Or. Admin. R. 123-300-1200

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

Section 123-300-1200 - Recovery on Loan Subsequent to Payment of Claims

(1) If, subsequent to the Department's approval of the payment of a Claim from the Loan Loss Reserve Account, the lender recovers from the Borrower, or its Principal(s), through liquidation of collateral or from any other source, amounts for which the lender was reimbursed from the Loan Loss Reserve Account, the lender shall provide written notice to the Department within 10 business days of the recovery and shall promptly repay into the lender's Loan Loss Reserve Account the amount received up to the amount of the reimbursement.

(2) The lender must provide the Department documentation of the repayment and deposit into the Loan Loss Reserve Account within 30 days of the recovery.

(3) Failure of the lender to provide notice as required by section (1) above or to repay the Loan Loss Reserve Account as required by section (2) above shall be a breach of the Agreement.

Or. Admin. R. 123-300-1200

OBDD 6-2022, temporary adopt filed 10/12/2022, effective 10/12/2022 through 4/9/2023

Statutory/Other Authority: ORS 285A.075 & ORS 285B.780 - ORS 285B.799

Statutes/Other Implemented: ORS 285B.780 - ORS 285B.799 & ORS 706.008