OAR 813-012-0150
Transfer of Ownership

(1)

A Borrower or Eligible Borrower who has received a Program Loan or Commitment from the Department shall not transfer ownership, lease or otherwise encumber any property which serves or will serve as security for a Program Loan without prior written approval from the Department. Approval will not be unreasonably withheld.

(2)

A transfer of ownership means a sale, conveyance or other transfer of:

(a)

Any interest of a general partner;

(b)

Any interest in a joint venture;

(c)

More than 25 percent of the limited partner’s interest;

(d)

More than 10 percent of a corporate owner’s interest; or

(e)

Any individual interest when the ownership is not a limited partnership, general partnership, joint venture or corporation.

(3)

The Department may require a transfer application charge from owners of Projects that receive loans through the Department, who request the Department’s approval of a change in Project ownership. The Department may require a transfer review charge to Project owners and transferees who effect a change in project ownership without prior written approval from the Department.

(4)

A 100 percent transfer of ownership means a sale, conveyance or other transfer of:

(a)

All interest of a general partnership;

(b)

All interest of a joint venture;

(c)

All interest of a corporation;

(d)

All general partners’ interest in a limited partnership; or

(e)

All individual interest of an ownership entity when the ownership entity is not a limited partnership, general partnership, joint venture or corporation.

Source: Rule 813-012-0150 — Transfer of Ownership, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-012-0150.

Last Updated

Jun. 8, 2021

Rule 813-012-0150’s source at or​.us