reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0190 - Reports of Regulatory Agencies

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.113
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0200 - Administrative Costs of Program

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may charge actual and necessary administrative
				expenses in operating the Program to the Fund.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.115 &
				  285B.119
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0000 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
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
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of these rules additional definitions may be
				found in Procedural Rules, OAR 123-001. For purposes of this division of
				administrative rules, unless the context demands otherwise:
(1) "Applicant" means any individual,
			 association of individuals, joint venture, partnership or corporation, person
			 or any combination of persons applying for a loan from the Oregon
			 Entrepreneurial Development Loan Fund.
(2) "Business plan" means a plan:
(a) For start-up entities, including but not
			 limited to businesses with less than 24 months of operations, using the
			 standard format set forth in
Your Business Plan
by Dennis J.
			 Sargent or other such format as may be acceptable to the Certified Entity and
			 the Department, or,
(b) For
			 businesses with 24 or more months of operations an executive summary of
			 business operations including projections and supporting narrative as may be
			 acceptable to the Certified Entity or the Department.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0020 - Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
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.
(1) To be eligible
			 for a loan from the Fund, each Applicant must meet one or more of the criteria
			 in this section:
(a) The Applicant must have
			 had total revenues of $1,500,000 or less in the 12 calendar months immediately
			 preceding the date application is made to the Fund for a loan;
(b) The Applicant must have 25 or fewer
			 full-time equivalent employees at the time of application; or,
(c) At least 50 percent of the Applicant's
			 business or proposed business must be owned by an individual or individuals
			 classified as Severely Disabled.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0030 - Application Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each
			 Applicant shall certify to the Certified Entity and the Department that it is
			 an eligible Applicant for the Fund under OAR
			 123-019-0020(1)
			 and shall specify which of the criteria outlined in
			 123-019-0020(1)
			 it meets.
(2) The Certified Entity
			 may enroll the Applicant in an appropriate Small Business Management Program.
			 Each Applicant shall:
(a) Have completed a
			 Small Business Management Program;
(b) Be enrolled in a Small Business
			 Management Program prior to Department action on such Applicant's loan
			 request;
(c) Satisfactorily
			 document to the Certified Entity and Department, a business plan that
			 adequately demonstrates the ability of the Applicant to repay the proposed
			 loan; or,
(d) If the business has
			 been in operations for 24 months or more, the Department may accept
			 Applicant-prepared projections with supporting assumptions, and an executive
			 summary of the business operations and plan in lieu of satisfying the
			 requirements of OAR 123-019-0030(2)(a)-(c).
			 The Department may, at its sole discretion, require the review and assistance
			 of a Certified Entity if the documentation provided is not considered
			 adequate.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0040 - Loan Conditions

Current through Register Vol. 63, No. 7, July 1, 2024
The Finance Manager may approve a loan request if the Finance
				Manager finds that:
(1) The Applicant
			 and the project are eligible for a loan from the Fund according to the criteria
			 set forth in OAR 123-019-0020 and
			 123-019-0030.
(2) The Applicant has available, and has
			 irrevocably committed to the project, Equity funds in the form of cash or
			 property in an amount equal to or greater than:
(a) Fifteen percent of the amount of the
			 project proceeds used for working capital and equipment; or
(b) Ten percent of the amount of the project
			 proceeds used to acquire real property.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0060 - Appeals, Monitoring, Amendments and Modifications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the Finance Manager denies a loan
			 request and if requested in writing by the Applicant within 30 days of the
			 denial, the Department shall inform the Applicant in writing of the reasons for
			 such denial.
(2) A denied Applicant
			 has the right to appeal the denial in writing within 30 days of the Finance
			 Manager's denial. Within 30 days of the appeal, the Applicant may submit
			 whatever books, documents and data necessary to support the appeal. After
			 reviewing the additional documentation, the Department shall schedule an appeal
			 review by the Finance Manager, or the Loan Committee, as the Department may
			 decide. If the Department elects to have the appeal reviewed by the Loan
			 Committee, the Applicant may appear at the Loan Committee meeting to provide
			 additional context to the information provided to support the appeal.
(3) An Applicant whose appeal has been denied
			 must submit a new credit application to be eligible for consideration of a new
			 loan request. This requirement may be waived by the Finance Manager, in their
			 sole discretion.
(4) All loans
			 shall be monitored by, and all loan repayments shall be made to, the Department
			 or its assignee.
(5) It is the
			 responsibility of the borrower to ensure that its payment arrives in the
			 Department by the due date.
(6) Any
			 request for modification or amendment to any loan condition shall be made in
			 writing to the Department and approved by the Finance Manager. The Finance
			 Manager may refer a request for modification or amendment to the Loan Committee
			 for recommendation.
(7) If the
			 Finance Manager consents to any requested modification or amendment, the
			 borrower shall be responsible for all costs of modifying or amending any loan
			 documents, filings, recordings or financing statements.
Statutory/Other Authority: ORS
				  285A.075 & OL 2020 2nd SS Ch
				  10 Sec 26 and 27
Statutes/Other Implemented: ORS
				  285A.075, Ch. 765, OL 1993, OL
				  2020 2nd SS Ch 10 Sec 26 and 27, ORS
				  285B.740, ORS
				  285B.743, ORS
				  285B.746, ORS
				  285B.749 & ORS
				  285B.758
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0070 - Confidential Records

