Or. Admin. Code § 123-300-0601

Current through Register Vol. 63, No. 12, December 1, 2024

Section 123-300-0601 - Ownership, Control, Investment of Loan Loss Reserve Account

(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.

Or. Admin. Code § 123-300-0601

OBDD 9-2023, adopt filed 06/13/2023, effective 6/13/2023

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

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