ORS § 723.156 — OR Code / Title 54 / Chapter 723 / Section 723.156
723.156 Exercise of powers of federal credit union
Status: in_force

(1) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may exercise any of the powers that were available to a federal credit union as of January 1, 2022. At least 45 days before exercising a power under this subsection, a credit union shall provide to the Director of the Department of Consumer and Business Services written notice of the credit union’s intent to exercise the power. The notice must describe the power and specify the statutory or regulatory authority or other legal basis for the federal credit union power the credit union intends to exercise.

(2) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may, after obtaining approval from the director and subject to any limitations the director prescribes, exercise any of the powers conferred after January 1, 2022, upon a federal credit union that does business in this state and that is subject to the regulations of the administrator of the National Credit Union Administration or the successor or successors of the administrator, or any of the powers conferred on a credit union that is chartered under the laws of another state and does business in this state, if the director finds that exercising the powers:

(a) Serves the public and members’ convenience and advantage; and

(b) Equalizes and maintains the quality of competition among credit unions chartered under the laws of this state, of another state and under federal law. [1975 c.652 §17; 1991 c.635 §6; 1997 c.832 §3; 2013 c.480 §2; 2017 c.35 §4; 2019 c.45 §2; 2021 c.125 §1]

Source: Section 723.156 — Exercise of powers of federal credit union , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.500 — OR Code / Title 54 / Chapter 725a / Section 725a.500
725A.500 Definitions
Status: in_force

As used in ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) :

(1) “Affiliate” means a person that controls, is controlled by or is under common control with another person.

(2) “Applicant” means a person that applies for a license to engage in business as a student loan servicer in this state.

(3) “Borrower” means a resident of this state who has received or agreed to pay a student loan or another person who shares responsibility with the resident for repaying a student loan.

(4) “Branch office” means a location at which a business entity services a student loan other than the business entity’s headquarters or principal place of business.

(5) “Business entity” means a corporation, limited liability company, partnership, limited partnership, business trust, joint venture or other form of business organization the constituent parts of which share a common economic interest.

(6) “Controller” means:

(a) A director, officer or general partner of a business entity;

(b) A managing member of a limited liability company;

(c) A person that has a direct or indirect right to vote 10 percent or more of the securities of a business entity that have voting rights or the power to sell or cause the sale of 10 percent or more of any class of a business entity’s securities;

(d) A person that has contributed 10 percent or more to a partnership’s capital or has the right to receive a distribution of 10 percent or more of a partnership’s capital or assets upon dissolution; or

(e) A person that, under the terms of a contract or because the person has an ownership interest in another person, has the power to manage or set policies for the other person or otherwise direct the other person’s operations or affairs.

(7) “Licensee” means a person that has applied for and obtained or renewed a license from the Director of the Department of Consumer and Business Services to engage in business as a student loan servicer in this state.

(8) “Manager” means an individual who has supervisory authority over employees and operations at a business entity’s branch office or other business location.

(9) “Person” means an individual or a business entity.

(10) “Service a student loan” means to:

(a) Receive a scheduled periodic payment from a borrower under the terms of a student loan;

(b) Apply payments of principal and interest and other payments from a borrower in accordance with the terms of a student loan; or

(c) Perform other administrative services with respect to a student loan including, but not limited to, performing any of the following actions during periods in which a payment on a student loan is not due:

(A) Maintaining account records for the student loan;

(B) Communicating with the borrower about the student loan on behalf of the lender; or

(C) Interacting with a borrower to prevent a default on a student loan or to enable the activities described in paragraphs (a) and (b) of this subsection.

(11) “Student loan” means a loan the proceeds of which a borrower uses primarily for personal use to pay education expenses or other school-related expenses. [2021 c.651 §1]

Source: Section 725A.500 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.410 — OR Code / Title 54 / Chapter 726 / Section 726.410
726.410 Record of forfeited pledges
Status: in_force

Every pawnbroker shall keep an indelible record, fully itemized, of all forfeited pledges. The record shall contain the following information:

(1) The number of the pledge.