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Upon written
			 request and within a reasonable time, the Department shall provide nonexempt
			 loan program records for inspection in accordance with ORS Chapter
			 192.
(2) The person requesting
			 inspection of the records may be charged in advance the Department's cost for
			 locating, compiling, copying, and mailing the records. Such costs shall include
			 but not be limited to costs incurred in locating records, separating exempt and
			 nonexempt records, having a custodian present during the inspection, preparing
			 lists of data, making photocopies, and telefaxing materials. Fees to be
			 collected shall be set forth in the Department's schedule of fees and may be
			 amended from time to time as the Department in its sole discretion may
			 determine.
(3) Except as otherwise
			 provided in ORS Chapter 192, records exempt from disclosure include but are not
			 limited to:
(a) Reports and analyses of
			 reports obtained in confidence from creditors, employers, customers, suppliers,
			 and others which bear on the Applicant's character, finances, management
			 ability, and reliability and which were obtained from persons or firms not
			 required by law to submit them;
(b)
			 Financial statements, tax returns, business records, employment history and
			 other personal data submitted by or for Applicants, or analysis of such
			 data;
(c) Interdepartmental
			 advisory memoranda prior to a loan decision;
(d) Formulas, plans, designs and related
			 information which constitute trade secrets under ORS Chapter 192;
(e) Personal financial statements;
(f) Financial statements of
			 Applicants;
(g) Customer
			 lists;
(h) Information of an
			 Applicant pertaining to litigation to which the Applicant is a party if the
			 complaint has been filed, or if the complaint has not been filed, if the
			 Applicant shows that such litigation is reasonably likely to occur. This
			 exemption does not apply to litigation which has been concluded and nothing in
			 this section shall limit any right or opportunity granted by discovery or
			 deposition statutes to a party to litigation or potential litigation;
(i) Production, sales or cost data;
			 and
(j) Marketing strategy
			 information that relates to an Applicant's plan to address specific markets and
			 Applicant's strategy regarding specific competitors.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0080 - Restrictions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the loan
			 will result in the construction, expansion, rehabilitation or remodeling of a
			 facility to which the public has access, access for handicapped persons must be
			 provided in accordance with ORS
			 447.210 to
			 447.280. This provision applies
			 only to firms which deal directly with the general public in the normal and
			 usual course of their business, and to facilities in which business is
			 customarily transacted by and with members of the general public.
(2) Borrowers receiving assistance from the
			 EDLF are required to make a good faith effort to hire low income people who are
			 trained by publicly-funded job training providers. Borrowers may also be
			 required to enter into a First Source Hiring Agreement as defined in OAR
			 123-070-0300 through 123-070-0370.
Stat. Auth.: ORS.285A.075, 447.210-447.280
Stats. Implemented: ORS
				  285A.075,
				  447.210 -
				  447.280, Ch.765, OL
				  1993
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0090 - Payment of Monies for Project

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The Finance Manager shall be the sole judge of the suitability and eligibility
			 of a Project for financing from the Fund, and approval of such financing shall
			 be in the sole discretion of the Finance Manager.
(2) If the Finance Manager approves a loan
			 for a Project, the Department shall pay monies for the Project from the Fund,
			 in accordance with the terms of the loan contract as prescribed by the Finance
			 Manager.
(3) If the Finance Manager
			 determines that a loan should be made, the Finance Manager shall also determine
			 the amount of the loan and authorize the disbursement of the funds. The Finance
			 Manager may authorize the Department to disburse the funds and execute such
			 documents as may be necessary to conclude the transaction.
Statutory/Other Authority: ORS.285A.075
Statutes/Other Implemented: ORS
				  285A.075, .285B.740 - 285B.758,
				  Ch. 765 & OL 1993
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 19 - OPERATION OF OREGON ENTREPRENEURIAL DEVELOPMENT LOAN FUND › Section 123-019-0100 - Certification of Entities for Business Plan Review

