Oregon
Rule Rule 123-019-0060
Appeals, Monitoring, Amendments and Modifications


(1)

If the Director denies a loan request, the Department shall inform the Applicant in writing of the reasons for such denial.

(2)

A denied Applicant has the right to appeal in writing the Directors denial, whereupon the Department shall schedule an appeal hearing in front of the Director, the Directors designee or the Loan Committee, as the Department may decide. The Applicant may appear in person at the appeal hearing, and may introduce whatever books, documents and data it regards as necessary to support the appeal.

(3)

An Applicant whose appeal has been denied must submit a new credit application to be eligible for consideration of a new loan request. This requirement may be waived by the Director, in his or her sole discretion.

(4)

All loans shall be monitored by, and all loan repayments shall be made to, the Department or its assignee.

(5)

It is the responsibility of the borrower to ensure that its payment arrives in the Department by the due date.

(6)

Any request for modification or amendment to any loan condition shall be made in writing to the Department and approved by the Director. The Director may refer a request for modification or amendment to the Loan Committee for recommendation.

(7)

If the Director consents to any requested modification or amendment, the borrower shall be responsible for all costs of modifying or amending any loan documents, filings, recordings or financing statements.
Source
Last accessed
Dec. 7, 2019