reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-0800 - Procedure for Enrollment of a Qualified Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lender may
			 enroll a Qualified Loan in the Program by notifying the Department of the
			 Qualified Loan to be enrolled, in a form prescribed by the Department, no less
			 than five (5) business days prior to the lender disbursing funds to the
			 Borrower or the date the loan documents are to be fully executed and the lender
			 is obligated to disburse proceeds, whichever occurs sooner.
(2) The Department, upon receipt of
			 documentation satisfying section (1) of this rule may authorize the enrollment
			 of the Qualified Loan in writing if the Department is satisfied that the loan:
(a) Is a Qualified Loan;
(b) The loan is with a Qualified Borrower or
			 a Qualified Business; and
(c) The
			 loan is otherwise in accordance with the lender's Program proposal accepted by
			 the Department.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-0801 - Procedure for Enrollment of a Qualified Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lender may enroll a Qualified Loan in
			 the Program by notifying the Department of the Qualified Loan to be enrolled,
			 in a form prescribed by the Department, no less than five (5) business days
			 prior to the lender disbursing funds to the Borrower or the date the loan
			 documents are to be fully executed and the lender is obligated to disburse
			 proceeds, whichever occurs sooner.
(2) The Department, upon receipt of
			 documentation satisfying section (1) of this rule may authorize the enrollment
			 of the Qualified Loan in writing if the Department is satisfied that the loan:
(a) Is a Qualified Loan;
(b) The loan is with a Qualified Borrower or
			 a Qualified Business; and
(c) The
			 loan is otherwise in accordance with the lender's Program proposal accepted by
			 the Department.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1000 - Procedure for Making Claim for Reimbursement of Loss And Prioritization of Recovered Proceeds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lender shall
			 notify the Department within 30 days of a default on an Enrolled
			 Loan.
(2) If the Borrower is unable
			 to cure the default and the lender anticipates writing off all or a portion of
			 the outstanding loan balance at the time of default, the lender must submit a
			 liquidation plan for Department review and approval prior to the Borrower or
			 the lender liquidating any assets unless otherwise authorized in writing by the
			 Department. The liquidation plan for the defaulted Enrolled Loan shall be in a
			 form prescribed by the Department which shall include, but may not be limited
			 to:
(a) A copy of the lender's credit approval
			 memo and supporting documentation of the loan;
(b) Personal financial statement(s) for the
			 Borrower's Principal(s);
(c)
			 Itemization of all business and personal assets including, but not limited to,
			 real estate, equipment and other chattel, accounts receivable, inventory, and
			 intellectual property securing the loan. The inventory of assets shall include
			 information on the status of the lender's liens, current priority of lien
			 positions on personal and business assets, current retail valuations of the
			 assets, and anticipated discount of the assets for liquidation.
(d) A written explanation describing
			 reason(s) the pledges or security is otherwise forfeit, worthless or
			 undiscoverable; and,
(e) A written
			 explanation describing the extent to which the lender has attempted to exercise
			 its right to recover its Loss with each respective pledge or
			 security.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1001 - Procedure for Making Claim for Reimbursement of Loss & Prioritization of Recovered Proceeds

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lender
			 shall notify the Department within 30 days of a default on an Enrolled
			 Loan.
(2) If the Borrower is unable
			 to cure the default and the lender anticipates writing off all or a portion of
			 the outstanding loan balance at the time of default, the lender must submit a
			 liquidation plan for Department review and approval prior to the Borrower or
			 the lender liquidating any assets unless otherwise authorized in writing by the
			 Department. The liquidation plan for the defaulted Enrolled Loan shall be in a
			 form prescribed by the Department which shall include, but may not be limited
			 to:
(a) A copy of the lender's credit approval
			 memo and supporting documentation of the loan;
(b) Personal financial statement(s) for the
			 Borrower's Principal(s);
(c)
			 Itemization of all business and personal assets including, but not limited to,
			 real estate, equipment and other chattel, accounts receivable, inventory, and
			 intellectual property securing the loan. The inventory of assets shall include
			 information on the status of the lender's liens, current priority of lien
			 positions on personal and business assets, current retail valuations of the
			 assets, and anticipated discount of the assets for liquidation.
(d) A written explanation describing
			 reason(s) the pledges or security is otherwise forfeit, worthless or
			 undiscoverable; and,
(e) A written
			 explanation describing the extent to which the lender has attempted to exercise
			 its right to recover its Loss with each respective pledge or
			 security.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1100 - Reimbursement of Claims from Loan Loss Reserve Account

