OAR 123-018-0110
Recoveries on Loans Subsequent to Payment of Claim

(1)

If, subsequent to the payment of a Loss claim by the Department, the Participating Financial Institution recovers from the Borrower, through liquidation of collateral or from any other source, amounts for which Participating Financial Institution was reimbursed from the Loss Reserve Account, the Participating Financial Institution shall promptly repay into the Loss Reserve Account the amount received up to the amount of the reimbursement.

(2)

If the Loss Reserve Account is domiciled with the Participating Financial Institution, the deposit to the Loss Reserve Account of the amount recovered from the Borrower by the Participating Financial Institution (with written notification by the Participating Financial Institution to the Department confirming such deposit) is deemed payment to the Department of the amount recovered from the Borrower by the Participating Financial Institution and shall satisfy the requirements of this rule.

Source: Rule 123-018-0110 — Recoveries on Loans Subsequent to Payment of Claim, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0110.

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 123-018-0110’s source at or.us

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Location: https://oregon.public.law/rules/oar_123-018-0110

Original Source: Rule 123-018-0110 — Recoveries on Loans Subsequent to Payment of Claim, https://secure.sos.state.or.us/oard/view.action?ruleNumber=123-018-0110 (last accessed Jun. 8, 2021).