OAR 123-018-0090
Procedure for Making Claim for Reimbursement of Loss

(1)

If a Participating Financial Institution charges off all or part of an Enrolled Loan as a result of a default by the Borrower, the Participating Financial Institution may claim reimbursement for all or part of the Loss incurred by notifying the Department of the claim in writing on a form prescribed by the Department within three calendar months of the date the Enrolled Loan was charged off.

(2)

Subject to OAR 123-018-0110 (Recoveries on Loans Subsequent to Payment of Claim) to 123-018-0130 (Subrogation), a Participating Financial Institution may make a claim for reimbursement of a Loss prior to the liquidation of collateral, or to realization on personal or other financial guarantees or from other sources.

(3)

The Participating Financial Institution shall retain documentation in its files substantiating all claims for a term commensurate with standard banking records retention practices but not less than five years after the date that the Enrolled Loan is terminated.

Source: Rule 123-018-0090 — Procedure for Making Claim for Reimbursement of Loss, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0090.

123‑018‑0000
Purpose and Scope 123‑018‑0010
Definitions 123‑018‑0020
Authority to Implement Program 123‑018‑0030
Program Registration Procedure 123‑018‑0040
Agreement 123‑018‑0050
Establishing a Loss Reserve Account 123‑018‑0060
Ownership, Control, Investment of Loss Reserve Account 123‑018‑0065
Loan Eligibility 123‑018‑0070
Fees 123‑018‑0080
Procedure for Enrollment of a Qualified Loan 123‑018‑0085
State Contributions to Loss Reserve Accounts 123‑018‑0090
Procedure for Making Claim for Reimbursement of Loss 123‑018‑0100
Payment of Claims by Department 123‑018‑0110
Recoveries on Loans Subsequent to Payment of Claim 123‑018‑0120
Available Collateral, Guarantees and Other Security Not Realized 123‑018‑0130
Subrogation 123‑018‑0140
Reporting 123‑018‑0150
Withdrawal of Excess Deposits in Loss Reserve Accounts 123‑018‑0160
Termination of and Withdrawal from Program 123‑018‑0170
Disposition of Funds Withdrawals from Loss Reserve Accounts 123‑018‑0180
Inspection of Files 123‑018‑0190
Reports of Regulatory Agencies 123‑018‑0200
Administrative Costs of Program

Last Updated

Jun. 8, 2021

Rule 123-018-0090’s source at or.us

Stay Connected

Join thousands of people who receive monthly site updates.

Get Legal Help

The Oregon State Bar runs a service for finding an attorney in good standing. Initial consultations are usually free or discounted: Lawyer Referral Service

Committed to Public Service

We will always provide free access to the current law. In addition, we provide special support for non-profit, educational, and government users. Through social entrepreneurship, we’re lowering the cost of legal services and increasing citizen access.

Navigate

California:	Codes
Colorado:	C.R.S.
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
Texas:	Statutes
World:	Rome Statute, International Dictionary

Location: https://oregon.public.law/rules/oar_123-018-0090

Original Source: Rule 123-018-0090 — Procedure for Making Claim for Reimbursement of Loss, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0090 (last accessed Jun. 8, 2021).