OAR 123-018-0150
Withdrawal of Excess Deposits in Loss Reserve Accounts

Upon and after a formal determination or order by the Director of the Department:


The following shall apply to all interest earnings on moneys transferred by the Department to match transmitted fees, as described in OAR 123-018-0085 (State Contributions to Loss Reserve Accounts), for any loan enrolled after the date of Director’s order:


All Participating Financial Institutions shall continually remove such interest earnings from the Loss Reserve Account, paying the amount of such interest to the Department or sequestering them in a separate account;


Such interest earnings shall not be available to cover any Loss, regardless of when they are effectively sequestered or transferred as described in this rule; and


Such interest earnings shall be paid or transferred to the Department consistent with policies and directions of the Department, pursuant to the Director’s determination; and


Interest earnings arising from prior match funds or from any fee assessed on or paid by a Borrower or Lender shall remain in the Loss Reserve Account and available to cover Losses.

Source: Rule 123-018-0150 — Withdrawal of Excess Deposits in Loss Reserve Accounts, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=123-018-0150.

Last Updated

Jun. 8, 2021

Rule 123-018-0150’s source at or​.us