(2) The name and address of the pledgor.

(3) The date of the pledge loan or the date of the last payment received as interest or principal.

(4) The date of mailing notice.

(5) The date of forfeiture. [Amended by 1985 c.795 §3]

Source: Section 726.410 — Record of forfeited pledges , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.266 — OR Code / Title 54 / Chapter 723 / Section 723.266
723.266 Compensation of officials
Status: in_force

A credit union may pay to the credit union’s directors, supervisory committee members or members of other committees established by the board of directors or pursuant to bylaws reasonable compensation for service as directors or committee members. A credit union may reimburse directors or committee members while the directors or committee members are on official business for necessary expenses incidental to performing the official business. [1975 c.652 §28; 1991 c.635 §8; 2015 c.458 §3; 2023 c.57 §3]

Source: Section 723.266 — Compensation of officials , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.255 — OR Code / Title 54 / Chapter 726 / Section 726.255
726.255 Investigation of pawnbrokers
Status: in_force

(1) For the purpose of an investigation or proceeding under the Pawnbrokers Act, the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of books, papers, correspondence, memoranda, agreements or other documents or records that the director considers relevant or material to the inquiry.

(2) If a person fails to comply with a subpoena issued under subsection (1) of this section or a party or witness refuses to testify on any matter, the judge of the circuit court for any county, on the application of the director, shall compel obedience in the manner provided by law in the case of disobedience to a subpoena issued in a civil action in the circuit court.

(3) Each witness who appears before the director under a subpoena shall receive the fees and mileage provided for witnesses in ORS 44.415 (Fees and mileage of witnesses) (2), except a witness subpoenaed at the instance of parties other than the director or an examiner shall not be compensated for attendance or travel unless the director certifies that the testimony of the witness was material to the matter investigated.

(4) The director in any investigation may cause the depositions of witnesses to be taken in the manner prescribed by law for like depositions in civil suits in the circuit court. [1979 c.202 §9; 1985 c.762 §141; 1989 c.980 §21]

Source: Section 726.255 — Investigation of pawnbrokers; oaths; witnesses; subpoenas; depositions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.512 — OR Code / Title 54 / Chapter 723 / Section 723.512
723.512 Loan limit
Status: in_force

(1) A credit union may not make a loan to any member in an aggregate amount that exceeds $100,000, or 15 percent of the credit union’s equity, whichever is greater. In determining the amount of loans to be made to a member, loans for which that member is a guarantor or surety must be included, as well as loans to persons who are not individuals if the individual member is a principal or owner of the person who is not an individual or the loan is for that member’s benefit.

(2) The restrictions in subsection (1) of this section do not apply to any loan that is fully guaranteed by shares or deposits. [1975 c.652 §54; 1977 c.628 §3; 1979 c.88 §34; 1987 c.650 §8; 1995 c.319 §8; 1999 c.185 §42; 2013 c.480 §6]

Source: Section 723.512 — Loan limit; exception , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.762 — OR Code / Title 54 / Chapter 723 / Section 723.762
723.762 Participation in government programs
Status: in_force

The participation by a credit union in any government program providing unemployment, Social Security, old age pension or other benefits shall not be deemed a waiver of the taxation exemption hereby granted. [1975 c.652 §79]

Source: Section 723.762 — Participation in government programs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.326 — OR Code / Title 54 / Chapter 723 / Section 723.326
723.326 Suspension and removal of officials
Status: in_force

(1) The supervisory committee by a unanimous vote may suspend any member of the board until the next members’ meeting. The next members’ meeting must be held not less than 14 nor more than 45 days after the suspension. At the meeting the members shall decide whether to remove the suspended officer or board member.

(2) The board may remove any member of the supervisory committee for failing to perform duties prescribed in this chapter or in the credit union’s articles of incorporation, bylaws or policies.

