Oregon Statutes - Chapter 285B - Economic Development II - Section 285B.135 - Loss reserve accounts; rules.

(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  Next

Last modified: August 7, 2008