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to SBDCs, the Finance Manager
			 may certify an entity for the review of business plans and for providing a
			 Small Business Management Program if the Finance Manager finds in their sole
			 discretion that the entity demonstrates in its proposal to become a certified
			 entity that the management team and counseling staff of the certified entity
			 adequately possess:
(a) Sufficient experience
			 in providing financial counseling to businesses;
(b) Sufficient experience in providing a
			 Small Business Management Program;
(c) Sufficient experience in reviewing
			 business plans;
(d) Sufficient
			 experience in commercial/industrial credit analysis, underwriting, loan
			 structuring, and loan collection;
(e) Sufficient experience in lending
			 portfolio management; and,
(f)
			 Sufficient transactional and portfolio risk mitigation experience comparable to
			 the Fund.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0100 - Purpose and Scope

Current through Register Vol. 63, No. 7, July 1, 2024
This division of administrative rules describes the steps and
				necessary elements for the Commission to approve the formation of a Port, as
				required under ORS 285A.627(2).
Stat. Auth.: ORS
				  285.075
Stats. Implemented: ORS
				  285A.627
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0105 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of these rules additional definitions may be
				found in Procedural Rules, OAR 123-001. As used in this division of
				administrative rules, unless the context requires otherwise:
(1) "Applicant" means an entity that may
			 legitimately seek and propose the formation of a new Port, and that submits a
			 request for the Commission's approval.
(2) "Port" means a municipal corporation
			 organized under ORS Chapter 777 or 778, which may be known as a "port
			 authority" or "port district."
Stat. Auth.: ORS
				  285.075
Stats. Implemented: ORS
				  285A.627
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0110 - Application

Current through Register Vol. 63, No. 7, July 1, 2024
An Applicant for the formation of a port must:
(1) Send the following, prior to any official
			 filing with the appropriate county, to Attn: Port Formation Application, Oregon
			 Business Development Department, State Lands Building Suite 200, 775 Summer
			 Street NE, Salem, OR 97301-1280:
(a) A sample
			 of the petition or order to be used for purposes of ORS
			 198.705 to
			 198.955, as
			 applicable;
(b) A letter formally
			 requesting formation of the proposed Port;
(c) A legal description and map of the port
			 boundaries; and
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0115 - Criteria

Current through Register Vol. 63, No. 7, July 1, 2024
In carrying out its function as statewide coordinating,
				planning, and research agency for all Ports in the State of Oregon, and to
				insure the most orderly, efficient, and economical development of the state
				port system, the Authority will take into consideration and may request
				information from the Applicant regarding the following:
(1) The need for port services in the
			 territory to be included within the proposed Port;
(2) The adequacy of funding for the proposed
			 Port; and
(3) The orderly
			 development of the proposed Port and its effects upon the development of a
			 state port system.
Stat. Auth.: ORS
				  285.075(5)
				  & 285A.110(1)
Stats. Implemented: ORS
				  285A.627
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0120 - Need for Port Services

Current through Register Vol. 63, No. 7, July 1, 2024
In evaluating the need for port services, the Authority will
				take the following into consideration:
(1) That reasonable alternatives to the
			 formation of a Port have been considered;
(2) That significant adverse effects on other
			 public or private agencies offering similar services within the proposed
			 service area have been considered;
(3) That economic benefits and opportunities
			 such as increased employment, income, and cost savings have been considered;
			 and
(4) That proposed Port
			 boundaries are reasonable in terms of tax assessment and property
			 ownership.
Stat. Auth.: ORS
				  285.075
Stats. Implemented: ORS
				  285A.627
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0125 - Viability of Formation

Current through Register Vol. 63, No. 7, July 1, 2024
In reviewing the viability and merits of a proposed Port, the
				Authority will consider the following, in addition to the latest draft copy of
				the economic feasibility statement for district formation, if applicable, under
				ORS 198.749:
(1) A proposed budget of the proposed Port
			 showing, among other things, capital improvements, staffing, and other sums and
			 expenses required to implement and operate the proposed Port for a reasonable
			 period;
(2) Adequacy of the
			 existing tax base and proposed tax rate and the source and amounts of any other
			 revenues estimated to be required; and
(3) Other financial information
			 requested.
Stat. Auth.: ORS
				  285.075
Stats. Implemented: ORS
				  285A.627
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0130 - Orderly Development of Port and State Port System