(3) A person may not serve as a director if the person has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss. [1975 c.652 §40; 1985 c.762 §96; 1999 c.185 §16; 2005 c.95 §8; 2013 c.480 §5]

Source: Section 723.326 — Suspension and removal of officials; restrictions on service as director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.521 — OR Code / Title 54 / Chapter 725a / Section 725a.521
725A.521 Required practices under federal student loan agreement
Status: in_force

(1) Except as otherwise required under federal law, in a federal student loan agreement or in a contract between the federal government and a person that services a student loan, a person that services a student loan shall:

(a) Assess any fee that the person may assess against a borrower within 45 days after the borrower incurs the fee.

(b) Accept and credit, or treat as credited, to the borrower’s account all amounts the person receives at the address to which the borrower has been instructed to send payments or notifications of payment on the borrower’s student loan. The person must credit the payment, or treat the payment as credited, within one business day after receiving the payment or notification of payment if the borrower has provided sufficient information to credit the account. If the person uses the scheduled method of accounting and the person receives a regularly scheduled payment before the scheduled due date, the person shall credit the payment to the borrower’s account not later than the scheduled due date.

(c) Correct promptly any errors the person makes and refund promptly any fees the person assesses against the borrower in error.

(d) Maintain adequate records of each student loan transaction for not less than two years, or a period otherwise specified by law, after a final payment on a student loan or after the person assigns the student loan, whichever occurs first. At the request of the Director of the Department of Consumer and Business Services and within five days after the request or the within the time the director specifies in the request, the person shall make the records available to the director or send the records to the director in the manner the director specifies by rule.

(2) A person that services a student loan may not, directly or indirectly:

(a) Employ any device, scheme or artifice to defraud another person;

(b) Knowingly make an untrue statement of a material fact or omit a material fact that is necessary to make the person’s statement true in light of the circumstances in which the person makes the statement, or misrepresent the amount, nature or terms of any fee or payment due or claimed to be due on a student loan or the terms and conditions of a loan agreement or the borrower’s obligations under the loan agreement;

(c) Obtain property by fraud or misrepresentation;

(d) Knowingly misapply or recklessly apply payments to the outstanding balance of a student loan;

(e) Engage in an act, practice or course of business that operates or that the person intends to operate as a fraud or deceit upon another person;

(f) Make or file with the Department of Consumer and Business Services, or cause to be made or filed with the department, a statement, report or document that the person knows is false in any material respect or manner; or

(g) Fail to respond to a consumer complaint, or to communication from the ombudsman appointed or designated under ORS 725A.530 (Ombudsman) , within 30 calendar days or within a reasonable time that the student loan ombudsman specifies in the communication. The person may request in writing that the student loan ombudsman allow not more than 30 additional calendar days within which to respond if in the request the person explains why the additional time is reasonable and necessary.

(3) Subsections (1) and (2) of this section do not apply to:

(a) A financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act) .

(b) A financial holding company or bank holding company, both as defined in ORS 706.008 (Additional definitions for Bank Act) , if the financial holding company or bank holding company does no more than control an affiliate or subsidiary, as defined in 12 U.S.C. 1841(d), and does not engage in business as a student loan servicer.

(c) An attorney who is licensed or otherwise authorized to practice law in this state if the attorney services a student loan only incidentally in the course of practicing law.

(d) A public body, as defined in ORS 174.109 (“Public body” defined) .

(e) A public university listed in ORS 352.002 (Public universities) .

(f) A community college, as defined in ORS 341.005 (Definitions) .

(g) The Oregon Health and Science University.

(h) A nonprofit, private, post-secondary institution that the Higher Education Coordinating Commission has authorized to confer academic degrees under ORS 348.594 (Definitions for ORS 348.594 to 348.615) to 348.615 (Appeal procedure) . [2021 c.651 §8]

Source: Section 725A.521 — Required practices under federal student loan agreement; prohibitions; exemptions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.752 — OR Code / Title 54 / Chapter 723 / Section 723.752
723.752 Application of tax statutes to credit unions
Status: in_force

