OAR 330-110-0045: Waiver, Authority of Administrator

The Director: (1) May, in writing, waive any of these rules. The waiver must serve the aims of the program, not cause financial damage to the program, and not conflict with ORS Chapter 470. (2) May contract with regulated financial institutions, state or federal agencies or others to provide services, subsidies or grants to the program. (3) May take such steps as are needed to recover loan funds and prevent their misuse, or to prevent a project from being diverted from its purposes. (4) May delegate, in writing, authority to approve, deny or amend loans and to execute bond and loan documents. A partial release of lien may be granted by the Director upon the written request of a borrower if the security value of the remaining security is adequate to secure the loan and meet the security requirements of OAR 330-110-0040. The Director will consider the creditworthiness and repayment history of the borrower in considering such a request. (5) May contract with a person to operate a project in the event of any default that results in the Department taking and running the project. (6) May settle, modify or release any person from liability for a loan so long as such action does not damage the program. (7) May take any action allowed by law to comply with federal codes and rules on bonding or to assure the payment of program bonds.