Or. Admin. R. 330-110-0030 - Application Review Process

(1) In reviewing an application for financing by the program, the Department may require an applicant to submit further documentation to determine whether a loan should be made. If the Department fails to receive any items requested of the applicant within fourteen days after making its request in writing, the loan request may be denied. If the loan request is denied and the applicant still desires to make a loan application, the applicant must submit a new application and pay again any fees and charges applicable to loan applications that are described in OAR 330-110-0055.

(2) Application review and appeal must conform to ORS 470.080 to 470.100 and OAR 330-105.

(3) Loan approval or denial is communicated to an applicant in writing. A Department issued approval expires on the expiration date stated in the approval, or if no date is given, 60 days after the date of the approval. If the loan is not closed prior to the date the approval expires, an applicant must submit a new application and pay the fees and charges applicable to a new loan application. Any substantial change, including but not limited to, a change in financial position, project scope or the ownership of applicant, prior to the expiration of the approval, may result in the voiding of the loan approval and require submission of a new loan application.

(4) The Department may require a third party project and financial feasibility study in form and substance acceptable to the Department as a condition of approval on a loan. Applicant must pay the cost of a third party study.

(5) Findings under ORS 470.090 are for the benefit of the Department for lending purposes only. They do not endorse the project, its design or its parts. They offer no assurance of any kind to any person or entity, including the applicant, for any purpose.

Notes

Or. Admin. R. 330-110-0030

DOE 12-1980, f. & ef. 12-16-80; DOE 6-1982, f. & ef. 4-21-82; DOE 2-1983, f. & ef. 5-16-83; DOE 4-1984, f. & ef. 3-6-84; DOE 2-1986, f. & ef. 3-4-86; DOE 4-1988, f. & cert. ef. 7-26-88; DOE 2-1998, f. & cert. ef. 9-30-98; DOE 7-2004, f. & cert. ef. 12-20-04; DOE 13-2012, f. & cert. ef. 12-20-12

Stat. Auth.: ORS 469 & 470.140

Stats. Implemented: ORS 470.080 - 470.100