Or. Admin. Code § 123-300-1201 - Recovery on Loan Subsequent to Payment of Claims
(1) If, subsequent to the Department's
approval of the payment of a Claim from the Loan Loss Reserve Account, the
lender recovers from the Borrower, or its Principal(s), through liquidation of
collateral or from any other source, amounts for which the lender was
reimbursed from the Loan Loss Reserve Account, the lender shall provide written
notice to the Department within 10 business days of the recovery and shall
promptly repay into the lender's Loan Loss Reserve Account the amount received
up to the amount of the reimbursement.
(2) The lender must provide the Department
documentation of the repayment and deposit into the Loan Loss Reserve Account
within 30 days of the recovery.
(3)
Failure of the lender to provide notice as required by section (1) above or to
repay the Loan Loss Reserve Account as required by section (2) above shall be a
breach of the Agreement.
Notes
Statutory/Other Authority: ORS 285A.075 & ORS 285B.780 - ORS 285B.799
Statutes/Other Implemented: ORS 285B.780 - ORS 285B.799 & ORS 706.008
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