Rule Rule 123-018-0050
Establishing a Loss Reserve Account

After executing an Agreement with a Participating Financial Institution, the Department shall establish a Loss Reserve Account to receive the fees described in OAR 123-018-0070 (Fees) from the Borrower and the Participating Financial Institution, as well as the Department’s matching contribution from the Fund as described in OAR 123-018-0080 (Procedure for Enrollment of a Qualified Loan) and 123-018-0085 (State Contributions to Loss Reserve Accounts). Except as determined by the Department to be otherwise necessary or desirable, the Loss Reserve Account shall be domiciled with the Participating Financial Institution in the form of an insured, interest-earning demand deposit account.
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Aug. 3, 2020