Any credit union subject to this chapter shall be deemed an institution for savings within the meaning of the law that exempts such institutions from taxation. No law, except as stated in this section, that taxes corporations in any form, or the shares thereof or the accumulations therein, shall apply to credit unions doing business in accordance with this chapter unless the credit unions are specifically named in the law. [1975 c.652 §77; 1985 c.762 §103; 2009 c.541 §42]

Source: Section 723.752 — Application of tax statutes to credit unions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.806 — OR Code / Title 54 / Chapter 723 / Section 723.806
723.806 Notice to law enforcement officers of violation of Oregon Credit Union Act
Status: in_force

If the Director of the Department of Consumer and Business Services has reason to believe that a person has violated any provision of the Oregon Credit Union Act for which criminal prosecution is provided, the director shall give the information relative to the violation to the federal, state or local law enforcement agency having jurisdiction of the violation. This section does not apply, however, if an official of the credit union has reported the information to the proper law enforcement officer under ORS 723.338 (Duty to notify law enforcement officers of violations of Oregon Credit Union Act) . [1975 c.652 §81; 1979 c.88 §36]

Source: Section 723.806 — Notice to law enforcement officers of violation of Oregon Credit Union Act; exceptions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.210 — OR Code / Title 54 / Chapter 725 / Section 725.210
725.210 Additional licenses to same applicant
Status: in_force

No licensee shall transact any business within the scope of this chapter except under the name and at the place of business named in the license. The Director of the Department of Consumer and Business Services may issue more than one license to the same licensee if the licensee complies with all the provisions of this chapter governing an original issuance of a license for each such additional license. However, each additional license shall be for a separate and distinct place of business for making and completing loans as provided in this chapter. [Amended by 1985 c.762 §121]

Source: Section 725.210 — Additional licenses to same applicant , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725a.060 — OR Code / Title 54 / Chapter 725a / Section 725a.060
725A.060 Prohibited conduct generally
Status: in_force

(1) A licensee or a person required under ORS 725A.020 (Licensing requirement) to obtain a license may not:

(a) Take from a consumer:

(A) A power of attorney, except a power of attorney to transfer ownership of a motor vehicle at the time the licensee or the person makes a loan secured by a motor vehicle.

(B) A note or promise to pay that does not accurately disclose the actual amount or the term of the loan, the rate of interest charged and the schedule of payments for the loan.

(C) An instrument in which blank spaces remain to be filled in after execution.

(D) An assignment of earnings as payment or as security for a loan. An assignment that violates this subparagraph is unenforceable by the assignee and revocable by the assignor. For purposes of this subparagraph, if the licensee or the person pays money to or on behalf of a consumer in return for a right or claim to all or a portion of the consumer’s unpaid earnings, the licensee or the person has made a loan to the consumer that is secured by an assignment of earnings. This subparagraph does not preclude an employee from authorizing deductions from the employee’s earnings if the authorization is revocable.

(b) Conduct business where liquor or lottery tickets are sold or where gambling devices are located.

(c) Charge a consumer:

(A) More than the actual amount that the vendor or service provider charges the licensee or the person for access to or use of the system described in ORS 725A.090 (Loan tracking and counseling system) ; or

(B) More than one fee per loan transaction for dishonored checks or insufficient funds, regardless of how many checks or debit agreements the licensee or the person obtains from the consumer for the transaction. The fee may not exceed $20.

(d) Collect a fee for a dishonored check under ORS 30.701 (Actions against maker of dishonored check) or seek or recover statutory damages or attorney fees from a consumer for a dishonored check under ORS 30.701 (Actions against maker of dishonored check) . The licensee or the person may recover from the consumer a fee that an unaffiliated financial institution charges to the licensee or the person for each dishonored check. For a dishonored check or insufficient funds, the fees described in this subsection are the only remedy the licensee or the person may pursue and the only fees the licensee or the person may charge.

(e) Make a loan to a consumer who has not fully repaid an outstanding payday loan or title loan. This paragraph does not prohibit a licensee or person from renewing an existing payday loan or title loan as provided in ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) .

