OR HB4033 | 2020 | Regular Session
Status
Completed Legislative Action
Spectrum: Unknown
Status: Failed on March 8 2020 - 100% progression
Action: 2020-03-08 - In committee upon adjournment.
Text: Latest bill text (Engrossed) [PDF]
Spectrum: Unknown
Status: Failed on March 8 2020 - 100% progression
Action: 2020-03-08 - In committee upon adjournment.
Text: Latest bill text (Engrossed) [PDF]
Summary
Creates program through which certain lenders may receive award moneys to fund accounts out of which lenders may reimburse themselves for losses on certain loans to business owners and entrepreneurs who currently lack access to capital. Establishes community lender loan loss account program, authorizing Oregon Business Development Department to enter into contracts with lenders pursuant to which department shall reimburse lenders from moneys in lenders' loan loss accounts for principal financial losses incurred due to default on qualified loans to small Oregon businesses.] Authorizes Oregon Business Development Department to offer award moneys to lenders after competitive RFP process. Requires lenders accepting awards to enter into written agreements with department and specifies certain terms of agreements. Requires annual reports from lenders and department setting forth certain information about loan loss account program experience. Sets forth circumstances in which lender may use for any purpose, or be required to repay, balance of award moneys. Requires interim committees of Legislative Assembly related to economic development to evaluate effectiveness of lender loan loss account program not later than September 15, 2022. Appropriates moneys to department for purposes of lender loan loss account program. Allocates lottery funds to Oregon Department of Administrative Services for distribution to Oregon Entrepreneurs Network to support economic needs of Oregon small business ecosystem. Requires matching funds from private, nonprofit or philanthropic sources before distributions may be made. Allocates lottery funds to Oregon Growth Fund to support early stage, small and first-time capital sources to help fill capital gaps encountered by Oregon businesses, especially underserved communities, rural areas and undersupported industry sectors. Declares emergency, effective on passage.
Title
Relating to assisting businesses to gain access to capital; declaring an emergency.
Sponsors
| No sponsor information available at this time. |
Roll Calls
2020-02-21 - House - House Committee Do pass with amendments and be referred to Ways and Means by prior reference. (Printed A-Eng.) (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]
2020-02-12 - House - House Committee Without recommendation as to passage, be referred to Rules, and then to Ways and Means by prior reference (Y: 10 N: 0 NV: 0 Abs: 1) [PASS]
2020-02-12 - House - House Committee Without recommendation as to passage, be referred to Rules, and then to Ways and Means by prior reference (Y: 10 N: 0 NV: 0 Abs: 1) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2020-03-08 | House | In committee upon adjournment. |
| 2020-03-03 | House | Returned to Full Committee. |
| 2020-03-03 | House | Work Session held. |
| 2020-03-03 | House | Work Session held. |
| 2020-03-02 | House | Assigned to Subcommittee On Capital Construction. |
| 2020-02-24 | House | Referred to Ways and Means by prior reference. |
| 2020-02-24 | House | Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Ways and Means by prior reference. |
| 2020-02-21 | House | Public Hearing and Work Session held. |
| 2020-02-13 | House | Referred to Rules by order of Speaker and then Ways and Means by prior reference. |
| 2020-02-13 | House | Without recommendation as to passage, be referred to Rules, and then to Ways and Means by prior reference. |
| 2020-02-12 | House | Work Session held. |
| 2020-02-10 | House | Public Hearing held. |
| 2020-02-05 | House | Public Hearing held. |
| 2020-02-03 | House | Referred to Economic Development with subsequent referral to Ways and Means. |
| 2020-02-03 | House | First reading. Referred to Speaker's desk. |
| 2020-01-27 | House | Presession Released to the Public. |
