(1)(a) A lender shall be released from any obligation under a written agreement entered into under ORS § 285B.791, and may use for any purpose whatever any balance in the lender’s loan loss reserve account, if the lender has:

(A) Performed under the written agreement entered into with the Oregon Business Development Department for at least 10 years;

(B) Attained during the 10-year period, as required under ORS § 285B.791 (3), a ratio of four-to-one of total principal amount of qualified loans made by the lender to the amount of moneys awarded to the lender under ORS § 285B.787; and

(C) Complied with the annual reporting requirements under ORS § 285B.794.

(b) A release under this section does not absolve a lender of any contractual obligations owed to a qualified borrower under a qualified loan agreement.

(2) A lender shall repay to the department for deposit in the General Fund the balance of moneys awarded to the lender under ORS § 285B.787 in the lender’s loan loss reserve account if the department determines that:

(a) The lender has not made a qualified loan for 24 consecutive months;

(b) The lender has become insolvent or has ceased lending operations in Oregon;

(c) The lender has failed to perform in any material way under the written agreement entered into with the department pursuant to ORS § 285B.791;

(d) The lender made material misrepresentations in the RFP submitted under ORS § 285B.787 or in an annual report required under ORS § 285B.794; or

(e) The lender or the lender’s loan loss reserve account portfolio has been sold, transferred or assigned, in whole or part. [2021 c.676 § 6]

See note under 285B.780.