justicedao/ipfs_state_laws huggingface dataset:
123-016-0040 Application and Award Approval (1) An eligible recipient, as listed in 123-016-0020(1), shall make application for business retention services to the department on a form prescribed and provided by the department. (2) All applications shall be reviewed by the department. The department may also designate an advisory committee to review applications and make recommendations to the department. (3) The department may request any additional information, such as an assessment or an appraisal, or may recommend a modification to the application in order to make a final determination on an award for business retention services from the Fund. (4) Prior to making an award from the Fund for a for-profit business firm described in OAR 123-016-0020, the department will make a determination that business retention services are likely to result in retaining a viable operation. (5) Prior to making an award from the Fund for a closed facility or for a facility that houses a business which has announced its closure, the department must determine: (a) There is a reasonable probability of restarting or converting the facility; and (b) The business retention services will include consideration of reemploying or continuing the employment of that facility's former or existing labor force. (6) In making a determination on an award from the Fund, the department shall give preference to businesses, facilities that are closed, or facilities housing businesses which have announced their closure which are located in a distressed area as designated under OAR 123-024. (7) The department shall either approve or deny an application. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285A.224 History: EDD 12-2009, f. & cert. ef. 10-1-09 Reverted to EDD 13-1988, f. 5-24-88 (and corrected 5-27-88), cert. ef. 5-27-88 EDD 19-2008(Temp), f. 6-9-08 cert. ef. 6-10-08 thru 11-15-08 EDD 13-1988, f. 5-24-88 (and corrected 5-27-88), cert. ef. 5-27-88 EDD 4-1987(Temp), f. & ef. 10-1-87 EDD 10-1985(Temp), f. 11-7-85, ef. 10-22-85
123-016-0050 Contracts for Awards (1) Upon approval of an award from the Fund, the department will enter into a contract with the recipient If the recipient is a for-profit business, the contract will require, among other items, repayment of the grant if the department has determined the business has the ability to repay the grant without jeopardizing the viability of the business. The department will make this determination based, in part, on a recommendation from the contracted expert. (2) Upon approval of an award from the Fund, the department will determine the optimal method of delivering the business retention services to the recipient. In most instances, the department will identify an expert in the subject area in which the business is experiencing problems or an expert in the industry in which the business is engaged and enter into a contract with the expert for the provision of the business retention services. (3) The department must ensure that costs for contractors are consistent with usual and customary rates and that contractors are certified, licensed, or otherwise experienced and qualified in their field. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285A.224 History: EDD 12-2009, f. & cert. ef. 10-1-09 Reverted to EDD 13-1988, f. 5-24-88 (and corrected 5-27-88), cert. ef. 5-27-88 EDD 19-2008(Temp), f. 6-9-08 cert. ef. 6-10-08 thru 11-15-08 EDD 13-1988, f. 5-24-88 (and corrected 5-27-88), cert. ef. 5-27-88 EDD 4-1987(Temp), f. & ef. 10-1-87 EDD 10-1985(Temp), f. 11-7-85, ef. 10-22-85
123-016-0060 Confidential Records For applicants and recipients of business retention services, ORS 192.502(17) lists certain types of business information that are exempted from public records requests. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285A.224 & 192.502(17) History: OBDD 32-2010, f. & cert. ef. 10-1-10 EDD 12-2009, f. & cert. ef. 10-1-09 Reverted to EDD 13-1988, f. 5-24-88 (and corrected 5-27-88), cert. ef. 5-27-88 EDD 19-2008(Temp), f. 6-9-08 cert. ef. 6-10-08 thru 11-15-08 EDD 13-1988, f. 5-24-88 (and corrected 5-27-88), cert. ef. 5-27-88 EDD 4-1987(Temp), f. & ef. 10-1-87
123-017-0005 Purpose The purpose of these rules is to provide procedures, standards and criteria for the making of loans from the Oregon Business Development Fund. Statutory/Other Authority: ORS 285A.110 Statutes/Other Implemented: ORS 285B.050 - 285B.098 History: EDD 11-1999, f. & cert. ef. 10-11-99 EDD 37-1988, f. & cert. ef. 12-15-88 EDD 1-1984, f. & ef. 1-5-84 EDD 2-1983(Temp), f. & ef. 5-25-83