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department
			 shall approve a lender's Claim to reimburse the lender for Loss on an Enrolled
			 Loan in default pursuant to the process and requirements described in OAR
			 123-300-1000.
(2) The Department shall reject a Claim if
			 the Department determines that the:
(a)
			 Lender has not completed required liquidation of the Borrower's assets,
			 realization of claims against the personal or financial guarantees on the
			 Enrolled Loan, or realization of other sources as applicable; or
(b) Representations and warranties provided
			 by the lender at the time of enrollment of the Qualified Loan, in the
			 liquidation plan, or at the time of a claim for reimbursement were
			 false.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1101 - Reimbursement of Claims from Loan Loss Reserve Account

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department shall approve a lender's
			 Claim to reimburse the lender for Loss on an Enrolled Loan in default pursuant
			 to the process and requirements described in OAR
			 123-300-1001.
(2) The Department shall reject a Claim if
			 the Department determines that the:
(a)
			 Lender has not completed required liquidation of the Borrower's assets,
			 realization of claims against the personal or financial guarantees on the
			 Enrolled Loan, or realization of other sources as applicable; or
(b) Representations and warranties provided
			 by the lender at the time of enrollment of the Qualified Loan, in the
			 liquidation plan, or at the time of a claim for reimbursement were
			 false.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1200 - Recovery on Loan Subsequent to Payment of Claims

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If, subsequent
			 to the Department's approval of the payment of a Claim from the Loan Loss
			 Reserve Account, the lender recovers from the Borrower, or its Principal(s),
			 through liquidation of collateral or from any other source, amounts for which
			 the lender was reimbursed from the Loan Loss Reserve Account, the lender shall
			 provide written notice to the Department within 10 business days of the
			 recovery and shall promptly repay into the lender's Loan Loss Reserve Account
			 the amount received up to the amount of the reimbursement.
(2) The lender must provide the Department
			 documentation of the repayment and deposit into the Loan Loss Reserve Account
			 within 30 days of the recovery.
(3)
			 Failure of the lender to provide notice as required by section (1) above or to
			 repay the Loan Loss Reserve Account as required by section (2) above shall be a
			 breach of the Agreement.
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.780 - ORS
				  285B.799
Statutes/Other Implemented: ORS
				  285B.780 - ORS
				  285B.799 & ORS
				  706.008
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1201 - Recovery on Loan Subsequent to Payment of Claims

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If, subsequent to the Department's
			 approval of the payment of a Claim from the Loan Loss Reserve Account, the
			 lender recovers from the Borrower, or its Principal(s), through liquidation of
			 collateral or from any other source, amounts for which the lender was
			 reimbursed from the Loan Loss Reserve Account, the lender shall provide written
			 notice to the Department within 10 business days of the recovery and shall
			 promptly repay into the lender's Loan Loss Reserve Account the amount received
			 up to the amount of the reimbursement.
(2) The lender must provide the Department
			 documentation of the repayment and deposit into the Loan Loss Reserve Account
			 within 30 days of the recovery.
(3)
			 Failure of the lender to provide notice as required by section (1) above or to
			 repay the Loan Loss Reserve Account as required by section (2) above shall be a
			 breach of the Agreement.
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.780 - ORS
				  285B.799
Statutes/Other Implemented: ORS
				  285B.780 - ORS
				  285B.799 & ORS
				  706.008
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1300 - Assignment of Enrolled Loan to Department

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As provided in
			 OAR 123-300-1000(9),
			 the Department, at its sole discretion, may take assignment of a defaulted
			 Enrolled Loan and pursue collection efforts.
(2) Lender shall assign the Enrolled Loan to
			 the Department upon the Department's request. The Department shall not approve
			 a Claim and the lender shall not recover any amount from the Loan Loss Reserve
			 Account for the Loss while the Department is engaged in such collection
			 efforts.
(3) The Department may
			 take assignment 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 for the defaulted
			 Enrolled Loan, compared to the lender, regardless of whether the lender has
			 indicated its inability or unwillingness to take such action.
(4) In response an assignment request, the
			 Lender shall promptly assign its rights to the Department, providing the
			 Department with originals of all applicable documents, accompanied by
			 enforceable assignments and conveyances to the Department.
(5) All recoveries of the Department will be
			 applied in the following order, until all expenses and the corresponding Loss
			 are satisfied, to:
(a) Department's legal and
			 administrative costs associated with the enforcement of remedies to recover
			 Losses, including costs incurred in the liquidation of assets, costs incurred
			 in realization of personal or other financial guarantees, or other costs
			 incurred related to the defaulted Enrolled Loan;
(b) The lender's Loss not to exceed the
			 principal balance of the Enrolled Loan; then,
(c) The lender's unpaid accrued interest,
			 fees, legal expenses, costs incurred in the liquidation of assets, costs
			 incurred in realization of personal or other financial guarantees, or other
			 costs incurred by the lender related to the defaulted Enrolled Loan.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1301 - Assignment of Enrolled Loan to Department

