- (1) If a Participating Financial Institution charges off all or part of an Enrolled Loan as a result of a default by the Borrower, the Participating Financial Institution may claim reimbursement for all or part of the Loss incurred by notifying the Department of the claim in writing on a form prescribed by the Department within three calendar months of the date the Enrolled Loan was charged off.
- (2) Subject to OAR 123-018-0110 to 123-018-0130, a Participating Financial Institution may make a claim for reimbursement of a Loss prior to the liquidation of collateral, or to realization on personal or other financial guarantees or from other sources.
- (3) The Participating Financial Institution shall retain documentation in its files substantiating all claims for a term commensurate with standard banking records retention practices but not less than five years after the date that the Enrolled Loan is terminated.
Statutory/Other Authority
ORS 285A.075
Statutes/Other Implemented
ORS 285B.141
History
EDD 8-2005, f. & cert. ef. 10-24-05
EDD 11-1992, f. & cert. ef. 8-18-92
Reverted to EDD 3-1991, f. & cert. ef. 4-17-91
EDD 15-1991(Temp), f. & cert. ef. 10-31-91
EDD 3-1991, f. & cert. ef. 4-17-91
EDD 27-1990(Temp), f. & cert. ef. 10-16-90