123-017-0007 Policy and Set Asides (1) It is the policy of the Business Development Commission, the Finance Committee and the Business Development Department to make loans from the Oregon Business Development Fund to qualified applicants without regard to race, color, creed, sex, age or national origin. (2) Fifteen percent of the available money in the Fund shall be set aside for loans to emerging small enterprises that are located in or draw their work forces from within distressed areas. (3) The Oregon Targeted Development Account is hereby established within the Oregon Business Development Fund to make loans in distressed areas. The Commission authorizes the Department to transfer from time to time up to $10 million into or out of the Oregon Targeted Development Account. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.050 - 285B.098 History: EDD 22-2009, f. 11-30-09, cert. ef. 12-1-09 EDD 5-2005, f. & cert. ef. 5-11-05 EDD 6-2001, f. & cert. ef. 10-9-01 EDD 11-1999, f. & cert. ef. 10-11-99 EDD 5-1990, f. & cert. ef. 3-5-90 EDD 9-1989(Temp), f. & cert. ef. 11-3-89 EDD 37-1988, f. & cert. ef. 12-15-88 EDD 10-1988, f. & cert. ef. 3-18-88 EDD 1-1984, f. & ef. 1-5-84
123-017-0008 Delegation (1) Authority for the day-to-day operation of the fund, including approval of loans and projects, and amendments thereto, is delegated to the Finance Committee. (2) The Commission shall review and evaluate the operation of the fund with such frequency as it may from time to time determine, and may order any changes that it considers necessary or desirable. (3) The Commission shall retain final authority over policies and administrative procedures governing the operation of the fund. (4) The Director or designee is authorized to execute any document reasonably necessary or convenient to close any loan approved by the Finance Committee or, in the case of loans of $250,000 or less, by the Director. (5) When applicable, the references to the Finance Committee shall include the Director, acting in regard to loans for business development projects of $250,000 or less pursuant to ORS 285B.080(3). Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.050 - 285B.098 History: OBDD 33-2010, f. & cert. ef. 10-1-10 OBDD 20-2010(Temp), f. & cert. ef. 5-28-10 thru 10-9-10 OBDD 9-2010(Temp), f. & cert. ef. 4-12-10 thru 10-9-10 EDD 22-2009, f. 11-30-09, cert. ef. 12-1-09 EDD 21-2008, f. 7-31-08, cert. ef. 8-1-08 EDD 3-2008(Temp), f. & cert. ef. 2-26-08 thru 8-1-08 Reverted to EDD 6-2001, f. & cert. ef. 10-9-01 EDD 6-2007(Temp), f & cert. ef. 8-29-07 thru 2-23-08 EDD 6-2001, f. & cert. ef. 10-9-01 EDD 11-1999, f. & cert. ef. 10-11-99 EDD 5-1990, f. & cert. ef. 3-5-90 EDD 9-1989(Temp), f. & cert. ef. 11-3-89 EDD 37-1988, f. & cert. ef. 12-15-88 EDD 10-1988, f. & cert. ef. 3-18-88
123-017-0020 Preference (1) Except in the case of a loan made from the Oregon Targeted Development Account, the Finance Committee shall give preference to loan applications for projects that demonstrate an overall community benefit and that have one or more of the following characteristics: (a) Have a ratio of at least one projected job created or saved per $30,000 sought to be borrowed from the Oregon Business Development Fund. (b) Are operated by businesses with 100 or fewer employees; (c) Are located in rural or distressed areas of the state; (d) Are located in Enterprise Zones designated under ORS 285C.050 – 285C.250; (e) Employ displaced workers in the area; (f) Assist in the economic diversification of the area; (g) Contain a significant amount of owner equity capital. At least ten percent of the project costs for established companies (three years old or more) and 30 percent of project costs for start-ups (firms less than three years old, or firms making the transition from research and development to production) should come from equity or subordinated loans from the owners; (h) Maximize participation by financial institutions and local development groups; (i) Produce goods or services for the export market; (j) Encourage the flow of capital from outside the local area; and (k) Do not cause severe adverse competitive disadvantages to existing businesses. (2) The Finance Committee shall be the sole judge of the relative importance of each of the above factors for each individual loan application under consideration. Factors will not necessarily be assigned the same weights under all circumstances. (3) In the case of a loan made from the Oregon Targeted Development Account, the Finance Committee will strive to fund projects that will create or save at least one job for every $20,000 of Oregon Business Development Fund investment. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.059 & 285B.092 History: OBDD 33-2010, f. & cert. ef. 10-1-10 OBDD 20-2010(Temp), f. & cert. ef. 5-28-10 thru 10-9-10 EDD 21-2008, f. 7-31-08, cert. ef. 8-1-08 EDD 3-2008(Temp), f. & cert. ef. 2-26-08 thru 8-1-08 Reverted to EDD 5-2005, f. & cert. ef. 5-11-05 EDD 6-2007(Temp), f & cert. ef. 8-29-07 thru 2-23-08 EDD 5-2005, f. & cert. ef. 5-11-05 EDD 6-2001, f. & cert. ef. 10-9-01 EDD 11-1999, f. & cert. ef. 10-11-99 EDD 2-1998(Temp), f. & cert. ef. 5-25-83 Reverted to EDD 5-1990, f. & cert. ef. 3-5-90 EDD 6-1991(Temp), f. & cert. ef. 6-18-91 EDD 5-1990, f. & cert. ef. 3-5-90 EDD 37-1988, f. & cert. ef. 12-15-88 EDD 10-1988, f. & cert. ef. 3-18-88 EDD 1-1984, f. & cert. ef. 1-5-84