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As provided in OAR
			 123-300-1001(9),
			 the Department, at its sole discretion, may take assignment of a defaulted
			 Enrolled Loan and pursue collection efforts.
(2) Lender shall assign the Enrolled Loan to
			 the Department upon the Department's request. The Department shall not approve
			 a Claim and the lender shall not recover any amount from the Loan Loss Reserve
			 Account for the Loss while the Department is engaged in such collection
			 efforts.
(3) The Department may
			 take assignment 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 for the defaulted
			 Enrolled Loan, compared to the lender, regardless of whether the lender has
			 indicated its inability or unwillingness to take such action.
(4) In response an assignment request, the
			 Lender shall promptly assign its rights to the Department, providing the
			 Department with originals of all applicable documents, accompanied by
			 enforceable assignments and conveyances to the Department.
(5) All recoveries of the Department will be
			 applied in the following order, until all expenses and the corresponding Loss
			 are satisfied, to:
(a) Department's legal and
			 administrative costs associated with the enforcement of remedies to recover
			 Losses, including costs incurred in the liquidation of assets, costs incurred
			 in realization of personal or other financial guarantees, or other costs
			 incurred related to the defaulted Enrolled Loan;
(b) The lender's Loss not to exceed the
			 principal balance of the Enrolled Loan; then,
(c) The lender's unpaid accrued interest,
			 fees, legal expenses, costs incurred in the liquidation of assets, costs
			 incurred in realization of personal or other financial guarantees, or other
			 costs incurred by the lender related to the defaulted Enrolled Loan.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1400 - Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) No later than
			 July 31 of each year, a lender shall, during the term of an Agreement, provide
			 an annual report to, and in a form prescribed by the Department, for the period
			 beginning July 1 of the immediate proceeding year and ending on June 30 of the
			 current year.
(2) The annual report
			 shall include, but is not limited to, the following information in a form or
			 format prescribed by the Department:
(a) The
			 annual and cumulative number and principal amount of all Enrolled Loans made by
			 the lender.
(b) The current
			 principal balance of each Qualified Loan enrolled in the Program.
(c) For each Enrolled Loan, the following
			 information:
(A) The amount of the
			 project;
(B) The term and
			 amortization of the loan;
(C) The
			 purpose of the loan; and,
(D) The
			 source and amount of other capital in the project.
(d) The number of loans that were declined,
			 the amounts of the declined loans and the primary reasons for the
			 declines.
(e) The number and amount
			 of non-performing Enrolled Loans.
(f) Any other information required in the
			 reporting form by the Department.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1401 - Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) No later than
			 July 31 of each year, a lender shall, during the term of an Agreement, provide
			 an annual report to, and in a form prescribed by the Department, for the period
			 beginning July 1 of the immediate proceeding year and ending on June 30 of the
			 current year.
(2) The annual report
			 shall include, but is not limited to, the following information in a form or
			 format prescribed by the Department:
(a) The
			 annual and cumulative number and principal amount of all Enrolled Loans made by
			 the lender.
(b) The current
			 principal balance of each Qualified Loan enrolled in the Program.
(c) For each Enrolled Loan, the following
			 information:
(A) The amount of the
			 project;
(B) The term and
			 amortization of the loan;
(C) The
			 purpose of the loan; and,
(D) The
			 source and amount of other capital in the project.
(d) The number of loans that were declined,
			 the amounts of the declined loans and the primary reasons for the
			 declines.
(e) The number and amount
			 of non-performing Enrolled Loans.
(f) Any other information required in the
			 reporting form by the Department.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1500 - Termination of Continued Loan Enrollment, Repayment of Balance, and Withdrawal from the Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Should a Loan
			 Loss Reserve Account balance reach zero or be expected to reach zero with the
			 payment of a Claim, the Agreement shall be terminated subject to a final report
			 being provided to the Department which shall be due within 45 days of the
			 earlier of the Loan Loss Reserve Account reaching zero or the termination date
			 of the Agreement.
(2) At such time
			 the Loan Loss Reserve Account reaches zero or the Agreement is terminated, the
			 Loan Loss Reserve Account shall be closed and any outstanding fees or balance
			 due shall be paid in full by the lender.
(3) The Department may terminate enrollment
			 of new Qualified Loans under the Program for a lender or terminate the lender's
			 Agreement altogether upon a 30-day notice of termination to the lender or such
			 earlier date if the Department determines:
(a)
			 The lender has failed to prudently underwrite, document and/or collect on the
			 Loan Loss Reserve Account portfolio consistent with the terms and conditions of
			 these rules or the Agreement.
(b)
			 The lender has not enrolled a Qualified Loan for 24 consecutive
			 months;
(c) The Loan Loss Reserve
			 Account or Enrolled Loan portfolio of the lender has been in whole or in part,
			 sold, transferred, assigned or subrogated;
(d) The lender has become insolvent or has
			 ceased lending operations in Oregon. This provision shall apply whether or not
			 a new financial institution, lender, or loan servicer purchases some or all of
			 the loans of the lender;
(e) The
			 lender fails to provide the required reporting as provided by OAR
			 123-300-1400;
(f) The lender fails to perform in any
			 material way under the Agreement, the Act or under these administrative rules;
			 or
(g) The lender makes a material
			 misrepresentation in the submission to the Department of any of the following:
			 the proposal to the RFP, Enrolled Loan documentation, Claims documentation, or
			 reports required by the Program.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1501 - Termination of Continued Loan Enrollment, Repayment of Balance, and Withdrawal from the Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Should a
			 Loan Loss Reserve Account balance reach zero or be expected to reach zero with
			 the payment of a Claim, the Agreement shall be terminated subject to a final
			 report being provided to the Department which shall be due within 45 days of
			 the earlier of the Loan Loss Reserve Account reaching zero or the termination
			 date of the Agreement.
(2) At such
			 time the Loan Loss Reserve Account reaches zero or the Agreement is terminated,
			 the Loan Loss Reserve Account shall be closed and any outstanding fees or
			 balance due shall be paid in full by the lender.
(3) The Department may terminate enrollment
			 of new Qualified Loans under the Program for a lender or terminate the lender's
			 Agreement altogether upon a 30-day notice of termination to the lender or such
			 earlier date if the Department determines:
(a)
			 The lender has failed to prudently underwrite, document and/or collect on the
			 Loan Loss Reserve Account portfolio consistent with the terms and conditions of
			 these rules or the Agreement.
(b)
			 The lender has not enrolled a Qualified Loan for 24 consecutive
			 months;
(c) The Loan Loss Reserve
			 Account or Enrolled Loan portfolio of the lender has been in whole or in part,
			 sold, transferred, assigned or subrogated;
(d) The lender has become insolvent or has
			 ceased lending operations in Oregon. This provision shall apply whether or not
			 a new financial institution, lender, or loan servicer purchases some or all of
			 the loans of the lender;
(e) The
			 lender fails to provide the required reporting as provided by OAR
			 123-300-1401;
(f) The lender fails to perform in any
			 material way under the Agreement, the Act or under these administrative rules;
			 or
(g) The lender makes a material
			 misrepresentation in the submission to the Department of any of the following:
			 the proposal to the RFP, Enrolled Loan documentation, Claims documentation, or
			 reports required by the Program.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1600 - Disposition of Funds Withdrawn from Loan Loss Reserve Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
All funds returned to the Department from lenders, or not
				disbursed as Program Awards by the Department by June 30, 2023, will be
				remitted to the State General Fund.
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.780 - ORS
				  285B.799
Statutes/Other Implemented: ORS
				  285B.780 - ORS
				  285B.799 & ORS
				  706.008
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1601 - Disposition of Funds Withdrawn from Loan Loss Reserve Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
All funds returned to the Department from lenders, or not
				disbursed as Program Awards by the Department by June 30, 2023, will be
				remitted to the State General Fund.
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.780 - ORS
				  285B.799
Statutes/Other Implemented: ORS
				  285B.780 - ORS
				  285B.799 & ORS
				  706.008
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1700 - Inspection of Files and Record Retention