Current through Register Vol. 63, No. 7, July 1, 2024
The Authority encourages and seeks public views on the
				following issues as they relate to the formation of a specific port
				district:
(1) Relationship of the
			 proposed Port activities to locally approved land use plans and the provision
			 of other local public services or utilities;
(2) Coordination with affected environmental,
			 economic, and social agencies, including the impact on affected taxing
			 jurisdictions; and
(3) Effects of
			 the proposed activities on transportation facilities and services.
Stat. Auth.: ORS
				  285.075
Stats. Implemented: ORS
				  285A.627
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 20 - FORMATION OF PORTS › Section 123-020-0140 - Review and Commission Approval or Denial

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant will not seek, nor will any
			 agency of a county government do either of the following, until such time as
			 the Authority approves the formation of the port:
(a) Conduct a deciding vote on port formation
			 by the governing body of the county; or
(b) Place the question of the port's
			 formation on the ballot of a special or general election.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0000 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0010 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0015

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0020 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0040 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0050 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0060 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0070 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0080 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0090 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0100 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0110 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Tables referenced are available from the
				  agency.
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0120 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285.476(2),
				  285.476(5)
				  & 285.471(1)(b)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0130 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0140 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Stat. Auth.: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Stats. Implemented: ORS
				  192.430 &
				  285.035(5)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0200 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0300 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0400 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0500 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0600 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0700 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0800 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-0900 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-1400 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218 & ORS
				  285.466 -
				  285.481
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-1500 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
To view attachments referenced in rule text,
click here to view
				  rule
.
Statutory/Other Authority: ORS
				  285A.075 & ORS
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-1600 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Statutes/Other Implemented: 285B.200 - 285B.218,
				  285.471(1)(b), (5) & ORS
				  285.476(2)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-1700 - Renumbered

Current through Register Vol. 63, No. 7, July 1, 2024
Statutory/Other Authority: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Statutes/Other Implemented: 285.035(5) & ORS
				  192.430
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2100 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose of these rules is to provide procedures, standards,
				and criteria for providing loan insurance from the Oregon Credit Enhancement
				Fund.
Statutory/Other Authority: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2200 - Delegation

Current through Register Vol. 63, No. 7, July 1, 2024
With the exception of appeals, the Department may authorize and
				approve loan insurance authorizations and require execution of any document
				necessary or convenient to make effective such insurance.
Statutory/Other Authority: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2300 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
For the purposes of these rules, additional definitions may be
				found in OAR chapter 123, division 1. The following terms shall have the
				following definitions, unless the context clearly indicates otherwise:
(1) "Authorized loan amount" means the amount
			 of a loan authorized by the Department to be under the CEF Program pursuant to
			 a loan insurance authorization issued by the Department to the financial
			 institution making the loan.
(2)
			 "CEF Program" means the Credit Enhancement Fund Insurance Program established
			 under ORS 285B.200 to
			 285B.218.
(3) The "Deficiency" of a loan means the
			 amount of principal outstanding upon default, accrued interest and the
			 financial institution's reasonable costs of collection, exclusive of costs
			 attributable to environmental problems, remaining unpaid after liquidation of
			 collateral and collection of guarantees.
(4) "Financial institution" has the meaning
			 set forth in ORS 706.008.
(5) "Fund" means the Credit Enhancement Fund
			 created by ORS 285B.215.
(6) "Loan Insurance Authorization" means a
			 letter from the director or deputy director or designee to a financial
			 institution agreeing to insure a loan to a borrower on the terms and conditions
			 and subject to the requirements stated therein.
(7) "Lender Agreement" means the agreement
			 between the financial institution and the Department required by OAR
			 123-021-3500.
(8) "Material Adverse Change" or "MAC" means
			 the deterioration of the Borrower's credit quality resulting in the violation
			 of a covenant or condition as defined in the Financial Institution's loan
			 agreement or binding commitment letter with the Borrower.
(9) "Principal" in regards to a borrower is
			 defined as:
(a) If a sole proprietorship, the
			 proprietor;
(b) If a partnership,
			 each managing partner and each partner who is a natural person and holds a
			 twenty percent (20%) or more ownership interest in the partnership;
			 and,
(c) If a corporation, limited
			 liability company, association or a development company, each director, each of
			 the five most highly compensated executives or officers of the entity, and each
			 natural person who is a direct or indirect holder of twenty percent (20%) or
			 more of the ownership stock or stock equivalent of the
			 entity.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2400 - Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Only Qualified
			 Businesses are eligible to be Borrowers under the CEF Program. Further, in
			 order for a loan to a Qualified Business to be eligible for insurance, the
			 project must be expected to result in a Substantial Benefit that is realized
			 primarily in Oregon and the project must meet one or more of the following
			 purposes:
(a) The acquisition, improvement,
			 or rehabilitation of real or personal property; or
(b) Working capital for operations, export
			 transactions, maintenance and other business costs and expenses which are used
			 for purposes other than acquiring real or personal property.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2500 - Application Contents

