Stat Auth: ORS 456.515 - 456.725

Stats Implemented: ORS 456.515 - 456.725, 566.310 - 566.360

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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