reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 16 - BUSINESS RETENTION FUND › Section 123-016-0010 - 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. The following terms shall have the
				following definitions, unless the context clearly indicates otherwise:
(1) Business retention services means
			 technical assistance provided by experts, as qualified by the department,
			 focused on retaining the viable operation of an existing business in Oregon.
			 The services include, but are not limited to the following types of assistance:
(a) Assessment -- initial evaluation to
			 determine the extent of issues experienced by the business and the likelihood
			 of the business's viability.
(b)
			 Management consulting -- identifying and solving problems including, but not
			 limited to, management improvements, marketing problems, financial problems,
			 equipment needs, productivity improvements, production control, cost and
			 pricing systems, and/or ownership.
(c) Feasibility study -- a study conducted to
			 analyze the feasibility of reopening, keeping open, or converting a business
			 firm or a facility to another product, identify ownership possibilities,
			 including employee ownership, and conduct an appraisal of the facility's assets
			 to be purchased.
(d) Conversion
			 plan -- a plan to convert a facility to a new product or enter a new market or
			 convert a company's ownership structure, including an employee
			 buy-out.
(e) Transition plan --
			 strategic and business plans to grow or alter a business operation, including,
			 but not limited to, mergers and transitions to local owners.
(f) Restructuring plan -- plan for the
			 acquisition of new equipment, technologies, management practices, sourcing
			 solutions, and growth options focused on retaining the viable operation of an
			 existing business in Oregon.
(g)
			 Any other type of technical assistance necessary to retain a business in
			 Oregon, maintain Oregon employees, or assist an Oregon business to manage
			 growth that will lead to the creation of new jobs in Oregon.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 16 - BUSINESS RETENTION FUND › Section 123-016-0020 - Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as set
			 forth in 123-016-0020(2),
			 the following are eligible recipients of business retention services:
(a) A for-profit business firm, whose Oregon
			 facility is:
(A) Engaged in:
(i) Technology manufacturing;
(ii) Wood and forest products
			 processing;
(iii) Clean
			 technologies;
(iv) Outdoor gear or
			 active wear production;
(v)
			 Agriculture or aquaculture development;
(vi) Food or seafood processing;
(vii) Other advanced manufacturing;
			 or
(viii) producing goods or
			 services and competing in markets for which regional, national or international
			 competition exists; and
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 16 - BUSINESS RETENTION FUND › Section 123-016-0030 - Awards of Grants and Loans; Match Requirements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A business firm described in OAR
			 123-016-0020(1)(a)
			 is eligible for a maximum award of $15,000 from the Fund for business retention
			 services.
(2) A public or
			 non-profit, private entity described in OAR
			 123-016-0020(1)(b)
			 is eligible for a maximum grant of $30,000 from the Fund for business retention
			 services. A public or non-profit, private entity recipient will be required to
			 contribute a minimum of 25 percent of cost of the business retention services
			 in cash.
(3) As provided in OAR
			 123-016-0050, an award from the
			 Fund may be required to be repaid, in whole or in part, if certain conditions
			 are met.
(4) In most instances, the
			 department will first approve an award from the Fund to conduct an assessment
			 to determine what, if any, additional business retention services are likely to
			 result in retaining the viable operation of an existing business in
			 Oregon.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285A.224
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 16 - BUSINESS RETENTION FUND › Section 123-016-0040 - Application and Award Approval

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 An eligible recipient, as listed in
			 123-016-0020(1),
			 shall make application for business retention services to the department on a
			 form prescribed and provided by the department.
(2) All applications shall be reviewed by the
			 department. The department may also designate an advisory committee to review
			 applications and make recommendations to the department.
(3) The department may request any additional
			 information, such as an assessment or an appraisal, or may recommend a
			 modification to the application in order to make a final determination on an
			 award for business retention services from the Fund.
(4) Prior to making an award from the Fund
			 for a for-profit business firm described in OAR
			 123-016-0020, the department
			 will make a determination that business retention services are likely to result
			 in retaining a viable operation.
(5) Prior to making an award from the Fund
			 for a closed facility or for a facility that houses a business which has
			 announced its closure, the department must determine:
(a) There is a reasonable probability of
			 restarting or converting the facility; and
(b) The business retention services will
			 include consideration of reemploying or continuing the employment of that
			 facility's former or existing labor force.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 16 - BUSINESS RETENTION FUND › Section 123-016-0050 - Contracts for Awards

