Or. Admin. Code § 123-300-0800 - Procedure for Enrollment of a Qualified Loan

(1) A lender may enroll a Qualified Loan in the Program by notifying the Department of the Qualified Loan to be enrolled, in a form prescribed by the Department, no less than five (5) business days prior to the lender disbursing funds to the Borrower or the date the loan documents are to be fully executed and the lender is obligated to disburse proceeds, whichever occurs sooner.

(2) The Department, upon receipt of documentation satisfying section (1) of this rule may authorize the enrollment of the Qualified Loan in writing if the Department is satisfied that the loan:

(a) Is a Qualified Loan;

(b) The loan is with a Qualified Borrower or a Qualified Business; and

(c) The loan is otherwise in accordance with the lender's Program proposal accepted by the Department.

(3) The Department shall, to the extent possible, notify the lender of its enrollment decision within 5 business days from receipt of all documentation required by the Department. Failure of the Department to provide written approval of the Enrolled Loan does not constitute an approval of, or enrollment of, a loan into the Program.

(4) A lender may approve and fund a loan to a Borrower in advance of the Department's enrollment of a Qualified Loan in the Program, but such approval and funding is made at the sole risk of the lender as the Department may or may not ultimately enroll the loan in the Program.

(5) Notwithstanding section (4), the Department shall not enroll a loan more than 15 days after a lender funds such loan.

Notes

Or. Admin. Code § 123-300-0800

OBDD 6-2022, temporary adopt filed 10/12/2022, effective 10/12/2022 through 4/9/2023

Statutory/Other Authority: ORS 285A.075 & ORS 285B.780 - ORS 285B.799

Statutes/Other Implemented: ORS 285B.780 - ORS 285B.799