(1) The Economic and Community Development Department shall establish a loss reserve account for each financial institution with which the department makes a contract under ORS 285B.132.
(2) The loss reserve account for a financial institution shall consist of moneys paid as fees by borrowers and the financial institution under ORS 285B.138 and moneys transferred to the account from the Capital Access Fund under ORS 285B.138.
(3) Notwithstanding ORS chapter 293 or 295, the department may establish and maintain loss reserve accounts with any financial institution under such policies as the department may adopt. The department may establish rules to encourage financial institutions to participate in the capital access program.
(4) All moneys in a loss reserve account established under ORS 285B.126 to 285B.147 are the property of the State of Oregon. [Formerly 285.515; 2003 c.167 §7; 2007 c.804 §53]
Section: Previous 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 285B.153 NextLast modified: August 7, 2008