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Upon
			 approval of an award from the Fund, the department will enter into a contract
			 with the recipient If the recipient is a for-profit business, the contract will
			 require, among other items, repayment of the grant if the department has
			 determined the business has the ability to repay the grant without jeopardizing
			 the viability of the business. The department will make this determination
			 based, in part, on a recommendation from the contracted expert.
(2) Upon approval of an award from the Fund,
			 the department will determine the optimal method of delivering the business
			 retention services to the recipient. In most instances, the department will
			 identify an expert in the subject area in which the business is experiencing
			 problems or an expert in the industry in which the business is engaged and
			 enter into a contract with the expert for the provision of the business
			 retention services.
(3) The
			 department must ensure that costs for contractors are consistent with usual and
			 customary rates and that contractors are certified, licensed, or otherwise
			 experienced and qualified in their field.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285A.224
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 16 - BUSINESS RETENTION FUND › Section 123-016-0060 - Confidential Records

Current through Register Vol. 63, No. 7, July 1, 2024
For applicants and recipients of business retention services,
				ORS 192.502(17)
				lists certain types of business information that are exempted from public
				records requests.
Stat. Auth: ORS
				  285A.075
Stats. Implemented: ORS
				  285A.224,
				  192.502(17)
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0005 - Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
The purpose of these rules is to provide procedures, standards
				and criteria for the making of loans from the Oregon Business Development
				Fund.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.050 -
				  285B.098
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0007 - Policy and Set Asides

Current through Register Vol. 63, No. 7, July 1, 2024
(1) It
			 is the policy of the Business Development Commission, the Finance Committee and
			 the Business Development Department to make loans from the Oregon Business
			 Development Fund to qualified applicants without regard to race, color, creed,
			 sex, age or national origin.
(2)
			 Fifteen percent of the available money in the Fund shall be set aside for loans
			 to emerging small enterprises that are located in or draw their work forces
			 from within distressed areas.
(3)
			 The Oregon Targeted Development Account is hereby established within the Oregon
			 Business Development Fund to make loans in distressed areas. The Commission
			 authorizes the Department to transfer from time to time up to $10 million into
			 or out of the Oregon Targeted Development Account.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.050 -
				  285B.098
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0008 - Delegation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Authority for
			 the day-to-day operation of the fund, including approval of loans and projects,
			 and amendments thereto, is delegated to the Finance Committee.
(2) The Commission shall review and evaluate
			 the operation of the fund with such frequency as it may from time to time
			 determine, and may order any changes that it considers necessary or
			 desirable.
(3) The Commission shall
			 retain final authority over policies and administrative procedures governing
			 the operation of the fund.
(4) The
			 Director or designee is authorized to execute any document reasonably necessary
			 or convenient to close any loan approved by the Finance Committee or, in the
			 case of loans of $250,000 or less, by the Director.
(5) When applicable, the references to the
			 Finance Committee shall include the Director, acting in regard to loans for
			 business development projects of $250,000 or less pursuant to ORS
			 285B.080(3).
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.050 -
				  285B.098
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0010 - 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 county,
			 municipality, person or any combination of counties, municipalities or persons
			 applying for a loan from the Oregon Business Development Fund under ORS
			 285B.050 to
			 285B.098.
(2)
(a)
			 "Business development project" means the acquisition, engineering, improvement,
			 rehabilitation, construction, operation or maintenance of any property, real or
			 personal, including working capital, that is used or is suitable for use by an
			 economic enterprise and that will result in or will aid, promote or facilitate,
			 the development of traded sector activities:
(b) Business development project" includes,
			 but is not limited to, convention facilities, destination facilities, and
			 office buildings, including corporate headquarters, and is a project that:
(A) Is in the traded sector, or supports
			 traded sector activities, and is located in Oregon; or
(B) Is engaged in by a non-profit
			 organization, will not compete with local for-profit businesses, and is located
			 in Oregon. Projects engaged in by a non-profit organization need not be in the
			 traded sector nor support traded sector activities.
(c) "Business development project" does not
			 include shopping centers, food service facilities, or activities that are
			 engaged in by retail and serve businesses that are not in the traded sector
			 unless otherwise allowed under ORS
			 285B.059(5).
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0015 - Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Eligible
			 projects are business development projects as defined in OAR
			 123-017-0010(2).
			 If the Department is unable to obtain a sufficient number of approvable
			 applications to meet the requirements of ORS
			 285B.059(5), it
			 may, notwithstanding the limitations imposed by 285B.050(2), make loans to
			 service and retail businesses that qualify as Emerging Small Businesses which
			 are located in or draw their workforces from within rural or distressed areas
			 as determined by the Department, when such projects provide compelling economic
			 development benefits. Under this section, service and retail businesses that
			 qualify as Emerging Small Businesses need not be engaged in traded sector
			 activities. The amount of loans the Department may make to service and retail
			 businesses under (1) of this section shall be limited to the amount calculated
			 under the method described in 285B.059(5).
(2) Eligible purposes are the financing of
			 land, buildings, fixture, equipment and machinery, research and development,
			 and the provision of working capital.
(3) Eligible applicants are defined in OAR
			 123-017-0010(1).
(4) The relocation of a facility from one
			 labor market area to another, if not accompanied by an expansion of the
			 applicant's business or employment, is an eligible activity if:
(a) The relocation is caused by forces beyond
			 the control of the applicant; or
(b) The relocation is necessary for the
			 continued operation of the business; or
(c) There is no resulting loss of employment
			 at the former site of the business.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0020 - Preference