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Required
			 Contents. Unless waived by the Department, the Financial Institution shall
			 submit to the Department an application containing the following:
(a) A completed General Information Sheet
			 provided by the Department.
(b) A
			 written narrative by the Financial Institution analyzing the Borrower's
			 application (i.e., credit analysis and presentation), including an
			 identification of the proposed amount of the loan; the requested percentage of
			 insurance; Department insurance program under which the insurance is requested;
			 the purpose, terms and conditions of the loan; a description of the collateral
			 and basis for its valuation; a summary of the Borrower's credit standing; and a
			 description of other sources of financing.
(c) Complete resumes of the Borrower, all
			 partners, owners, officers and guarantors, as applicable.
(d) Historical business financial statements
			 for the prior three years, including income statements and balance sheets
			 (income tax returns may also be required), as applicable, if an existing
			 Borrower. Income tax returns may be sufficient if accountant-prepared
			 statements are unavailable. Interim financial statements must also be included
			 if the most recent statements are more than 90 days old as of the application's
			 filing date.
(e) Signed current
			 personal financial statement(s) of owners with a minimum 20% ownership interest
			 in the Borrower. Federal tax returns may be required. This information may also
			 be required of guarantors.
(f) Pro
			 forma balance sheet and income statement with supporting assumptions. In some
			 instances, monthly cash flow statements may also be required. Cash flow
			 statements are required in cases where loan repayment is dependent on
			 projections and for Borrowers seeking working capital financing.
(g) For loans secured in whole or part by
			 real property and for other insured loans, if requested by the Department,
			 completion of the Department's environmental questionnaire or a comparable
			 questionnaire provided by the Financial Institution and accepted by the
			 Department.
(h) Such other
			 information as the Department may require including, but not limited to,
			 projected jobs to be created and/or retained by a Borrower and voluntarily
			 reported demographic data.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2600 - Application Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 Financial Institution seeking loan insurance under the Program is responsible
			 for submitting a complete application to the Department. The Department will
			 not consider an application unless the Department determines that the
			 application is complete and that information sufficient to make an informed
			 decision on the application has been received.
(2) The Department will approve an
			 application only in an insurance amount, insured percentage of loan principal,
			 and insurance term that are necessary and prudent to complete the
			 financing.
(3) No application will
			 be approved unless the Department makes the following determinations:
(a) There is a reasonable prospect that the
			 Borrower will repay a loan according to its terms;
(b) The insured loan will be serviced by the
			 Financial Institution that applies for the insurance; and
(c) The Borrower is eligible and the proceeds
			 of the insured loan will be used for an eligible purpose.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2700 - Application Decision

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The director
			 or director's designee will either approve or decline an application. Upon
			 approval of an application, the Department will issue a Loan Insurance
			 Authorization setting forth the terms and conditions upon which the loan will
			 be insured.
(2) No Loan Insurance
			 Authorization shall become effective until the Financial Institution has paid
			 the initial loan insurance premium required by OAR
			 123-021-3600 and the Department
			 and Financial Institution have entered into a Lender Agreement.
(3) If the director or the director's
			 designee declines an application, upon written request, the Department will
			 provide the Financial Institution a notice that includes the reasons for
			 declining the application. The notice shall include a notice of the Financial
			 Institution's opportunity to appeal the director's or their designees' decision
			 to the Oregon Business Development Commission's Finance Committee.
Statutory/Other Authority: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2800 - Appeal to the Oregon Business Development Commission's Finance Committee

