justicedao/ipfs_state_laws huggingface dataset:
123-018-0080 Procedure for Enrollment of a Qualified Loan (1) A Participating Financial Institution may enroll a Qualified Loan in the Program by taking the following actions: (a) Notifying the Department in writing of the Qualified Loan to be enrolled, using a form prescribed by the Department, within 30 days after the date the Participating Financial Institution disburses proceeds of the Qualified Loan to the Borrower or the date the loan documents are fully executed and the Participating Financial Institution is obligated to disburse proceeds, whichever occurs sooner; and (b) Transmitting to the Department the fees required by OAR 123-018-0070. If the Loss Reserve Account is domiciled with the Participating Financial Institution, the deposit of fees by the Participating Financial Institution into the Loss Reserve Account satisfies the requirements of this section if the Participating Financial Institution provides the Department with proof of deposit or written notification confirming the deposit. (2) The Department shall, upon receipt of documentation and fees satisfying the requirements in section (1) of this rule, enroll the Qualified Loan if: (a) The Department is satisfied that the Qualified Loan is eligible under OAR 123-018-0065; and (b) Sufficient moneys are or can be made available from the Fund to meet the Department's minimum contribution obligation described in OAR 123-018-0085. (3) The Department shall notify the Participating Financial Institution of enrollment within 10 business days from receipt of the required documentation and fees. (4) After notifying the Participating Financial Institution that the Qualified Loan is enrolled, the Department shall transfer from the Fund to the Loss Reserve Account of the Participating Financial Institution a contribution amount as described in OAR 123-018-0085. (5) Before making a Qualified Loan, a Participating Financial Institution may request a commitment from the Department that sufficient funds are available to meet the Department's contribution as described in OAR 123-018-0085 and are available to be transferred to the Loss Reserve Account when the Qualified Loan is enrolled. If the Department provides the commitment, it will be binding on the Department for 30 days after the date of the commitment if the Participating Financial Institution has complied with section (1) of this rule and the Qualified Loan is eligible under OAR 123-018-0065. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.117 History: OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10 EDD 8-2005, f. & cert. ef. 10-24-05 EDD 9-1994, f. 5-27-94, cert. ef. 6-1-94 EDD 1-1994(Temp), f. & cert. ef. 1-11-94 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0085 State Contributions to Loss Reserve Accounts The Department shall determine the amount of money it transfers from the Fund to a Loss Reserve Account as follows: (1) For each Enrolled Loan, the Department shall deposit an amount equal to or greater than the total fees transmitted as described in OAR 123-018-0080(1)(b) and as required in 123-018-0070, subject to further limitations in this rule. (2) If one or both of the following conditions exist, the Department shall deposit an amount equal to 200 percent of the minimum allowed by section (1) of this rule, except as otherwise restricted in section (4) of this rule: (a) The Borrower's business operations that benefit from the Enrolled Loan are entirely located in a Distressed Area at the time that the Qualified Loan is made consistent with OAR 123-018-0080(1)(a); or (b) The Enrolled Loan provides the Borrower with funding for use in an environmental action on a brownfield(s). (3) For any Participating Financial Institution, the Department may deposit 200 percent of the minimum allowed by section (1) of this rule if the Loss Reserve Account currently contains less than $100,000 according to the most recent information provided to the Department at the time of loan enrollment. (4) The Department may not transfer: (a) An amount greater than $35,000 per Enrolled Loan and associated, concurrent transactions with related business interests; or (b) More than a total of $150,000 from the Fund to a Loss Reserve Account for a single Qualified Business and related business interests. (5) Unless otherwise provided in this rule, the Department may transfer up to 200 percent of the minimum described in section (1) of this rule, if the Department finds the Qualified Loan advances economic development or job creation in this state by small business. Statutory/Other Authority: ORS 285A.075, 285B.115(3) & 285B.117(4) Statutes/Other Implemented: ORS 285B.115 & 285B.117 History: OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10 EDD 22-2008, f. 7-31-08, cert. ef. 8-1-08 EDD 6-2008(Temp), f. & cert. ef. 3-4-08 thru 8-1-08 Reverted to EDD 8-2005, f. & cert. ef. 10-24-05 EDD 8-2007(Temp), f. & cert. ef. 9-4-07 thru 2-29-08 EDD 8-2005, f. & cert. ef. 10-24-05