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except in the
			 case of a loan made from the Oregon Targeted Development Account, the Finance
			 Committee shall give preference to loan applications for projects that
			 demonstrate an overall community benefit and that have one or more of the
			 following characteristics:
(a) Have a ratio
			 of at least one projected job created or saved per $30,000 sought to be
			 borrowed from the Oregon Business Development Fund.
(b) Are operated by businesses with 100 or
			 fewer employees;
(c) Are located in
			 rural or distressed areas of the state;
(d) Are located in Enterprise Zones
			 designated under ORS 285C.050 -
			 285C.250;
(e) Employ displaced workers in the
			 area;
(f) Assist in the economic
			 diversification of the area;
(g)
			 Contain a significant amount of owner equity capital. At least ten percent of
			 the project costs for established companies (three years old or more) and 30
			 percent of project costs for start-ups (firms less than three years old, or
			 firms making the transition from research and development to production) should
			 come from equity or subordinated loans from the owners;
(h) Maximize participation by financial
			 institutions and local development groups;
(i) Produce goods or services for the export
			 market;
(j) Encourage the flow of
			 capital from outside the local area; and
(k) Do not cause severe adverse competitive
			 disadvantages to existing businesses.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0025 - Application Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
(1) It is
			 the policy of the Finance Committee to strive for and encourage, throughout the
			 application process:
(a) Maximum participation
			 by financial institutions and local development groups; and
(b) A minimum administrative burden on the
			 applicant and on the local government.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0030 - Loan Conditions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 Director (for loan requests of $250,000 or less) or the Finance Committee may
			 approve a loan request if it finds that:
(a)
			 Fund participation in any financing shall not exceed 40 percent of the total
			 amount of the eligible project costs, except that Fund financing may be up to
			 50 percent when an application is submitted through a Financial institution or
			 Fund financing may exceed 40 percent when two or more Financial Institutions
			 have denied financing as outlined in OAR
			 123-017-0015(10).
(b) The proposed business development project
			 is feasible and a reasonable risk from practical and economic standpoints, and
			 the loan has reasonable prospect of repayment.
(c) The applicant can provide good and
			 sufficient collateral for the loan, as determined by the Commission. The
			 Commission's security interest may be subordinated to the security interest of
			 other lenders participating in the project. The security interest of loans from
			 the Oregon Targeted Development Account will not be subordinated to the
			 security interest of other lenders, unless the Finance Committee or the
			 Director finds there is an abundance of collateral and/or company or guarantor
			 financial strength. The Business Development Commission may make loans in
			 distressed areas, as defined by the Department, without regard to the
			 requirements for security and collateral under ORS
			 285B.059 and
			 285B.062 that are otherwise
			 applicable. Collateral value of out-of-state real property will be
			 significantly discounted from nominal assessed or appraised value.
(d) Monies in the Oregon Business Development
			 Fund are or will be available for the proposed business development
			 project.
(e) There is a need for
			 the proposed business development project.
(f) The applicant's financial resources are
			 adequate to ensure success of the project.
(g) The applicant has not received or entered
			 into a contract or contracts exceeding $2,000,000 with the Commission, under
			 authority of ORS 285B.050-285B.098, for the previous 365
			 days.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0037 - Appeals, Servicing, Amendments, Assumptions and Modifications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If the Director
			 denies a loan request, the applicant may appeal the Director's decision to the
			 Finance Committee. The Finance Committee may:
(a) Affirm the Director's denial;
			 or
(b) Decide to consider the loan
			 request itself.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0055 - Fees and Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department
			 shall charge and collect a loan fee of $200 at the time the application is
			 filed.
(2) In addition, the
			 applicant, immediately upon receiving the loan proceeds, shall pay to the
			 Department one and one-half percent of the principal amount of the
			 loan.
(3) The Department may charge
			 and collect a Commitment Fee, payable to the Department, in an amount up to
			 three quarters of one percent of the principal amount of the loan to be applied
			 to the fee specified in section (2) of this rule at closing of the loan. If the
			 loan does not close, the Commitment Fee will not be refunded.
(4) The Department may charge and collect an
			 Assumption Fee, payable to the Department, in an amount up to one half of one
			 percent of the remaining principal balance of the loan. The individual or
			 entity assuming the obligation will also be responsible for closing costs
			 associated with the transfer of debt including but not limited to document
			 preparation, review of documentation for legal sufficiency, title, escrow,
			 recording or filing fees.
(5) The
			 Department may charge and collect a Loan Modification Fee, payable to the
			 Department, of $50 at the time of the modification request. A loan modification
			 may include, but, is not limited to, modification to terms of repayment,
			 subordination requests or collateral swaps. The individual or entity requesting
			 the modification will also be responsible for costs associated with the
			 modification including, but, not limited to, document preparation, review of
			 documentation for legal sufficiency, title, escrow, recording or filing
			 fees.
(6) Monies referred to in
			 (1), (2), (3), (4) and (5) of this section shall be paid into the
			 Fund.
(7) The Department may, in
			 its sole discretion, use some or all of the money collected under section (2)
			 of this rule, plus a maximum of an additional one and one-half percent, as
			 payment to a contracted local development group for referring projects for
			 financing, packaging the loans, processing applications, investigating proposed
			 business development projects and servicing outstanding loans. In no case shall
			 the Department make any payment of more than $15,000 for any one project. In no
			 case shall the Department make any payment to any third party until the loan
			 has been closed and the Department has collected the fee specified in section
			 (2) of this rule.
Statutory/Other Authority: ORS
				  285A.075
Statutes/Other Implemented: ORS
				  285B.056,
				  285B.068 &
				  285B.092
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 17 - OPERATION OF OREGON BUSINESS DEVELOPMENT FUND › Section 123-017-0055 - Fees and Charges

