OAR 340-178-0060: Interest Rate Payment Confirmation

The Department shall issue an interest rate payment confirmation letter to a lender where the lender has provided a loan to provide UST project work where: (1) A reduced interest rate certificate has been issued to the loan applicant; (2) The borrower’s interest rate and the lender’s interest rate meet the requirements of these rules; (3) The maturity date of the loan does not exceed 20 years from the initial loan closing date; (4) The commercial lending institution has approved the loan, subject to receiving the loan guarantee confirmation letter from the Department; and (5) The lender’s interest rate has been provided to the Department.