Recoveries on Loans Subsequent to Payment of Claim

(1) If, subsequent to the payment of a Loss claim by the Department, the Participating Financial Institution recovers from the Borrower, through liquidation of collateral or from any other source, amounts for which Participating Financial Institution was reimbursed from the Loss Reserve Account, the Participating Financial Institution shall promptly repay into the Loss Reserve Account the amount received up to the amount of the reimbursement. (2) If the Loss Reserve Account is domiciled with the Participating Financial Institution, the deposit to the Loss Reserve Account of the amount recovered from the Borrower by the Participating Financial Institution (with written notification by the Participating Financial Institution to the Department confirming such deposit) is deemed payment to the Department of the amount recovered from the Borrower by the Participating Financial Institution and shall satisfy the requirements of this rule. Statutory/Other Authority: ORS 285A.075 & 285B.115(3) Statutes/Other Implemented: ORS 285B.115, 285B.117 & 285B.118 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