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department
			 shall charge and collect a loan fee of $200 at the time the application is
			 filed.
(2) In addition, the
			 applicant, immediately upon receiving the loan proceeds, shall pay to the
			 Department one and one-half percent of the principal amount of the loan.
(3) The Department may charge and
			 collect a Commitment Fee, payable to the Department, in an amount up to three
			 quarters of one percent of the principal amount of the loan to be applied to
			 the fee specified in section (2) of this rule at closing of the loan. If the
			 loan does not close, the Commitment Fee will not be refunded.
(4) The Department may charge and collect an
			 Assumption Fee, payable to the Department, in an amount up to one half of one
			 percent of the remaining principal balance of the loan. The individual or
			 entity assuming the obligation will also be responsible for closing costs
			 associated with the transfer of debt including but not limited to document
			 preparation, review of documentation for legal sufficiency, title, escrow,
			 recording or filing fees.
(5) The
			 Department may charge and collect a Loan Modification Fee, payable to the
			 Department, of $50 at the time of the modification request. A loan modification
			 may include, but, is not limited to, modification to terms of repayment,
			 subordination requests or collateral swaps. The individual or entity requesting
			 the modification will also be responsible for costs associated with the
			 modification including, but, not limited to, document preparation, review of
			 documentation for legal sufficiency, title, escrow, recording or filing fees.
(6) Monies referred to in (1),
			 (2), (3), (4) and (5) of this section shall be paid into the Fund.
(7) The Department may, in its sole
			 discretion, use some or all of the money collected under section (2) of this
			 rule, plus a maximum of an additional one and one-half percent, as payment to a
			 contracted local development group for referring projects for financing,
			 packaging the loans, processing applications, investigating proposed business
			 development projects and servicing outstanding loans. In no case shall the
			 Department make any payment of more than $10,000 for any one project. In no
			 case shall the Department make any payment to any third party until the loan
			 has been closed and the Department has collected the fee specified in section
			 (2) of this rule.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.056,
				  285B.068 &
				  285B.092
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0000 - Purpose and Scope

