2015 ORS § 285B.118¹
Claims for reimbursement of losses
- • reimbursable costs
- • repayment to loss reserve account
(1) The Oregon Business Development Department shall establish procedures under which financial institutions participating in the capital access program established by ORS 285B.109 (Definitions for ORS 285B.109 to 285B.119) to 285B.119 (Capital Access Fund) may submit claims for reimbursement for losses incurred as a result of qualified loan defaults.
(2) Costs for which a financial institution may be reimbursed from its loss reserve account include loan principal, accrued interest on the principal, actual and necessary costs of seeking recovery of the principal amount and interest thereon and any other related costs.
(3) A financial institution may seek reimbursement of loan losses prior to the liquidation of collateral from defaulted loans. The financial institution shall repay its loss reserve account for any moneys received as reimbursement under this section if the financial institution recovers moneys from the borrower or from the liquidation of collateral for the defaulted loan. [Formerly 285B.141]