123-018-0090 Procedure for Making Claim for Reimbursement of Loss (1) If a Participating Financial Institution charges off all or part of an Enrolled Loan as a result of a default by the Borrower, the Participating Financial Institution may claim reimbursement for all or part of the Loss incurred by notifying the Department of the claim in writing on a form prescribed by the Department within three calendar months of the date the Enrolled Loan was charged off. (2) Subject to OAR 123-018-0110 to 123-018-0130, a Participating Financial Institution may make a claim for reimbursement of a Loss prior to the liquidation of collateral, or to realization on personal or other financial guarantees or from other sources. (3) The Participating Financial Institution shall retain documentation in its files substantiating all claims for a term commensurate with standard banking records retention practices but not less than five years after the date that the Enrolled Loan is terminated. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.141 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0100 Payment of Claims by Department (1) The Department shall reimburse a Participating Financial Institution for Losses claimed as described in OAR 123-018-0090. The Department may reject a claim only if the Department determines the representations and warranties provided by the Participating Financial Institution at the time of enrolling the Qualified Loan were false. (2) All interest earnings shall be available to pay Loss claims, except for: (a) Earnings available for withdrawal by the Department from the Loss Reserve Account, as described in OAR123-018-0060, and (b) As provided for in OAR 123-018-0150. (3) When there are insufficient funds in the Loss Reserve Account to cover the total amount of a Loss claim, the Department shall pay an amount equal to the balance of the Loss Reserve Account, less the Department’s share of any accumulated interest earnings on the account. This payment will fully satisfy the claim and the Participating Financial Institution will have no further right to receive any other amount with respect to such claim. (4) The Department shall reimburse Loss claims in the order it receives them. If a Participating Financial Institution files two or more Loss claims simultaneously and there are insufficient funds in the Loss Reserve Account to pay them, the Participating Financial Institution may designate the order the Loss claims are to be paid by the Department. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115, 285B.1178 & 285B.118 History: OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10 EDD 22-2008, f. 7-31-08, cert. ef. 8-1-08 EDD 6-2008(Temp), f. & cert. ef. 3-4-08 thru 8-1-08 Reverted to EDD 8-2005, f. & cert. ef. 10-24-05 EDD 8-2007(Temp), f. & cert. ef. 9-4-07 thru 2-29-08 EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0110 Recoveries on Loans Subsequent to Payment of Claim (1) If, subsequent to the payment of a Loss claim by the Department, the Participating Financial Institution recovers from the Borrower, through liquidation of collateral or from any other source, amounts for which Participating Financial Institution was reimbursed from the Loss Reserve Account, the Participating Financial Institution shall promptly repay into the Loss Reserve Account the amount received up to the amount of the reimbursement. (2) If the Loss Reserve Account is domiciled with the Participating Financial Institution, the deposit to the Loss Reserve Account of the amount recovered from the Borrower by the Participating Financial Institution (with written notification by the Participating Financial Institution to the Department confirming such deposit) is deemed payment to the Department of the amount recovered from the Borrower by the Participating Financial Institution and shall satisfy the requirements of this rule. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115, 285B.117 & 285B.118 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0120 Available Collateral, Guarantees and Other Security Not Realized (1) After the Department has received a request to pay a Loss claim to the Participating Financial Institution from the Loss Reserve Account, as described in OAR 123-018-0100, and if requested by the Department, the Participating Financial Institution shall promptly provide the Department with all available information, including but not limited to, copies of documents related to all pledges or security against the Enrolled Loan, or payment of principle or interest thereon. Such pledges or security include, but are not limited to: (a) Collateral, such as real estate, bonds and personal property assets; (b) Duly recorded and perfected liens, certificates of title, deeds, UCC information and other documents representing