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The
			 purpose of this division of administrative rules is to provide definitions,
			 procedures, standards and criteria, to establish eligibility, and to stipulate
			 rights and obligations for operation of the Capital Access Program.
(2) The Capital Access Program assists small
			 businesses needing financial capital to grow and to undertake economic activity
			 in this state by subsidizing loss reserves so that conventional lending
			 institutions have greater capacity to satisfy this need.
Statutory/Other Authority: ORS
				  183.310 -
				  183.540 & ORS
				  285B.109-285B119
Statutes/Other Implemented: ORS
				  285B.109-285B119
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0010 - 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 as used in this division of
				administrative rules, the following definitions apply, unless the context
				requires otherwise:
(1) "Agreement"
			 means a contract between a Financial Institution and the Department authorizing
			 the Financial Institution to participate in the Program as required under ORS
			 285B.113.
(2) "Borrower" means a Qualified Business,
			 including but not limited to a corporation, partnership, limited liability
			 company, joint venture, sole proprietorship, cooperative, or non-profit
			 corporation, that has received a Qualified Loan from a Participating Financial
			 Institution. The borrower, or any principal of the borrower, may not be an
			 executive officer, director, or principal shareholder of the financial
			 institution lender; a member of the immediate family of such executive officer,
			 director or principal shareholder; or a related interest to any of the above.
			 The terms "executive officer", "director", "principal shareholder", "immediate
			 family", and "related interest" are described in 12 C.F.R. part 215.
(3) "Brownfield" means any real property
			 where expansion or redevelopment is complicated by actual or perceived
			 environmental contamination.
(4)
			 "Department" means the State of Oregon Business Development Department under
			 ORS Chapter 285A.
(5) "Distressed
			 Area" means a geographic area so designated as described in division 024 of
			 these administrative rules.
(6)
			 "Enrolled Loan" means a Qualified Loan enrolled in the Program as described in
			 OAR 123-018-0080, including but not
			 limited to a term loan or line of credit.
(7) "Environmental action" on a brownfield(s)
			 means activities undertaken to:
(a) Determine
			 if a release has occurred, or may occur, if the release or potential release
			 poses a significant threat to human health or the environment, or if additional
			 remedial actions may be required at the site;
(b) Conduct a remedial investigation and a
			 feasibility study;
(c) Plan for
			 remedial action or removal; or
(d)
			 Conduct a remedial action or removal action at a site.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0020 - Authority to Implement Program

Current through Register Vol. 63, No. 7, July 1, 2024
The manager of the Department's Business Finance programs, or
				his/her designee, may execute any document reasonably necessary or convenient
				to implement the Program.
Stat. Auth.: ORS
				  285A.075,
				  285B.113(3)
Stats. Implemented: ORS
				  285B.109 -
				  285B.119
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0030 - Program Registration Procedure

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A Financial Institution wishing to
			 participate in the Program must submit a completed program registration
			 application using a form prescribed by the Department.
(2) The Department shall determine the
			 Financial Institution's eligibility to participate in the Program, based on the
			 submitted application and other information the Department may deem necessary
			 or appropriate.
(3) A Financial
			 Institution that the Department determines is eligible to participate in the
			 Program may enter into an Agreement with the Department as described in OAR
			 123-018-0040.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.109 &
				  285B.119
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0050 - Establishing a Loss Reserve Account