123-017-0025 Application Procedure (1) It is the policy of the Finance Committee to strive for and encourage, throughout the application process: (a) Maximum participation by financial institutions and local development groups; and (b) A minimum administrative burden on the applicant and on the local government. (2) Any applicant may submit an application to the Department on a form approved by the Department, together with an application fee. (3) If the amount of the loan being sought from the Fund is $250,000 or less, the Director may in the Director's sole discretion approve or deny the loan request or forward it to the Finance Committee for the Committee's consideration. (4) If the amount of the loan being sought from the fund exceeds $250,000 the Department shall make a recommendation to the Finance Committee, which may in its sole discretion approve or deny the loan request. (5) If a loan request is approved, the Department shall prepare the documents necessary to close the loan transaction. Such documents shall reflect all terms and conditions upon which the Finance Committee or the Director may have conditioned approval of the loan. Any material modifications of those terms and conditions must be approved by the Chair of the Finance Committee or his/her designee, or the Director for loans of $250,000 or less. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.053 & 285B.092 History: OBDD 33-2010, f. & cert. ef. 10-1-10 OBDD 20-2010(Temp), f. & cert. ef. 5-28-10 thru 10-9-10 OBDD 9-2010(Temp), f. & cert. ef. 4-12-10 thru 10-9-10 EDD 22-2009, f. 11-30-09, cert. ef. 12-1-09 EDD 21-2008, f. 7-31-08, cert. ef. 8-1-08 EDD 3-2008(Temp), f. & cert. ef. 2-26-08 thru 8-1-08 Reverted to EDD 5-2005, f. & cert. ef. 5-11-05 EDD 6-2007(Temp), f & cert. ef. 8-29-07 thru 2-23-08 EDD 5-2005, f. & cert. ef. 5-11-05 EDD 6-2001, f. & cert. ef. 10-9-01 EDD 11-1999, f. & cert. ef. 10-11-99 EDD 37-1988, f. & cert. ef. 12-15-87 EDD 10-1988, f. & cert. ef. 3-18-88 EDD 1-1984, f. & ef. 1-5-84 EDD 2-1983(Temp), f. & ef. 5-25-83
123-017-0037 Appeals, Servicing, Amendments, Assumptions and Modifications (1) If the Director denies a loan request, the applicant may appeal the Director's decision to the Finance Committee. The Finance Committee may: (a) Affirm the Director's denial; or (b) Decide to consider the loan request itself. (2) If the Finance Committee denies a loan request, the applicant has the right to appeal to the Finance Committee for a rehearing of its application. (3) An applicant has the right to appear in person at the appeal hearing, and to introduce whatever books, documents and data it regards as necessary to support the appeal. (4) An applicant whose appeal of the Director's or the Finance Committee's decision has been denied by the Finance Committee must submit a new application, including a new application fee, to be eligible for further consideration of a new loan request. (5) All loans shall be monitored by, and all loan repayments shall be made to, the Department. (6) It is the responsibility of the Borrower to ensure that the Department receives its payment by the due date. (7) Any request for modification or amendment to any loan condition shall be made in writing to the Department and approved by the Finance Committee or Director. However, in those cases where a requested amendment or modification will not have a serious adverse effect on the State's security position, the Chairperson or his/her designee from the Finance Committee or the Director may approve such requested amendment or modification. (8) If the Director, the Finance Committee, its Chairperson or designee, consents to any requested modification, assumption or amendment, the Borrower shall be responsible for all costs, including filing fees, of modifying or amending of any loan documents, filings, recordings or financing statements. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.059, 285B.062 & 285B.092 History: EDD 22-2009, f. 11-30-09, cert. ef. 12-1-09 EDD 5-2005, f. & cert. ef. 5-11-05 EDD 6-2001, f. & cert. ef. 10-9-01 EDD 11-1999, f. & cert. ef. 10-11-99 EDD 37-1988, f. & cert. ef. 12-15-88 EDD 10-1988, f. & cert. ef. 3-18-88
123-018-0000 Purpose and Scope (1) The purpose of this division of administrative rules is to provide definitions, procedures, standards and criteria, to establish eligibility, and to stipulate rights and obligations for operation of the Capital Access Program. (2) The Capital Access Program assists small businesses needing financial capital to grow and to undertake economic activity in this state by subsidizing loss reserves so that conventional lending institutions have greater capacity to satisfy this need. Statutory/Other Authority: ORS 183.310 - 183.540 & ORS 285B.109-285B119 Statutes/Other Implemented: ORS 285B.109-285B119 History: OBDD 19-2019, minor correction filed 12/16/2019, effective 12/16/2019 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
123-018-0020 Authority to Implement Program The manager of the Department's Business Finance programs, or his/her designee, may execute any document reasonably necessary or convenient to implement the Program. Statutory/Other Authority: ORS 285A.075 & 285B.113(3) Statutes/Other Implemented: ORS 285B.109 - 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