(2) The provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) do not prevent a licensee or a person required under ORS 725A.020 (Licensing requirement) to obtain a license from recovering amounts associated with collecting a defaulted loan that are authorized by statute or awarded by a court of law. [2010 c.23 §19; 2019 c.188 §1]

Source: Section 725A.060 — Prohibited conduct generally , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.092 — OR Code / Title 54 / Chapter 725a / Section 725a.092
725A.092 Rules
Status: in_force

(1) The Director of the Department of Consumer and Business Services, in accordance with ORS chapter 183, may adopt rules for the purposes of protecting borrowers and consumers, providing clarity to licensees and otherwise carrying out and enforcing the provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) . The rules may include, but are not limited to, provisions that establish loan forms, terms, charges and fees.

(2) Before the director adopts a rule under subsection (1) of this section, the director shall submit a copy of the rule to each licensee.

(3) The director may institute an action or proceeding and make a specific ruling, demand or finding that the director considers necessary to carry out or enforce a provision of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) or a rule the director adopted, an order the director issued or an action the director took to carry out or enforce the provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) . [2010 c.23 §27]

Source: Section 725A.092 — Rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.716 — OR Code / Title 54 / Chapter 723 / Section 723.716
723.716 Additional rights and powers
Status: in_force

(1) A central credit union shall have all of the rights and powers of any other credit union organized under this chapter and the additional rights and powers specified in this section, notwithstanding any limitations or restrictions found elsewhere in this chapter.

(2) A central credit union may make loans to other credit unions, purchase shares of and make deposits in other credit unions and, with the approval of the director, obtain or acquire the assets and liabilities of any credit union operating in this state that enters into liquidation.

(3) A central credit union may invest in and grant loans to associations of credit unions, central funds of credit unions or organizations chartered to provide service to credit unions.

(4) A central credit union may borrow money from any source. It may also issue debentures pursuant to a plan approved by the director. The debentures must be subordinate to the deposits and shares of the credit union. [1975 c.652 §76; 1985 c.762 §102]

Source: Section 723.716 — Additional rights and powers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.045 — OR Code / Title 54 / Chapter 725 / Section 725.045
725.045 Prohibition on making certain consumer finance loans without license
Status: in_force

(1) Intentionally left blank —Ed.

(a) Except as provided in ORS 82.010 (Legal rate of interest) , 82.020 (Computation of interest) and 82.025 (Exemptions from application of ORS 82.010 (3) and (4) and 82.020) and subject to paragraph (b) of this subsection, a person may not conduct a business in which the person makes a consumer finance loan of $50,000 or less or acts as an agent, broker or facilitator for a person that makes a consumer finance loan of $50,000 or less unless the person first obtains a license under this chapter.

(b) If at the time a person made a consumer finance loan of $50,000 or less the person did not have a license that the Director of the Department of Consumer and Business Services issued under this chapter, the consumer finance loan is void, and the person, or a successor, assignee or affiliate of the person, may not deposit a borrower’s or consumer’s check, withdraw moneys from a borrower’s or consumer’s account or otherwise collect, receive or retain principal, interest, a fee or a charge related to or in connection with the consumer finance loan.

(2) This section does not apply to a person that does not collect a fee or consideration in connection with a consumer finance loan or an application for a consumer finance loan and that:

(a) Does not interact directly with a borrower or consumer;

(b) Acts solely as an intermediary between the borrower or consumer and a lender or a person that conducts business as a broker or facilitator for a consumer finance loan;

(c) Transmits information, electronically or otherwise, concerning the borrower or consumer to a lender or a person that conducts business as a broker or facilitator for a consumer finance loan; or

(d) Prepares, issues or delivers a negotiable instrument to a lender or a person that conducts business as a broker or facilitator for a consumer finance loan for subsequent delivery to a borrower or consumer.