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Program lenders
			 shall permit the Department and any party designated by the Department,
			 including the Secretary of State at any reasonable time, to inspect and make
			 copies of any accounts, books and records, including, without limitation,
			 Program lender's files relating to Enrolled Loans. The lender shall supply such
			 materials and information as the Department may reasonably require in person or
			 in an electronic format reasonably prescribed by the Department.
(2) Program lenders shall retain and keep
			 accessible for a minimum of 5 years from repayment of an Enrolled Loan in full,
			 or payment of a Claim against the Loan Loss Reserve Account, the following:
(a) All documentation provided by the
			 Borrower when making its application;
(b) Materials created by the lender when
			 underwriting the loan including, but not limited to, the credit approval memo,
			 collateral examinations, appraisals, and credit analysis
			 documentation;
(c) Enrolled Loan
			 documentation including, but not limited to, loan agreements, personal and
			 business guarantees, deeds of trust, UCC filings, subordination agreements, and
			 other common commercial lending documentation;
(d) All documentation provided by the
			 Borrower at or near the time of default prior to the liquidation of
			 assets;
(e) The lender's
			 liquidation plan; and
(f) All
			 documentation related to the liquidation of assets and realization from
			 personal and business guarantees.
(g) All other documentation related to the
			 Agreement.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1701 - Inspection of Files and Record Retention