Current through Register Vol. 63, No. 7, July 1, 2024
After executing an Agreement with a Participating Financial
				Institution, the Department shall establish a Loss Reserve Account to receive
				the fees described in OAR
				123-018-0070 from the Borrower
				and the Participating Financial Institution, as well as the Department's
				matching contribution from the Fund as described in OAR
				123-018-0080 and
				123-018-0085. Except as
				determined by the Department to be otherwise necessary or desirable, the Loss
				Reserve Account shall be domiciled with the Participating Financial Institution
				in the form of an insured, interest-earning demand deposit
				account.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.115 &
				  285B.117
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0060 - Ownership, Control, Investment of Loss Reserve Account

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All moneys in a Loss Reserve Account are
			 the exclusive property of the State of Oregon, acting by and through the
			 Department, and are controlled solely by the Department. The Department may
			 withdraw funds from a Loss Reserve Account only as described in this division
			 of administrative rules or as contained in provisions of the applicable
			 Agreement.
(2) The Department may
			 withdraw and transfer into the Capital Access Fund up to 50% of the interest
			 earned on moneys in Loss Reserve Accounts to pay for administrative expenses
			 incurred by the Department.
(3) Any
			 earnings on the balance in a Loss Reserve Account are part of the Loss Reserve
			 Account, except as described in this section and in OAR
			 123-018-0150.
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 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0065 - Loan Eligibility

Current through Register Vol. 63, No. 7, July 1, 2024
A Participating Financial Institution may determine that a
				Qualified Loan is eligible for the Department to enroll in the Program if the
				Participating Financial Institution determines the Qualified Loan meets the
				following conditions:
(1) The
			 Qualified Loan is not for a business enterprise in which a person described in
			 section (2) of this section has a shared ownership, investment or other
			 significant pecuniary interest; and
(2) The Qualified Loan is provided to a
			 Borrower, who is not an executive officer, director or principal shareholder of
			 the Participating Financial Institution, or person with comparable official
			 capacity with or significant ownership in the Participating Financial
			 Institution, or a member of the immediate family of such a person.
(3) The Borrower may not be:
(a) A business engaged in speculative
			 activities that develop profits from fluctuations in price rather than through
			 normal course of trade unless those activities are incidental to the regular
			 activities of the business and part of a legitimate risk management strategy to
			 guard against price fluctuations related to the regular activities of the
			 business; or
(b) A business that
			 earn more than half of its annual net revenue from lending activities;
			 or
(c) A business engaged in
			 pyramid sales, where a participant's primary incentive is based on the sales
			 made by an ever-increasing number of participants; or
(d) A business engaged in activities that are
			 prohibited by federal law or applicable law in the jurisdiction where the
			 business is located or conducted; or
(e) A business engaged in gambling
			 enterprises, unless the business earns less than 33% of its annual net revenue
			 from lottery sales.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0070 - Fees

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When making a
			 Qualified Loan for which enrollment under the Program will be sought, the
			 Participating Financial Institution shall charge the Borrower a fee that is at
			 least 1.5 percent but not more than 3.5 percent of the principal amount of the
			 Qualified Loan.
(2) The
			 Participating Financial Institution shall pay a fee equal to the fee paid by
			 the Borrower pursuant to section (1) of this rule. The Participating Financial
			 Institution may charge the Borrower a fee to recover its
			 contribution.
(3) These fees are
			 non-refundable once the Qualified Loan is enrolled.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.117
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0080 - Procedure for Enrollment of a Qualified Loan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A Participating Financial Institution may
			 enroll a Qualified Loan in the Program by taking the following actions:
(a) Notifying the Department in writing of
			 the Qualified Loan to be enrolled, using a form prescribed by the Department,
			 within 30 days after the date the Participating Financial Institution disburses
			 proceeds of the Qualified Loan to the Borrower or the date the loan documents
			 are fully executed and the Participating Financial Institution is obligated to
			 disburse proceeds, whichever occurs sooner; and
(b) Transmitting to the Department the fees
			 required by OAR 123-018-0070. If the Loss
			 Reserve Account is domiciled with the Participating Financial Institution, the
			 deposit of fees by the Participating Financial Institution into the Loss
			 Reserve Account satisfies the requirements of this section if the Participating
			 Financial Institution provides the Department with proof of deposit or written
			 notification confirming the deposit.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0085 - State Contributions to Loss Reserve Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
The Department shall determine the amount of money it transfers
				from the Fund to a Loss Reserve Account as follows:
(1) For each Enrolled Loan, the Department
			 shall deposit an amount equal to or greater than the total fees transmitted as
			 described in OAR 123-018-0080(1)(b)
			 and as required in 123-018-0070, subject to further
			 limitations in this rule.
(2) If
			 one or both of the following conditions exist, the Department shall deposit an
			 amount equal to 200 percent of the minimum allowed by section (1) of this rule,
			 except as otherwise restricted in section (4) of this rule:
(a) The Borrower's business operations that
			 benefit from the Enrolled Loan are entirely located in a Distressed Area at the
			 time that the Qualified Loan is made consistent with OAR
			 123-018-0080(1)(a);
			 or
(b) The Enrolled Loan provides
			 the Borrower with funding for use in an environmental action on a
			 brownfield(s).
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0090 - Procedure for Making Claim for Reimbursement of Loss

