OAR 690-090-0036
Fees and Charges
(1)
An application fee as fixed by statute. As used in this rule, “application” shall include requests to assume, transfer or increase an existing loan.(2)
A loan processing fee initially set at $1,000 or one percent of the loan request, whichever is greater, up to $10,000, or such other amount as may be established by order of the commission. The fee shall be used to reimburse the director for costs incurred in connection with processing the loan request but may not constitute the full amount due. Such costs shall include, but are not limited to, loan processing cost including staff time, credit reports, appraisal fees, technical reviews, expert advice, legal fees, inspections and disbursement costs. After the director has been reimbursed for all costs related to processing the loan, the applicant shall be reimbursed any funds remaining without interest. In the event the loan processing fee and the application fee referred to in this subsection are inadequate to cover the cost of processing the loan, the director shall advise the applicant of the additional amounts needed to complete loan processing and the applicant shall submit that amount at such time as the director specifies.(3)
Administrative expenses incurred in administering the loan, in excess of any fees and charges, shall be collected through interest and any other charges specified in the loan contract executed by the applicant and the director in accordance with ORS 541.730 (Loan contract)(2).(4)
The interest rate on a loan shall be that rate in effect for the type and size of loan on the date of the note or other evidence of indebtedness. However, an interest rate set in an executed loan commitment shall not be increased without either the applicant’s consent or provisions therefore in the loan contract. Revolving loan contracts may provide for rates to be changed upon issue of permanent bonds.
Source:
Rule 690-090-0036 — Fees and Charges, https://secure.sos.state.or.us/oard/view.action?ruleNumber=690-090-0036.