Or. Admin. R. 123-017-0037 - Appeals, Servicing, Amendments, Assumptions and Modifications
(1) If the Director
denies a loan request, the applicant may appeal the Director's decision to the
Finance Committee. The Finance Committee may:
(a) Affirm the Director's denial;
or
(b) Decide to consider the loan
request itself.
(2) If
the Finance Committee denies a loan request, the applicant has the right to
appeal to the Finance Committee for a rehearing of its application.
(3) An applicant has the right to appear in
person at the appeal hearing, and to introduce whatever books, documents and
data it regards as necessary to support the appeal.
(4) An applicant whose appeal of the
Director's or the Finance Committee's decision has been denied by the Finance
Committee must submit a new application, including a new application fee, to be
eligible for further consideration of a new loan request.
(5) All loans shall be monitored by, and all
loan repayments shall be made to, the Department.
(6) It is the responsibility of the Borrower
to ensure that the Department receives its payment by the due date.
(7) Any request for modification or amendment
to any loan condition shall be made in writing to the Department and approved
by the Finance Committee or Director. However, in those cases where a requested
amendment or modification will not have a serious adverse effect on the State's
security position, the Chairperson or his/her designee from the Finance
Committee or the Director may approve such requested amendment or
modification.
(8) If the Director,
the Finance Committee, its Chairperson or designee, consents to any requested
modification, assumption or amendment, the Borrower shall be responsible for
all costs, including filing fees, of modifying or amending of any loan
documents, filings, recordings or financing statements.
Notes
Stat. Auth.: ORS 285A.075
Stats. Implemented: ORS 285B.059, 285B.062 & 285B.092
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