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Program lenders shall permit the
			 Department and any party designated by the Department, including the Secretary
			 of State at any reasonable time, to inspect and make copies of any accounts,
			 books and records, including, without limitation, Program lender's files
			 relating to Enrolled Loans. The lender shall supply such materials and
			 information as the Department may reasonably require in person or in an
			 electronic format reasonably prescribed by the Department.
(2) Program lenders shall retain and keep
			 accessible for a minimum of 5 years from repayment of an Enrolled Loan in full,
			 or payment of a Claim against the Loan Loss Reserve Account, the following:
(a) All documentation provided by the
			 Borrower when making its application;
(b) Materials created by the lender when
			 underwriting the loan including, but not limited to, the credit approval memo,
			 collateral examinations, appraisals, and credit analysis
			 documentation;
(c) Enrolled Loan
			 documentation including, but not limited to, loan agreements, personal and
			 business guarantees, deeds of trust, UCC filings, subordination agreements, and
			 other common commercial lending documentation;
(d) All documentation provided by the
			 Borrower at or near the time of default prior to the liquidation of
			 assets;
(e) The lender's
			 liquidation plan; and
(f) All
			 documentation related to the liquidation of assets and realization from
			 personal and business guarantees.
(g) All other documentation related to the
			 Agreement.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1900 - Release of Lender from Agreement and Use of Balance in Account

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lender shall
			 be released from any obligation under an Agreement and may use for any purpose
			 the remaining balance in the lender's Loan Loss Reserve Account, including
			 accrued interest, if the lender has:
(a)
			 Performed under the terms and conditions of an Agreement entered into with the
			 Department for a period of 10 years;
(b) Attained during the 10-year period of the
			 Agreement, a ratio of four-to-one (4:1) of total principal amount of Enrolled
			 Loans made by the lender to the amount of moneys awarded to the lender under
			 the Program; and,
(c) Complied with
			 the annual and final reporting requirements of the Program provided under OAR
			 123-300-1400.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 300 - Community Lender Loan Loss Account Program › Section 123-300-1901 - Release of Lender from Agreement and Use of Balance in Account