(3) A person may collect principal, interest, a fee or a charge related to or in connection with a consumer finance loan if the license the director issued under this chapter lapsed inadvertently or by mistake. [1989 c.424 §2; 2007 c.603 §2; 2010 c.23 §31; 2015 c.490 §1]

Source: Section 725.045 — Prohibition on making certain consumer finance loans without license; application of license requirement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.505 — OR Code / Title 54 / Chapter 725 / Section 725.505
725.505 Rulemaking authority
Status: in_force

(1) In accordance with ORS chapter 183, the Director of the Department of Consumer and Business Services may adopt rules for the purposes of protecting borrowers and consumers, providing clarity to licensees and lenders and otherwise carrying out and enforcing this chapter. The rules may include, but are not limited to, provisions that establish loan forms, terms, charges and fees.

(2) In addition to the notice requirements of ORS chapter 183, before the director adopts a rule, the director shall submit a copy of the rule to each licensee. [1985 c.762 §110; 1987 c.650 §19; 2007 c.603 §6]

Source: Section 725.505 — Rulemaking authority; notice , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.420 — OR Code / Title 54 / Chapter 726 / Section 726.420
726.420 Effect of charging excessive interest or fees
Status: in_force

If any pawnbroker or agent, member, officer or employee thereof, or any other person is found by the Director of the Department of Consumer and Business Services to have charged, contracted for or received any interest, fees or other charges in excess of those permitted by ORS 726.390 (Interest rates and charges) , then the pledge loan shall be void. The pawnbroker shall forfeit the right to collect or receive any principal, interest or charges whatsoever. The pawnbroker shall upon order of the director return to the pledgor free from the pawnbroker’s lien the pledge pledged by the pledgor without tender of principal and interest and shall pay into the county school fund of the county wherein the loan is made all payments and all fees or other charges previously collected under such pledge loan. [Amended by 1975 c.544 §59a; 1987 c.373 §74]

Source: Section 726.420 — Effect of charging excessive interest or fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.090 — OR Code / Title 54 / Chapter 725a / Section 725a.090
725A.090 Loan tracking and counseling system
Status: in_force

(1) Intentionally left blank —Ed.

(a) The Director of the Department of Consumer and Business Services, by contract with a vendor or service provider or otherwise, may develop and implement a system by means of which a licensee may:

(A) Determine whether a consumer has an outstanding loan;

(B) Determine the number of loans the consumer has outstanding;

(C) Determine the dates on which the consumer entered into or renewed a loan contract subject to ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) ;

(D) Provide loan counseling to consumers in accordance with standards the director specifies; and

(E) Obtain other information necessary to comply with the provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) .

(b) The director by rule may specify the form and content of the system, but shall ensure at a minimum that the information entered into or stored by the system is:

(A) Accessible to and usable by licensees and the director from any location in this state; and

(B) Secured against public disclosure, tampering, theft or unauthorized acquisition or use.

(2) The information in the system described in subsection (1) of this section is not subject to public inspection or disclosure and is not subject to discovery, subpoena or other compulsory process except in an action brought under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) .

(3) A vendor or service provider that operates or administers the system described in subsection (1) of this section may charge a licensee a fee or fees for access to or use of the system in amounts that the director approves by rule. The licensee may not charge a consumer, directly or indirectly, any amount to recover or otherwise compensate for the cost of a fee the licensee pays under this subsection.

(4) Intentionally left blank —Ed.

(a) If the system described in subsection (1) of this section is developed and implemented, licensees subject to ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) , within one business day after conducting a loan transaction that generates information that the system described in subsection (1) of this section requires, shall enter or update the information.

(b) A licensee, after the date on which the licensee ceases to make loans subject to ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) , shall continue to enter and update information for loans that are outstanding or that have not yet expired.

(c) Within 10 business days after ceasing to make loans subject to ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) , a licensee shall submit to the director for approval a plan for continuing compliance with this subsection. The director shall promptly approve or disapprove the plan and may require the licensee to submit a new or modified plan that ensures compliance with this subsection.

(5) The director by rule shall establish requirements for retaining, archiving and deleting information entered into or stored by the system described in subsection (1) of this section. [2010 c.23 §26; 2017 c.215 §1]

Source: Section 725A.090 — Loan tracking and counseling system; rules; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.020 — OR Code / Title 54 / Chapter 725a / Section 725a.020
725A.020 Licensing requirement
Status: in_force

(1) Intentionally left blank —Ed.

