OAR 813-015-0040
Transfer of Ownership

(1)

An Eligible Borrower who has received an ORR Loan shall not transfer ownership, lease, or otherwise encumber any property which serves as security for a ORR Loan without prior written consent from the Department. Consent 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 twenty-five percent (25%) of the limited partner’s interest;

(d)

More than ten percent (10%) of a corporate owner’s interest; or

(e)

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

(3)

The Department may collect from the Eligible Borrower a transfer processing charge of 1% of the current ORR Loan balance with a minimum of $100 and a maximum of $1,000, plus any incurred Department of Justice charges or other legal costs incurred.

Source: Rule 813-015-0040 — Transfer of Ownership, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=813-015-0040.

Last Updated

Jun. 8, 2021

Rule 813-015-0040’s source at or​.us