security related to the collateral or other sources of payment; and (c) Guarantees (personal or otherwise), warranties, insurance, letters of credit and other instruments from the Borrower, or a third party, supporting the Qualified Loan. (2) When a Participating Financial Institution furnishes information pursuant to section (1), it shall identify: (a) Whether the pledges or security remain outstanding or available for potential collection; (b) If the pledges or security has been liquidated or realized to recover some or all of the Loss; (c) Any reason that the pledges or security is otherwise forfeit, worthless or undiscoverable; or (d) The extent to which the lender has attempted to exercise its right to recover its Loss through that source. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.118 History: OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10 EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0130 Subrogation (1) The Department may request to be subrogated to the rights of a Participating Financial Institution to the pledges and security, pursuant to OAR 123-018-0120. (2) The Department may make such a request if the Department believes that it would be able to take effective and proper action to more completely realize a return on the remaining available collateral or other sources of security, compared to the Lender, regardless of whether: (a) The Lender has indicated its inability or unwillingness to take such action; (b) Full or partial recovery of the Lender’s loss has occurred through reimbursement of the Loss claim by the Department or by combination of such reimbursement and by liquidation or realization of pledges and security. (3) In response to such a request, the Lender shall promptly subrogate its rights to the Department, providing the Department with originals of all applicable documents, accompanied by enforceable assignments and conveyances to the Department. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.118 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0140 Reporting (1) When a Loss Reserve Account is domiciled with the Participating Financial Institution, the Participating Financial Institution shall provide the Department with a monthly statement providing details of the balance and the payments and receipts activity in the Loss Reserve Account for the prior month. (2) On or before January 15, April 15, July 15, and October 15 of each year, a Participating Financial Institution must file a quarterly report with the Department providing a complete list of Enrolled Loans and indicating the outstanding balance of each of its Enrolled Loans. (3) When a Participating Financial Institution computes the aggregate outstanding balance of all its Enrolled Loans, it may only consider the balance of the portion of a loan enrolled in the Program. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 History: OBDD 6-2012, f. & cert. ef. 6-1-12 OBDD 9-2011(Temp), f. & cert. ef. 12-19-11 thru 6-15-12 EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0150 Withdrawal of Excess Deposits in Loss Reserve Accounts Upon and after a formal determination or order by the Director of the Department: (1) The following shall apply to all interest earnings on moneys transferred by the Department to match transmitted fees, as described in OAR 123-018-0085, for any loan enrolled after the date of Director's order: (a) All Participating Financial Institutions shall continually remove such interest earnings from the Loss Reserve Account, paying the amount of such interest to the Department or sequestering them in a separate account; (b) Such interest earnings shall not be available to cover any Loss, regardless of when they are effectively sequestered or transferred as described in this rule; and (c) Such interest earnings shall be paid or transferred to the Department consistent with policies and directions of the Department, pursuant to the Director's determination; and (2) Interest earnings arising from prior match funds or from any fee assessed on or paid by a Borrower or Lender shall remain in the Loss Reserve Account and available to cover Losses. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.119 History: OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10 EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0160 Termination of and Withdrawal from Program (1) The Department may terminate enrollment of Qualified Loans under the Program for a Participating Financial Institution on the date specified in the Department's notice of termination to the Participating Financial Institution, or for all Participating Financial Institutions under the Program upon 90 days notice, or such earlier date should the balance in the Fund reach zero, or should the Department anticipate that the balance in the Fund will reach zero. Termination shall not apply to any Qualified Loans made before the date of