(1) When the Department of Veterans’ Affairs determines that an applicant’s loan may be approved in accordance with this chapter, the department, before making a loan commitment, shall reserve an amount of money in the Oregon War Veterans’ Fund equal to the amount requested by the applicant to be used only for payment to the applicant which shall be set aside in the Direct Commitment Reserve Account.
(2) Moneys in the Oregon War Veterans’ Fund Direct Commitment Reserve Account shall be reserved as loan proceeds for an applicant under subsection (1) of this section and may not be used for any other purpose unless the applicant cancels the application for the loan prior to receipt of the loan proceeds. [Formerly 407.035; 2005 c.625 §50]
Section: Previous 407.445 407.465 407.475 407.480 407.485 407.490 407.495 407.505 407.510 407.515 407.520 407.525 407.530 407.535 407.540 NextLast modified: August 7, 2008