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Department of Consumer & Business Services Oregon Division of Financial Regulation P. O. Box 14480 350 Winter St. NE, Rm. 440 Salem, Oregon 973090405 Phone (503) 9477983STANDARDS FOR COLLATERAL PROTECTION,
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Standards for collateral protection are a set of guidelines and requirements that determine how a lender protects their interests in a loan by requiring the borrower to maintain insurance coverage on the collateral.
Lenders are required to file standards for collateral protection to ensure that their interests in a loan are adequately protected.
Standards for collateral protection can be filled out by including information about the types of insurance required, coverage limits, acceptable insurance providers, and procedures for monitoring borrower compliance.
The purpose of standards for collateral protection is to protect the lender's interests in a loan by ensuring that the collateral is adequately insured.
Information that must be reported on standards for collateral protection includes the types of insurance required, coverage limits, acceptable insurance providers, and procedures for monitoring borrower compliance.
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