Current through Register Vol. 63, No. 7, July 1, 2024
A Financial Institution may appeal the decision of the
				Department declining the Financial Institution's application. The appeal will
				be considered by the Oregon Business Development Commission's Finance
				Committee. The Financial Institution must file a notice of appeal in writing to
				the Department within thirty days of the date of the Department's notice
				declining the application. The notice of appeal must include a copy of the
				Department's notice, a statement of why the decision should be reconsidered and
				any relevant supporting documentation. The Department will inform an appealing
				applicant of the time and location of the public meeting to consider the
				appeal, and the Financial Institution may be present to support the appeal
				through public comment.
Statutory/Other Authority: ORS
				  285A.075 &
				  285B.200 -
				  285B.218
Statutes/Other Implemented: ORS
				  285B.200 -
				  285B.218
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-2900 - Loan and Insurance Terms and Conditions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Interest rate. The rate of interest on
			 the insured loan and the term of the loan shall be agreed between the Financial
			 Institution and a Borrower. The maximum interest rate may not exceed the rate
			 allowed by SSBCI Program guidelines.
(2) Collateral. Repayment of an insured loan
			 shall be secured by such collateral as the Department deems prudent. With the
			 exception of the Collateral Support Insurance, all other loans and lines of
			 credit must be fully secured as determined by the Department.
(a) Loans eligible for Collateral Support
			 Insurance are those secured by collateral for which the liquidation value is
			 less than the principal amount of the loan. The Department will issue
			 Collateral Support Insurance only if it determines that the Borrower, its
			 Principals, and the guarantors, if any, exhibit strong credit histories and the
			 ability to service the proposed and existing debt;
(b) Where real estate or machinery or
			 equipment affixed to real estate constitute a significant portion of collateral
			 for an insured loan, the real estate or affixed machinery and equipment must be
			 located within Oregon. Moveable machinery or equipment, including rolling stock
			 and vessels, constituting a significant portion of collateral for repayment of
			 an insured loan shall be registered with and taxed by Oregon or municipal
			 authorities within Oregon, if Oregon or municipal authorities register or tax
			 machinery or equipment of a type similar to the collateral, and shall be stored
			 or berthed in Oregon when not in use.
(c) The Department may, at its sole
			 discretion, require an independent collateral valuation, appraisal or
			 environmental assessment of the real property or other assets securing the
			 loan.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-3000 - Conventional Insurance Program

Current through Register Vol. 63, No. 7, July 1, 2024
Under Conventional Insurance, the Department insures:
(1) Up to 80 percent of the original
			 principal amount of a loan in an amount not to exceed the lesser of $6,000,000
			 or the product of the Authorized Loan Amount multiplied by the insured
			 percentage.
(2) A maximum term that
			 is the lesser of:
(a) The useful life of the
			 assets being financed;
(b) The
			 useful life of the assets used to secure the loan, if different than those
			 financed by the loan; or
(c) Ten
			 years, except that the term for Working Capital Loans shall not exceed seven
			 years.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 21 - OPERATION OF OREGON CREDIT ENHANCEMENT FUND › Section 123-021-3100 - Collateral Support Insurance Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Collateral Support Insurance is only
			 intended to mitigate a collateral shortfall at the maturity of an existing loan
			 secured by real estate and is not available to mitigate other or additional
			 credit deficiencies. Collateral Support Insurance will only be provided to the
			 extent necessary to facilitate the loan's qualification under the Financial
			 Institution's lending guidelines. Loans covered by Collateral Support Insurance
			 must satisfy a participating Financial Institution's credit underwriting
			 criteria with the sole exception of collateral adequacy. Insured loans must be
			 amortized during the term of the Collateral Support Insurance to adequately
			 reduce the principal balance of the insured loan in order to comply with the
			 Financial Institution's current advance rate policy based upon the collateral's
			 appraised value at the time of loan approval at or before the maturity of the
			 Collateral Support Insurance.
(2)
			 Loan proceeds may be used to pay off an existing loan only when the collateral
			 value is no longer adequate to secure the loan due to a decline in the
			 collateral's value and the Borrower does not qualify for a loan that is less
			 than fully secured at origination.
(3) Under Collateral Support Insurance, the
			 Department's maximum liability, up to a maximum of 100 percent of the
			 Deficiency of a loan, shall be the lesser of:
(a) $1,500,000;
(b) 20% of the insured loan; or,
(c) The insured percentage times the
			 authorized and insured loan amount.