OAR 330-110-0046: Loan Amendments

The Department may amend the terms of a loan in accordance with OAR 330-110-0046. (1) Amendments may include but are not limited to amending the interest rate or payment amount in accordance with a bond refunding, changing payment dates or extending maturity dates. (2) A borrower must request a loan amendment in writing. The request must include a detailed explanation of the amendment requested with information and documentation by the borrower that demonstrates the need for the amendment. (3) When considering a request for a loan amendment, the Department may require the borrower to submit information it deems necessary to evaluate the request, such as financial statements, collateral information and valuation. (4) The Department will only approve a loan amendment request if the amendment results in a significant increase in the security value to the loan security or significantly improves the borrower’s ability to meet its obligations in regard to the loan. (5) The borrower will be notified in writing whether or not the Department will agree to the requested loan amendment. (6) Approved loan amendments are subject to a fee of $300 plus additional charges for items listed in OAR 330-110-0055. Such charges will be estimated or itemized for the borrower.