(1) The Economic and Community Development Department may contract with any financial institution for the purpose of allowing the financial institution to participate in the capital access program established by ORS 285B.126 to 285B.147.
(2) A contract between the department and a financial institution under this section shall provide:
(a) For the creation of a loss reserve account by the department for the benefit of the financial institution.
(b) That the financial institution, qualified business and the department will deposit moneys to the credit of the institution’s loss reserve account when the financial institution makes a qualified loan to a qualified business.
(c) That the department will pay moneys in the loss reserve account, not exceeding an amount equal to the total amount credited to the loss reserve account, to the financial institution to reimburse the institution for any financial loss incurred as a result of any qualified loan made under the capital access program established by ORS 285B.126 to 285B.147.
(d) That the liability of the State of Oregon and the department to the financial institution under the contract is limited to the amount of money credited to the loss reserve account of the institution.
(e) That the financial institution shall provide such information as the department may require, including financial information that is identifiable with, or identifiable from, the financial records of a particular customer who is the recipient of a qualified loan.
(f) For such other terms as the department may require.
(3) A financial institution is not subject to ORS 192.555 (1) when the financial institution provides information to the department as required by subsection (2)(e) of this section. [Formerly 285.513; 2007 c.804 §52]
Section: Previous 285B.103 285B.105 285B.108 285B.120 285B.123 285B.126 285B.129 285B.132 285B.135 285B.138 285B.139 285B.141 285B.144 285B.147 285B.150 NextLast modified: August 7, 2008