Or. Admin. Code § 813-015-0040

Current through Register Vol. 63, No. 12, December 1, 2024

Section 813-015-0040 - Transfer of Ownership

(1) An Eligible Borrower who has received an ORR Loan shall not transfer ownership, lease, or otherwise encumber any property which serves as security for a ORR Loan without prior written consent from the Department. Consent will not be unreasonably withheld.

(2) A transfer of ownership means a sale, conveyance or other transfer of:

(a) Any interest of a general partner;

(b) Any interest in a joint venture;

(c) More than twenty-five percent (25%) of the limited partner's interest;

(d) More than ten percent (10%) of a corporate owner's interest; or

(e) Any individual interest when the ownership is not a limited partnership, joint venture or corporation.

(3) The Department may collect from the Eligible Borrower a transfer processing charge of 1% of the current ORR Loan balance with a minimum of $100 and a maximum of $1,000, plus any incurred Department of Justice charges or other legal costs incurred.

Or. Admin. Code § 813-015-0040

OHCS 19-2006, f. & cert. ef. 11-15-06

Stat Auth: ORS 456.515 - 456.725

Stats Implemented: ORS 456.515 - 456.725, 566.310 - 566.360