Or. Admin. Code § 813-030-0066

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-030-0066 - Transfer of Ownership

(1)

(a) A Borrower who has received a loan or commitment from the Department shall not transfer ownership, lease, or otherwise encumber any property which serves or will serve as security for a loan from the Department without prior written approval from the Department;

(b) The Borrower shall be required to submit underwriting documentation as requested by the Department.

(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 25 percent of a limited partner's interest;

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

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

(3) The Department may require a transfer application charge from Borrowers of Projects that received loans through the Department, who request the Department's approval of a change in Project ownership. The Department may require a transfer review charge to Project owners and transferees who effect a change in Project ownership without prior written approval from the Department.

(4) A 100-percent transfer of ownership means a sale, conveyance or other transfer of:

(a) All interest of a general partnership;

(b) All interest of a joint venture;

(c) All interest of a corporation;

(d) All general partners' interest in a limited partnership; and

(e) All individual interest of an ownership entity when the ownership entity is not a limited partnership, general partnership, joint venture or corporation.

Or. Admin. Code § 813-030-0066

1HD 3-1980(Temp), f. & ef. 3-4-80; 1HD 15-1980, f. & ef. 12-4-80; 1HD 11-1984, f. & ef. 9-4-84, Renumbered from 813-030-0070; HSG 3-1987(Temp), f. & ef. 2-5-87; HSG 7-1987, f. & ef. 3-10-87; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 11-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91; OHCS 2-2007, f. & cert. ef. 1-11-07

Stat. Auth.: ORS 90.800 - 90.840, 183, 91.886, 456.515 - 456.723 & 458.210 - 458.650

Stats. Implemented: ORS 456.515 - 456.720