(a) Except as provided in ORS 82.010 (Legal rate of interest) , 82.020 (Computation of interest) and 82.025 (Exemptions from application of ORS 82.010 (3) and (4) and 82.020) and subject to subsection (2) of this section, a person may not conduct business as a payday loan lender or a title loan lender unless the person obtains a license under ORS 725A.024 (License application approval) .

(b) A person may not act as an agent, broker or facilitator for making a payday loan or title loan unless the person obtains a license under ORS 725A.024 (License application approval) , regardless of whether the principal that makes the payday loan or title loan must obtain a license under paragraph (a) of this subsection.

(2) If at the time a person made a payday loan or title loan the person did not have a license from the Director of the Department of Consumer and Business Services under ORS 725A.024 (License application approval) , the payday loan or title loan is void, and the person, or a successor, assignee or affiliate of the person, may not deposit a borrower’s or consumer’s check, withdraw moneys from a borrower’s or consumer’s account or otherwise collect, receive or retain principal, interest, a fee or a charge related to or in connection with the payday loan or title loan.

(3) Subsection (1) of this section does not apply to a person that does not collect a fee or consideration in connection with a payday loan or title loan or an application for a payday loan or title loan and:

(a) Does not interact directly with a borrower or consumer;

(b) Acts solely as an intermediary between the borrower or consumer and a lender or a person that conducts business as a broker or facilitator for a payday loan or title loan;

(c) Transmits information, electronically or otherwise, concerning the borrower or consumer to a lender or a person that conducts business as a broker or facilitator for a payday loan or title loan; or

(d) Prepares, issues or delivers a negotiable instrument to a lender or a person that conducts business as a broker or facilitator for a payday loan or title loan, for subsequent delivery to a borrower or consumer.

(4) The director by order may determine whether and how a person may collect principal, interest, a fee or a charge related to or in connection with a payday loan or title loan if the director determines that a license the director issued under ORS 725A.024 (License application approval) lapsed inadvertently or by mistake. [2010 c.23 §3; 2015 c.490 §2]

Source: Section 725A.020 — Licensing requirement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.150 — OR Code / Title 54 / Chapter 726 / Section 726.150
726.150 Revocation and suspension of license
Status: in_force

(1) The Director of the Department of Consumer and Business Services may revoke any license under this chapter if the director finds that:

(a) The pawnbroker has failed to pay the annual license fee or to maintain in effect the required bond or to comply with any demand, ruling or requirement of the director lawfully made pursuant to and within the authority of this chapter or to comply with the provisions of law to keep the corporation in good standing if such pawnbroker is a corporation;

(b) The pawnbroker has violated any provision of this chapter or any rule or regulation lawfully made by the director under and within the authority of this chapter; or

(c) Any fact or condition exists which, if it had existed at the time of the original application for a license, would have warranted the director in refusing originally to issue the license.

(2) The director may, without notice or hearing, suspend any license for a period not exceeding 30 days, pending investigation.

(3) The director may revoke or suspend only the particular license with respect to which grounds for revocation or suspension occur or exist, or, if the director finds that such grounds for revocation or suspension are of general application to all offices or to more than one office operated by the pawnbroker, the director shall revoke or suspend all the licenses issued to the pawnbroker or such number of licenses as such grounds apply to, as the case may be. [Amended by 1971 c.734 §177; 1977 c.135 §57]

Source: Section 726.150 — Revocation and suspension of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.320 — OR Code / Title 54 / Chapter 726 / Section 726.320
726.320 Redemption by mail
Status: in_force