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A lender shall
			 be released from any obligation under an Agreement and may use for any purpose
			 the remaining balance in the lender's Loan Loss Reserve Account, including
			 accrued interest, if the lender has:
(a)
			 Performed under the terms and conditions of an Agreement entered into with the
			 Department for a period of 10 years;
(b) Attained during the 10-year period of the
			 Agreement, a ratio of four-to-one (4 : 1) of total principal amount of Enrolled
			 Loans made by the lender to the amount of moneys awarded to the lender under
			 the Program; and,
(c) Complied with
			 the annual and final reporting requirements of the Program provided under OAR
			 123-300-1401.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0000 - Purpose and Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The 82nd Oregon
			 Legislative Assembly, 2023 Regular Session, passed chapter 25, Oregon Laws 2023
			 (Enrolled Senate Bill 4) which established the Oregon CHIPS Fund ("Fund") and a
			 new program to support private investment in the semiconductor and advanced
			 manufacturing industry through financial awards of grants and loans to
			 businesses that are covered entities ("Oregon CHIPS"). The awards are intended
			 to serve as covered incentives and thereby assist businesses for purposes of
			 federal semiconductor financial assistance from the U.S. Department of
			 Commerce, pursuant to the Creating Helpful Incentives to Produce Semiconductors
			 (CHIPS) for America Act of 2022 (Pub. L. 117-167), Chapter 72A,
			 Title 15, United States Code (U.S.C.). The Fund received legislative
			 appropriations and the Department received expenditure authority for the
			 appropriations from sections 8 and 8b, chapter 25, Oregon Laws 2023 and
			 sections 245 to 247, chapter 114, Oregon Laws 2024. In addition to usage for
			 Oregon CHIPS, pursuant to chapter 81, Oregon Laws 2024, money in the Fund may
			 be transferred to the CHIPS Child Care Fund for the purposes of providing
			 financial support and child care subsidies for construction workforce. Pursuant
			 to Chapter 89, Oregon Laws 2024, moneys in the Fund may also be used for
			 National Semiconductor Technology Center projects under the federal program
			 established pursuant to 15
			 U.S.C. 4656(c).
(2) These administrative rules specify
			 elements of the program developed by the Department pursuant to sections 1 to
			 6, chapter 25, Oregon Laws 2023 (Enrolled Senate Bill 4), in order for the
			 state to make financial awards of grants and loans from the Fund. The permanent
			 administrative rules for the program are effective November 29, 2023 and the
			 amended permanent rules shall apply to all program applicants and awardee
			 businesses.
(3) In administering
			 this program, the Governor and the Department will emphasize investments that
			 assist communities, businesses or industries in promoting the creation,
			 expansion, and preservation of semiconductor and advanced manufacturing in
			 Oregon, and that encourage diversification and preservation of regional
			 economies.
Statutory/Other Authority: ORS
				  285A.075 & OR Laws 2023 ch.
				  25 §§1-6, 7, 8 & 8b
Statutes/Other Implemented: OR Laws 2023 ch. 25
				  §§1-6, 7, 8 & 8b
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0000 - Purpose and Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The 82nd Oregon
			 Legislative Assembly, 2023 Regular Session, passed chapter 25, Oregon Laws 2023
			 (Enrolled Senate Bill 4) which established the Oregon CHIPS Fund ("Fund") and a
			 new program to support private investment in the semiconductor and advanced
			 manufacturing industry through financial awards of grants and loans to
			 businesses that are covered entities ("Oregon CHIPS"). The awards are intended
			 to serve as covered incentives and thereby assist businesses for purposes of
			 federal semiconductor financial assistance from the U.S. Department of
			 Commerce, pursuant to the Creating Helpful Incentives to Produce Semiconductors
			 (CHIPS) for America Act of 2022 (Pub. L. 117-167), Chapter 72A,
			 Title 15, United States Code (U.S.C.).
(2) These administrative rules specify
			 elements of the program developed by the Department pursuant to sections 1 to
			 6, chapter 25, Oregon Laws 2023 (Enrolled Senate Bill 4), in order for the
			 state to make financial awards of grants and loans from the Fund. The permanent
			 administrative rules for the program are effective November 29, 2023.
(3) In administering this program, the
			 Governor and the Department will emphasize investments that assist communities,
			 businesses or industries in promoting the creation, expansion, and preservation
			 of semiconductor and advanced manufacturing in Oregon, and that encourage
			 diversification and preservation of regional economies.
Statutory/Other Authority: ORS
				  285A.075 & OR Laws 2023 ch.
				  25 §§1-6, 7, 8 & 8b
Statutes/Other Implemented: OR Laws 2023 ch. 25
				  §§1-6, 7, 8 & 8b
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0010 - Federal Terms

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of
			 this division administrative rules, the following terms are defined based on
			 the federal CHIPS for America Act with the applicable federal statute cited
			 with each term:
(a) The term "covered entity"
			 means a nonprofit entity, a private entity, a consortium of private entities,
			 or a consortium of nonprofit, public, and private entities with a demonstrated
			 ability to substantially finance, construct, expand, or modernize a facility.
			 (15 U.S.C.
			 4651(2)).
(b) The term "covered incentive":
(A) means an incentive offered by a
			 governmental entity to a covered entity for the purposes of constructing a
			 facility within the jurisdiction of the governmental entity, or expanding or
			 modernizing an existing facility within that jurisdiction; and
(B) a workforce-related incentive (including
			 a grant agreement relating to workforce training or vocational education), any
			 concession with respect to real property, funding for research and development
			 with respect to semiconductors, and any other incentive determined appropriate
			 by the U.S. Secretary of Commerce, in consultation with the U.S. Secretary of
			 State. (15 U.S.C.
			 4651(3)).
(c) The term "Facility" means a
			 facility relating to fabrication, assembly, testing, advanced packaging,
			 production, or research and development of semiconductors; facility relating to
			 materials used to manufacture semiconductors; or facility relating to
			 semiconductor manufacturing equipment. (15 U.S.C.
			 4651(2)).
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0030 - Application Review and Approval