termination. (2) Should a Loss Reserve Account have a zero balance, the Department may terminate the Agreement at its sole discretion. (3) A Participating Financial Institution may withdraw from the Program after giving written notice to the Department. After receipt of this notice, the Department shall determine when to withdraw any remaining balance in the Participating Financial Institution's Loss Reserve Account. (4) If a Participating Financial Institution is closed or taken over by the Federal Deposit Insurance Corporation (FDIC), with or without an Order to Cease and Desist issued by the FDIC and the Oregon Division of Finance and Corporate Securities, the Department shall terminate the failed Participating Financial Institution’s membership in the Program and all funds in the Loss Reserve Account shall be transferred to the Department. This provision shall apply whether or not a new financial institution purchases some or all of the loans of the failed Participating Financial Institution. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.119 History: OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10 EDD 22-2008, f. 7-31-08, cert. ef. 8-1-08 EDD 6-2008(Temp), f. & cert. ef. 3-4-08 thru 8-1-08 Reverted to EDD 8-2005, f. & cert. ef. 10-24-05 EDD 8-2007(Temp), f. & cert. ef. 9-4-07 thru 2-29-08 EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0170 Disposition of Funds Withdrawals from Loss Reserve Accounts The Department shall deposit moneys withdrawn by the Department from Loss Reserve Accounts as described in OAR 123-018-0040, 123-018-0150 and 123-018-0160 into the Fund. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.118 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0180 Inspection of Files The Department may inspect a Participating Financial Institution’s files relating to Enrolled Loans at any time during normal business hours. The Department is not required to provide a Participating Financial Institution with prior notice of an inspection. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.113 & 285B.115 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0190 Reports of Regulatory Agencies The Department may require from the Participating Financial Institution information relating to the Participating Financial Institution’s status and performance, as developed by or for applicable state or federal regulatory bodies, and relevant to the Participating Financial Institution’s participation in the Program or the financial health of institution, or the Department may obtain public information from state or federal regulatory bodies such as the Oregon State Department of Consumer and Business Services, Division of Finance and Corporate Securities. The Department shall not disclose any confidential information obtained as described in thus rule, to the extent permitted by law. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.113 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-018-0200 Administrative Costs of Program The Department may charge actual and necessary administrative expenses in operating the Program to the Fund. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.119 History: EDD 8-2005, f. & cert. ef. 10-24-05 EDD 11-1992, f. & cert. ef. 8-18-92 Reverted to EDD 3-1991, f. & cert. ef. 4-17-91 EDD 15-1991(Temp), f. & cert. ef. 10-31-91 EDD 3-1991, f. & cert. ef. 4-17-91 EDD 27-1990(Temp), f. & cert. ef. 10-16-90
123-019-0000 Purpose The intent of the Entrepreneurial Development Loan Fund is to provide direct loans to help start-ups, micro-enterprises and small businesses expand, become established, and/or retain operations in Oregon. The Fund is intended to fill niches not provided by banks or credit unions through traditional lending programs. Loans made from the Fund are intended to bridge early-stage funding gaps that exist due to lack of operating history, limited availability of business and personal assets necessary to adequately secure the loan, limited liquidity, sub-standard credit quality and other credit risks. To the extent possible, Certified Entities will assist Applicants in developing application materials necessary to qualify for financing and the Department will structure loans to prepare Applicants to qualify for loans from traditional lenders. This Fund is intended to compliment, not compete with, private capital. Statutory/Other Authority: ORS 285A.075, 285B.740-285B.758, Ch. 765 & OL 1993 Statutes/Other Implemented: ORS 285B.740 - 285B.758, Ch. 765 & OL 1993 History: OBDD 1-2023, amend filed 01/18/2023, effective 01/18/2023 OBDD 4-2022, temporary amend filed 03/09/2022, effective 03/09/2022 through 09/02/2022 OBDD 34-2010, f. & cert. ef. 10-1-10 OBDD 10-2010(Temp), f. & cert. ef. 4-12-10 thru 10-9-10 EDD 3-1994, f. 2-4-94, cert. ef. 2-7-94 EDD 7-1993(Temp), f. & cert. ef. 9-17-93 EDD 12-1992, f. & cert. ef. 8-26-92 EDD 16-1991(Temp), f. & cert. ef. 11-8-91