The director may use any of the following methods to collect delinquent accounts, unless otherwise precluded by specific loan contract provisions:

1. (1) Establish and impose a late charge as provided for in the individual loan agreements, contracts, or as negotiated in extension agreements.
2. (2) Enter into extension agreements as allowed by the loan agreement, bond indentures, and opinions of the Attorney General.

3. (3) Issue a demand letter at default as determined by the loan agreement or the note and mortgage. At expiration of the demand letter the director may:

   1. (a) Refer the file to the Oregon Department of Justice for legal action; and
   2. (b) Accept an estoppel deed in lieu of foreclosure after determining that it is in the best interest of the State to do so.
4. (4) Enter bids at sheriff’s sales to purchase real and personal property in order to protect the State’s interest.
5. (5) Refer the account to the Oregon Department of Justice for action in bankruptcy proceedings.
6. (6) Enter into agreements for receivership as recommended by the Attorney General’s Office.
7. (7) Assign to the Oregon Department of Justice the pursuit of a writ of mandamus requiring the borrower to increase assessments, user charges or other revenue pledged for repayment to adequately facilitate repayment of the loan or bond obligation.
8. (8) Nothing in this section shall limit the authority granted to the commission by ORS 541.740.

Statutory/Other Authority

ORS 183 & 541

Statutes/Other Implemented

ORS 541.740

History

WRD 3-1997, f. & cert. ef. 4-15-97
WRD 15-1988, f. & cert. ef. 9-20-88