Current through Register Vol. 63, No. 7, July 1, 2024
In coordination and consultation with the Governor, the
				Department shall review all timely and complete applications for program grants
				and loans. The review shall include:
(a) Review of proposed projects for
			 determination of compliance with eligible uses of program grant and loan
			 proceeds as provided by section 1(3)(a), chapter 25, Oregon Laws 2023, and as
			 further defined by this division of rules;
(b) Review for completion of the application,
			 including satisfaction of requirements provided under section 2(b), chapter 25,
			 Oregon Laws 2023;
(c) Applying the
			 preferences provided under section 3(2), chapter 25, Oregon Laws 2023;
			 and
(d) Applying other criteria set
			 forth with the Request for Applications.
(2)
			 When the Governor intends to approve program grant or loan amounts that exceed
			 $50 million in total for a single business, the Governor with the Department's
			 assistance, shall provide formal notice of the amount of the program grant or
			 loan the Governor intends to approve to the Speaker of the Oregon House of
			 Representatives, State Senate President, and the co-chairs of committees
			 involved in the passage of Senate Bill 4 (2023).
(3) Within 90 days of receiving an
			 application (but not less than 30 days after any notice in section (2) of this
			 rule), the Department in consultation with the Governor shall approve or
			 reject:
(a) The requested program grant or
			 loan in the application; and
(b)
			 Any accompanying request for an application assistance grant.
(A) Successful applicants will receive a
			 notice of intent to award, and unsuccessful applicants will receive a letter of
			 explanation.
(B) The notice of
			 intent to award letter provided for approved applications shall contain an
			 offer of an amount for the program grant or loan, an amount for an application
			 assistance grant or both, including but not limited to an offer that is less
			 than what was requested by the business applicant.
(4) Any Business approved for a
			 program grant or loan shall provide the Department evidence of federal CHIPS
			 for America Act application acceptance by the U.S. government.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0030 - Application Review and Approval

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In coordination
			 and consultation with the Governor, the Department shall review all timely and
			 complete applications for program grants and loans. The review shall include:
(a) Review of proposed projects for
			 determination of compliance with eligible uses of program grant and loan
			 proceeds as provided by section 1(3)(a), chapter 25, Oregon Laws 2023, and as
			 further defined by this division of rules;
(b) Review for completion of the application,
			 including satisfaction of requirements provided under section 2(1)(b), chapter
			 25, Oregon Laws 2023;
(c) Applying
			 the preferences provided under section 3(2), chapter 25, Oregon Laws 2023;
			 and
(d) Applying other criteria set
			 forth with the Request for Applications.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0040 - Project Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be approved
			 and funded, an application must propose a project that includes permitted
			 program grant and loan uses of Funds as provided by Section 1(3)(a), chapter
			 25, Oregon Laws 2023. That is, a proposed project must request program grant or
			 loan proceeds to be used solely for:
(a)
			 Research and development with respect to semiconductors or advanced
			 manufacturing; or
(b) Partnering
			 with institutions of higher education, local workforce boards, groups and other
			 programs, consistent with examples under section 1(3)(a)(B)(iii), chapter 25,
			 Oregon Laws 2023, for the purpose of workforce development and the creation of
			 training, registered apprenticeship and internship opportunities, with respect
			 to semiconductors or advanced manufacturing; or
(c) Development of a site for a facility or
			 development of site for other advanced manufacturing, which may include but is
			 not limited to:
(A) Acquisition and
			 aggregation of land of a site, whether improved or not;
(B) Expansion, improvement, construction,
			 modernization, demolition or redevelopment of buildings, structures or
			 utilities;
(C) Acquisition and
			 installation of machinery, tools, and equipment; or
(D) Training or other workforce development
			 specific to facility operations or operations of an advanced manufacturing
			 site, which may also include subsection (b) of this section.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0040 - Project Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) To be approved
			 and funded, an application must propose a project that includes permitted
			 program grant and loan uses of Funds as provided by Section 1(3)(a), chapter
			 25, Oregon Laws 2023. That is, a proposed project must request program grant or
			 loan proceeds to be used solely for:
(a)
			 Research and development with respect to semiconductors or advanced
			 manufacturing; or
(b) Partnering
			 with institutions of higher education, local workforce boards, groups and other
			 programs, consistent with examples under section 1(3)(a)(B)(iii), chapter 25,
			 Oregon Laws 2023, for the purpose of workforce development and the creation of
			 training, registered apprenticeship and internship opportunities, with respect
			 to semiconductors or advanced manufacturing; or
(c) Development of a site for a facility or
			 development of site for other advanced manufacturing, which may include but is
			 not limited to:
(A) Acquisition and
			 aggregation of land of a site, whether improved or not;
(B) Expansion, improvement, construction,
			 modernization, demolition or redevelopment of buildings, structures or
			 utilities;
(C) Acquisition and
			 installation of machinery and equipment; or
(D) Training or other workforce development
			 specific to facility operations or operations of an advanced manufacturing
			 site, which may also include subsection (b) of this section.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0050 - Application Assistance Grants