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a Participating Financial Institution
			 charges off all or part of an Enrolled Loan as a result of a default by the
			 Borrower, the Participating Financial Institution may claim reimbursement for
			 all or part of the Loss incurred by notifying the Department of the claim in
			 writing on a form prescribed by the Department within three calendar months of
			 the date the Enrolled Loan was charged off.
(2) Subject to OAR
			 123-018-0110 to
			 123-018-0130, a Participating
			 Financial Institution may make a claim for reimbursement of a Loss prior to the
			 liquidation of collateral, or to realization on personal or other financial
			 guarantees or from other sources.
(3) The Participating Financial Institution
			 shall retain documentation in its files substantiating all claims for a term
			 commensurate with standard banking records retention practices but not less
			 than five years after the date that the Enrolled Loan is terminated.
Stat. Auth.: ORS
				  285A.075
Stats. Implemented: ORS
				  285B.141
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0100 - Payment of Claims by Department

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department shall reimburse a
			 Participating Financial Institution for Losses claimed as described in OAR
			 123-018-0090. The Department may
			 reject a claim only if the Department determines the representations and
			 warranties provided by the Participating Financial Institution at the time of
			 enrolling the Qualified Loan were false.
(2) All interest earnings shall be available
			 to pay Loss claims, except for:
(a) Earnings
			 available for withdrawal by the Department from the Loss Reserve Account, as
			 described in OAR123-018-0060, and
(b) As provided for in OAR
			 123-018-0150.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0110 - Recoveries on Loans Subsequent to Payment of Claim

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If, subsequent to the payment of a Loss
			 claim by the Department, the Participating Financial Institution recovers from
			 the Borrower, through liquidation of collateral or from any other source,
			 amounts for which Participating Financial Institution was reimbursed from the
			 Loss Reserve Account, the Participating Financial Institution shall promptly
			 repay into the Loss Reserve Account the amount received up to the amount of the
			 reimbursement.
(2) If the Loss
			 Reserve Account is domiciled with the Participating Financial Institution, the
			 deposit to the Loss Reserve Account of the amount recovered from the Borrower
			 by the Participating Financial Institution (with written notification by the
			 Participating Financial Institution to the Department confirming such deposit)
			 is deemed payment to the Department of the amount recovered from the Borrower
			 by the Participating Financial Institution and shall satisfy the requirements
			 of this rule.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.115,
				  285B.117 &
				  285B.118
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0120 - Available Collateral, Guarantees and Other Security Not Realized

Current through Register Vol. 63, No. 7, July 1, 2024
(1) After the
			 Department has received a request to pay a Loss claim to the Participating
			 Financial Institution from the Loss Reserve Account, as described in OAR
			 123-018-0100, and if requested
			 by the Department, the Participating Financial Institution shall promptly
			 provide the Department with all available information, including but not
			 limited to, copies of documents related to all pledges or security against the
			 Enrolled Loan, or payment of principle or interest thereon. Such pledges or
			 security include, but are not limited to:
(a)
			 Collateral, such as real estate, bonds and personal property assets;
(b) Duly recorded and perfected liens,
			 certificates of title, deeds, UCC information and other documents representing
			 security related to the collateral or other sources of payment; and
(c) Guarantees (personal or otherwise),
			 warranties, insurance, letters of credit and other instruments from the
			 Borrower, or a third party, supporting the Qualified Loan.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0130 - Subrogation

