Or. Admin. Code § 123-021-2700
Current through Register Vol. 64, No. 1, January 1, 2025
Section 123-021-2700 - Application Decision(1) The director or director's designee will either approve or decline an application. Upon approval of an application, the Department will issue a Loan Insurance Authorization setting forth the terms and conditions upon which the loan will be insured.(2) No Loan Insurance Authorization shall become effective until the Financial Institution has paid the initial loan insurance premium required by OAR 123-021-3600 and the Department and Financial Institution have entered into a Lender Agreement.(3) If the director or the director's designee declines an application, upon written request, the Department will provide the Financial Institution a notice that includes the reasons for declining the application. The notice shall include a notice of the Financial Institution's opportunity to appeal the director's or their designees' decision to the Oregon Business Development Commission's Finance Committee.Or. Admin. Code § 123-021-2700
EDD 5-1994(Temp), f. & cert. ef. 3-3-94; EDD 11-1994, f. & cert. ef. 7-29-94; EDD 24-2008, f. 7-31-08, cert. ef. 8-1-08; EDD 17-2009, f. 10-030-09, cert. ef. 11-1-09; OBDD 3-2023, renumbered from 123-021-0060, 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 123-021-0600, 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 3/8/2024Statutory/Other Authority: ORS 285A.075 & 285B.200 - 285B.218
Statutes/Other Implemented: ORS 285B.200 - 285B.218