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 As part of an application that requests a program grant or loan for a proposed
			 project, a business may request an application assistance grant in an amount
			 not to exceed $50,000.
(2) The
			 Department may award and disburse an application assistance grant based
			 principally on the business's demonstration of need for assistance.
(3) The Department may award an application
			 assistance grant only to a business that the Department has also approved an
			 application for a program grant or loan.
(4) Notwithstanding section (3) of this rule,
			 a contract specific to the application assistance grant may be executed prior
			 to execution of an agreement for a program grant or loan.
(5) A business awarded an application
			 assistance grant shall use the grant funds solely for the costs of preparing
			 and submitting the business's application for federal semiconductor financial
			 assistance, and an application assistance grant contract shall require the
			 business to complete and submit an application for federal semiconductor
			 financial assistance.
(6) Repayment
			 and penalties under section 5, chapter 25, Oregon Laws 2023, attach to any
			 application assistance grant.
(7)
			 Comparable funding, as may be provided to covered entities seeking federal
			 semiconductor financial assistance, through a separate program of the Governor
			 or the Department, is not subject to this administrative rule or to sections 1
			 to 6, chapter 25, Oregon Laws 2023.
Statutory/Other Authority: ORS
				  285A.075 & OR Laws 2023 Ch.
				  25 §§1, 2, 3 & 5
Statutes/Other Implemented: OR Laws 2023 Ch. 25
				  §§1, 2, 3 & 5
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0060 - Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) After approval
			 of an application for a program grant or loan for a Project, the Department in
			 coordination with the Governor shall promptly:
(a) Provide official documentation of the
			 program grant or loan for the business to present as evidence of a covered
			 incentive, which may include a notice of intent to award letter, conditional
			 award letter or a binding commitment letter; and
(b) Begin preparation of an agreement with
			 the business.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0070 - Reporting Economic and Fiscal Information

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Following the date on which a business
			 enters into an agreement with the Department, the business must submit a report
			 to the Department on the status of its Project as provided by section 4(1),
			 chapter 25, Oregon Laws 2023, no later than May 15 and November 15 each year.
			 These reports shall cover the immediately preceding six-month period (January 1
			 - June 30 and July 1 - December 31).
(2) The reporting obligations provided in
			 section (1) cease on the earlier of the date the agreement expires, the date
			 the agreement is terminated, or the date the department has determined that the
			 business has met their contractual obligations, if applicable, for generating
			 state and local revenue as provided by section 1(e)(A) and specified in the
			 program grant or loan agreement.
Statutory/Other Authority: ORS
				  285A.075 & OR Laws 2023 ch.
				  25 §§4
Statutes/Other Implemented: OR Laws 2023 ch. 25
				  §§4
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0080 - Verification of Obligations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A business
			 shall submit a report and documentation to the department each year by November
			 15, verifying, as applicable to their agreement, their project's annual:
(a) State and local revenue generated in
			 accordance with section 1(4)(e), chapter 25, Oregon Laws 2023, setting forth
			 the kinds, amounts and timing of the revenue generated; or
(b) New jobs created in accordance with
			 section 1(4)(f), chapter 25, Oregon Laws 2023.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0080 - Verification of Obligations

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A business
			 shall submit a report and documentation to the department each year by November
			 15, verifying, as applicable to their agreement, their project's annual:
(a) State and local revenue generated in
			 accordance with section 1(4)(e), chapter 25, Oregon Laws 2023, setting forth
			 the kinds, amounts and timing of the revenue generated; or
(b) news jobs created in accordance with
			 section 1(4)(f), chapter 25, Oregon Laws 2023.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 400 - OREGON CHIPS PROGRAM › Section 123-400-0090 - Revenue and Employment Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The agreement
			 shall specify whether fulfilment of program requirements to avoid repayment of
			 program grant or loan proceeds will be primarily determined by satisfaction of
			 section 1(4)(e) or 1(4)(f), chapter 25, Oregon Laws 2023, namely:
(a) by fulfilling the required return on
			 investment ("ROI") in terms of state and local revenue associated with the
			 project and respective to the amount of program grant or loan proceeds received
			 by the business; or
(b) by
			 fulfilling the creation of qualifying new jobs in Oregon associated with the
			 project.