Oregon Business Development Department
Chapter 123
Division 18
CAPITAL ACCESS PROGRAM
123-018-0150
Withdrawal of Excess Deposits in Loss Reserve Accounts
Upon and after a formal determination or order by the Director of the Department:
(1) The following shall apply to all interest earnings on moneys transferred by the Department to match transmitted fees, as described in OAR 123-018-0085, for any loan enrolled after the date of Director's order:
(a) All Participating Financial Institutions shall continually remove such interest earnings from the Loss Reserve Account, paying the amount of such interest to the Department or sequestering them in a separate account;
(b) Such interest earnings shall not be available to cover any Loss, regardless of when they are effectively sequestered or transferred as described in this rule; and
(c) Such interest earnings shall be paid or transferred to the Department consistent with policies and directions of the Department, pursuant to the Director's determination; and
(2) Interest earnings arising from prior match funds or from any fee assessed on or paid by a Borrower or Lender shall remain in the Loss Reserve Account and available to cover Losses.
Statutory/Other Authority: ORS 285A.075 & 285B.115(3)
Statutes/Other Implemented: ORS 285B.115 & 285B.119
History:
OBDD 13-2010, f. 4-30-10, cert. ef. 5-1-10
EDD 8-2005, f. & cert. ef. 10-24-05
EDD 11-1992, f. & cert. ef. 8-18-92
Reverted to EDD 3-1991, f. & cert. ef. 4-17-91
EDD 15-1991(Temp), f. & cert. ef. 10-31-91
EDD 3-1991, f. & cert. ef. 4-17-91
EDD 27-1990(Temp), f. & cert. ef. 10-16-90