Oregon Statutes 285B.784 – Definitions for ORS 285B.780 to 285B.799
As used in ORS § 285B.780 to 285B.799, unless the context requires otherwise:
Terms Used In Oregon Statutes 285B.784
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Loan loss reserve account’ or ‘account’ means an account created by a lender for the deposit of moneys awarded to the lender under ORS § 285B.787 out of which the lender may reimburse itself for losses incurred due to defaults on qualified loans.
(2) ‘Prime rate’ means the primary credit rate of the discount window program of the United States Federal Reserve System.
(3) ‘Qualified business’ or ‘qualified borrower’ means a person that:
(a) Operates a business in Oregon; or
(b) Attests to a qualified lender that the person will use proceeds from a qualified loan to establish a business in Oregon.
(4) ‘Qualified lender’ means a lender that:
(a) Is certified as a community development financial institution by the Community Development Financial Institutions Fund at the United States Department of the Treasury;
(b) Is a nonprofit corporation as defined in ORS § 307.130;
(c) Is an economic development district in Oregon designated by the Economic Development Administration of the United States Department of Commerce;
(d) Is affiliated with a local government as defined in ORS § 174.116; and
(e) Has a physical presence in Oregon and at least five years of lending experience.
(5)(a) ‘Qualified loan’ means a loan made, or an operating line of credit extended, by a lender to a qualified business for which the principal losses are reimbursable from moneys in the lender’s loan loss reserve account.
(b) ‘Qualified loan’ does not mean a loan:
(A) With a variable interest rate.
(B) With an origination fee that exceeds 1.5 percent, and with an annual interest rate that exceeds the lesser of 18 percent or the prime rate plus 7 percent.
(C) For working capital for a term exceeding seven years.
(D) For capital assets for a term exceeding the useful life of the assets.
(E) That includes, in whole or in part, the refinancing of an existing loan made by the lender to the borrower.
(F) That includes, in whole or in part, the refinancing of an existing personal loan not used for business purposes.
(G) For the purchase of real property that is not used for the business operations of the borrower.
(H) For the purchase of owner-occupied residential housing or for the construction, improvement or purchase of residential housing owned or to be owned by the borrower.
(6) ‘RFP’ means a request for proposal. [2021 c.676 § 2]
See note under 285B.780.
[1997 c.835 § 38; 1999 c.1104 § 12; 2001 c.292 § 5; 2003 c.662 § 56a; renumbered 285C.409 in 2003]