OAR 123-018-0100
Payment of Claims by Department

(1)

The Department shall reimburse a Participating Financial Institution for Losses claimed as described in OAR 123-018-0090 (Procedure for Making Claim for Reimbursement of Loss). The Department may reject a claim only if the Department determines the representations and warranties provided by the Participating Financial Institution at the time of enrolling the Qualified Loan were false.

(2)

All interest earnings shall be available to pay Loss claims, except for:

(a)

Earnings available for withdrawal by the Department from the Loss Reserve Account, as described in OAR123-018-0060, and

(b)

As provided for in OAR 123-018-0150 (Withdrawal of Excess Deposits in Loss Reserve Accounts).

(3)

When there are insufficient funds in the Loss Reserve Account to cover the total amount of a Loss claim, the Department shall pay an amount equal to the balance of the Loss Reserve Account, less the Department’s share of any accumulated interest earnings on the account. This payment will fully satisfy the claim and the Participating Financial Institution will have no further right to receive any other amount with respect to such claim.

(4)

The Department shall reimburse Loss claims in the order it receives them. If a Participating Financial Institution files two or more Loss claims simultaneously and there are insufficient funds in the Loss Reserve Account to pay them, the Participating Financial Institution may designate the order the Loss claims are to be paid by the Department.

Source: Rule 123-018-0100 — Payment of Claims by Department, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0100.

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 123-018-0100’s source at or.us

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Location: https://oregon.public.law/rules/oar_123-018-0100

Original Source: Rule 123-018-0100 — Payment of Claims by Department, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0100 (last accessed Jun. 8, 2021).