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department
			 may request to be subrogated to the rights of a Participating Financial
			 Institution to the pledges and security, pursuant to OAR
			 123-018-0120.
(2) The Department may make such a request if
			 the Department believes that it would be able to take effective and proper
			 action to more completely realize a return on the remaining available
			 collateral or other sources of security, compared to the Lender, regardless of
			 whether:
(a) The Lender has indicated its
			 inability or unwillingness to take such action;
(b) Full or partial recovery of the Lender's
			 loss has occurred through reimbursement of the Loss claim by the Department or
			 by combination of such reimbursement and by liquidation or realization of
			 pledges and security.
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0140 - Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When a Loss
			 Reserve Account is domiciled with the Participating Financial Institution, the
			 Participating Financial Institution shall provide the Department with a monthly
			 statement providing details of the balance and the payments and receipts
			 activity in the Loss Reserve Account for the prior month.
(2) On or before January 15, April 15, July
			 15, and October 15 of each year, a Participating Financial Institution must
			 file a quarterly report with the Department providing a complete list of
			 Enrolled Loans and indicating the outstanding balance of each of its Enrolled
			 Loans.
(3) When a Participating
			 Financial Institution computes the aggregate outstanding balance of all its
			 Enrolled Loans, it may only consider the balance of the portion of a loan
			 enrolled in the Program.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.115
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0150 - Withdrawal of Excess Deposits in Loss Reserve Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
Upon and after a formal determination or order by the Director
				of the Department:
(1) The following
			 shall apply to all interest earnings on moneys transferred by the Department to
			 match transmitted fees, as described in OAR
			 123-018-0085, for any loan
			 enrolled after the date of Director's order:
(a) All Participating Financial Institutions
			 shall continually remove such interest earnings from the Loss Reserve Account,
			 paying the amount of such interest to the Department or sequestering them in a
			 separate account;
(b) Such interest
			 earnings shall not be available to cover any Loss, regardless of when they are
			 effectively sequestered or transferred as described in this rule; and
(c) Such interest earnings shall be paid or
			 transferred to the Department consistent with policies and directions of the
			 Department, pursuant to the Director's determination; and
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0160 - Termination of and Withdrawal from Program

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Department may terminate enrollment
			 of Qualified Loans under the Program for a Participating Financial Institution
			 on the date specified in the Department's notice of termination to the
			 Participating Financial Institution, or for all Participating Financial
			 Institutions under the Program upon 90 days notice, or such earlier date should
			 the balance in the Fund reach zero, or should the Department anticipate that
			 the balance in the Fund will reach zero. Termination shall not apply to any
			 Qualified Loans made before the date of termination.
(2) Should a Loss Reserve Account have a zero
			 balance, the Department may terminate the Agreement at its sole
			 discretion.
(3) A Participating
			 Financial Institution may withdraw from the Program after giving written notice
			 to the Department. After receipt of this notice, the Department shall determine
			 when to withdraw any remaining balance in the Participating Financial
			 Institution's Loss Reserve Account.
(4) If a Participating Financial Institution
			 is closed or taken over by the Federal Deposit Insurance Corporation (FDIC),
			 with or without an Order to Cease and Desist issued by the FDIC and the Oregon
			 Division of Finance and Corporate Securities, the Department shall terminate
			 the failed Participating Financial Institution's membership in the Program and
			 all funds in the Loss Reserve Account shall be transferred to the Department.
			 This provision shall apply whether or not a new financial institution purchases
			 some or all of the loans of the failed Participating Financial
			 Institution.
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 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0170 - Disposition of Funds Withdrawals from Loss Reserve Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
The Department shall deposit moneys withdrawn by the Department
				from Loss Reserve Accounts as described in OAR
				123-018-0040,
				123-018-0150 and
				123-018-0160 into the
				Fund.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.115 &
				  285B.118
Oregon Administrative Rules › Chapter 123 - OREGON BUSINESS DEVELOPMENT DEPARTMENT › Division 18 - CAPITAL ACCESS PROGRAM › Section 123-018-0180 - Inspection of Files

Current through Register Vol. 63, No. 7, July 1, 2024
The Department may inspect a Participating Financial
				Institution's files relating to Enrolled Loans at any time during normal
				business hours. The Department is not required to provide a Participating
				Financial Institution with prior notice of an inspection.
Stat. Auth.: ORS
				  285A.075 &
				  285B.115(3)
Stats. Implemented: ORS
				  285B.113 &
				  285B.115