Oregon
Rule Rule 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:

(1)

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, for any loan enrolled after the date of Directors order:

(a)

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;

(b)

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

(c)

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

(2)

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.
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Last accessed
Aug. 19, 2019