The Department may amend the terms of a loan in accordance with
(1) Amendments may
include but are not limited to amending the interest rate or payment amount in
accordance with a bond refunding, changing payment dates or extending maturity
(2) A borrower must request
a loan amendment in writing. The request must include a detailed explanation of
the amendment requested with information and documentation by the borrower that
demonstrates the need for the amendment.
(3) When considering a request for a loan
amendment, the Department may require the borrower to submit information it
deems necessary to evaluate the request, such as financial statements,
collateral information and valuation.
(4) The Department will only approve a loan
amendment request if the amendment results in a significant increase in the
security value to the loan security or significantly improves the borrower's
ability to meet its obligations in regard to the loan.
(5) The borrower will be notified in writing
whether or not the Department will agree to the requested loan
amendments are subject to a fee of $300 plus additional charges for items
listed in OAR 330-110-0055
. Such charges will be estimated or itemized for the