123-018-0030 Program Registration Procedure (1) A Financial Institution wishing to participate in the Program must submit a completed program registration application using a form prescribed by the Department. (2) The Department shall determine the Financial Institution’s eligibility to participate in the Program, based on the submitted application and other information the Department may deem necessary or appropriate. (3) A Financial Institution that the Department determines is eligible to participate in the Program may enter into an Agreement with the Department as described in OAR 123-018-0040. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.109 & 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
123-018-0050 Establishing a Loss Reserve Account After executing an Agreement with a Participating Financial Institution, the Department shall establish a Loss Reserve Account to receive the fees described in OAR 123-018-0070 from the Borrower and the Participating Financial Institution, as well as the Department’s matching contribution from the Fund as described in OAR 123-018-0080 and 123-018-0085. Except as determined by the Department to be otherwise necessary or desirable, the Loss Reserve Account shall be domiciled with the Participating Financial Institution in the form of an insured, interest-earning demand deposit account. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.117 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
123-018-0060 Ownership, Control, Investment of Loss Reserve Account (1) All moneys in a Loss Reserve Account are the exclusive property of the State of Oregon, acting by and through the Department, and are controlled solely by the Department. The Department may withdraw funds from a Loss Reserve Account only as described in this division of administrative rules or as contained in provisions of the applicable Agreement. (2) The Department may withdraw and transfer into the Capital Access Fund up to 50% of the interest earned on moneys in Loss Reserve Accounts to pay for administrative expenses incurred by the Department. (3) Any earnings on the balance in a Loss Reserve Account are part of the Loss Reserve Account, except as described in this section and in OAR 123-018-0150. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.119 History: 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
123-018-0065 Loan Eligibility A Participating Financial Institution may determine that a Qualified Loan is eligible for the Department to enroll in the Program if the Participating Financial Institution determines the Qualified Loan meets the following conditions: (1) The Qualified Loan is not for a business enterprise in which a person described in section (2) of this section has a shared ownership, investment or other significant pecuniary interest; and (2) The Qualified Loan is provided to a Borrower, who is not an executive officer, director or principal shareholder of the Participating Financial Institution, or person with comparable official capacity with or significant ownership in the Participating Financial Institution, or a member of the immediate family of such a person. (3) The Borrower may not be: (a) A business engaged in speculative activities that develop profits from fluctuations in price rather than through normal course of trade unless those activities are incidental to the regular activities of the business and part of a legitimate risk management strategy to guard against price fluctuations related to the regular activities of the business; or (b) A business that earn more than half of its annual net revenue from lending activities; or (c) A business engaged in pyramid sales, where a participant’s primary incentive is based on the sales made by an ever-increasing number of participants; or (d) A business engaged in activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted; or (E) A business engaged in gambling enterprises, unless the business earns less than 33% of its annual net revenue from lottery sales. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115 & 285B.119 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
123-018-0070 Fees (1) When making a Qualified Loan for which enrollment under the Program will be sought, the Participating Financial Institution shall charge the Borrower a fee that is at least 1.5 percent but not more than 3.5 percent of the principal amount of the Qualified Loan. (2) The Participating Financial Institution shall pay a fee equal to the fee paid by the Borrower pursuant to section (1) of this rule. The Participating Financial Institution may charge the Borrower a fee to recover its contribution. (3) These fees are non-refundable once the Qualified Loan is enrolled. Statutory/Other Authority: ORS 285A.075 Statutes/Other Implemented: ORS 285B.117 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