Or. Admin. R. 123-021-3000

Current through Register Vol. 63, No. 8, August 1, 2024

Section 123-021-3000 - Conventional Insurance Program

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.

(3) Unless otherwise specified by rule, Conventional Insurance is available for all types of non-revolving loans with regular periodic payments of principal and interest, no less than annually, including Working Capital Loans that are secured by fixed assets or other collateral determined to be sufficient by the Department. Unless otherwise approved in writing by the Department, regular periodic payments of principal and interest must commence within 180 days of the loan closing date.

Or. Admin. R. 123-021-3000

EDD 5-1994(Temp), f. & cert. ef. 3-3-94; EDD 11-1994, f. & cert. ef. 7-29-94; EDD 13-2002(Temp), f. & cert. ef. 6-18-02 thru 12-13-02; Reverted to EDD 11-1994, f. & cert. ef. 7-29-94; EDD 6-2005(Temp), f. & cert. ef. 8-5-05 thru 1-31-06; Reverted to EDD 11-1994, f. & cert. ef. 7-29-94; EDD 1-2006, f. & cert. ef. 2-10-06; EDD 5-2008(Temp), f. & cert. ef. 2-26-08 thru 8-1-08; EDD 24-2008, f. 7-31-08, cert. ef. 8-1-08; EDD 17-2009, f. 10-30-09, cert. ef. 11-1-09; OBDD 8-2011(Temp), f. & cert. ef. 12-8-11 thru 6-5-12; OBDD 7-2012, f. & cert. ef. 6-1-12; OBDD 18-2012(Temp), f. & cert. ef. 11-20-12 thru 5-17-13; Reverted to OBDD 7-2012, f. & cert. ef. 6-1-12; OBDD 3-2013, f. & cert. ef. 5-23-13; OBDD 1-2015(Temp), f. & cert. ef. 1-26-15 thru 7-24-15; Reverted to OBDD 3-2013, f. & cert. ef. 5-23-13; OBDD 5-2015, f. & cert. ef. 8/3/2015; OBDD 6-2016(Temp), f. & cert. ef. 4-11-16 thru 10-7-16; OBDD 7-2016, f. & cert. ef. 6/3/2016; OBDD 3-2023, renumbered from 123-021-0090, filed 01/18/2023, effective 1/18/2023; OBDD 4-2023, temporary amend filed 01/25/2023, effective 1/25/2023 through 7/23/2023; OBDD 27-2023, renumbered from 123-021-0900, filed 10/06/2023, effective 10/6/2023; OBDD 28-2023, temporary amend filed 10/13/2023, effective 10/13/2023 through 4/5/2024; OBDD 2-2024, amend filed 03/06/2024, effective 3/8/2024

Statutory/Other Authority: ORS 285A.075 & 285B.200 - 285B.218

Statutes/Other Implemented: ORS 285B.200 - 285B.218