When a pawn ticket, instead of being presented in person, is sent to the pawnbroker by mail, accompanied with a money order, bank draft or cash for the amount due including the cost of shipment and packing as desired, the pledge shall be securely packed and forwarded by the pawnbroker in accordance with the remitter’s instructions. If the remittance is insufficient to cover the amount due and the cost of shipment and packing as desired, the pawnbroker shall either notify the remitter of the amount of the deficiency or send the pledge subject to the payment of the deficiency by the consignee. The pawnbroker’s liability for the pledge shall cease upon delivery thereof to the carrier or the agent of the carrier. [Amended by 1973 c.449 §4; 1981 c.192 §43]

Source: Section 726.320 — Redemption by mail , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.818 — OR Code / Title 54 / Chapter 723 / Section 723.818
723.818 Giving false document, statement or report prohibited
Status: in_force

A person may not knowingly give or cause to be given to the Director of the Department of Consumer and Business Services any document or any oral or written statement or report that is false in any material respect, in the course of any investigation or examination by the director under this chapter. [1987 c.215 §7]

Source: Section 723.818 — Giving false document, statement or report prohibited , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.832 — OR Code / Title 54 / Chapter 723 / Section 723.832
723.832 Application to credit unions existing on September 13, 1975
Status: in_force

The provisions of the Oregon Credit Union Act shall apply to the fullest extent permitted by the laws and Constitutions of the United States and of the State of Oregon, to all existing credit unions organized under any general Act of this state. [1975 c.652 §85]

Source: Section 723.832 — Application to credit unions existing on September 13, 1975 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.472 — OR Code / Title 54 / Chapter 723 / Section 723.472
723.472 Checks of intoxicated or drugged persons
Status: in_force

A credit union may refuse to pay any check, draft or order drawn upon it when the officers or employees of the credit union have reason to believe that the person signing or indorsing the instrument was so under the influence of alcohol, drugs or controlled substances or that the person was otherwise so incapacitated as to make it reasonably doubtful whether the person was capable of transacting business at the time of signing or indorsing the check, draft or order. [1999 c.185 §24]

Source: Section 723.472 — Checks of intoxicated or drugged persons , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.484 — OR Code / Title 54 / Chapter 723 / Section 723.484
723.484 Transfers of moneys upon death of depositor or trustee is not testamentary disposition
Status: in_force

Any transfers resulting from the application of ORS 723.480 (Multiple-party accounts) are effective by reason of the account contracts involved and application of ORS 723.480 (Multiple-party accounts) . The transfers are not to be considered as testamentary or subject to administration in the estate of a deceased party. [1999 c.185 §30]

Source: Section 723.484 — Transfers of moneys upon death of depositor or trustee is not testamentary disposition , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.012 — OR Code / Title 54 / Chapter 725a / Section 725a.012
725A.012 Application
Status: in_force

(1) ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) do not limit a person’s rights, powers or privileges under a law of this state or of the United States that regulates the person’s lending money or extending credit, provided that the person complies with the provisions of the law.

(2) Except as otherwise provided in subsection (3) of this section, ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) do not affect a loan made or payable in another jurisdiction and lawful where made or payable.

(3) Intentionally left blank —Ed.

(a) A person is subject to ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) if in the person’s capacity as a lender the person makes a payday loan or title loan to a consumer who resides in or maintains a domicile in this state and the consumer:

(A) Negotiates or agrees to the terms of the payday loan or title loan in person, by mail, by telephone or via the Internet while the consumer is physically present in this state;

(B) Enters into or executes a contract with the person for a payday loan or title loan in person, by mail, by telephone or via the Internet while the consumer is physically present in this state; or

(C) Makes a payment on the payday loan or title loan in this state.

(b) For purposes of this subsection, a consumer makes a payment on a payday loan or title loan in this state if:

(A) A person, for purposes of receiving or processing a payment on the payday loan or title loan, debits an account that the consumer holds in a branch of a financial institution that is located in this state; or

(B) The consumer makes a payment on the payday loan or title loan with a negotiable instrument that is drawn on a financial institution that is, or a branch of which is, located in this state. [2010 c.23 §2]

Source: Section 725A.012 — Application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.840 — OR Code / Title 54 / Chapter 723 / Section 723.840
723.840 Limitation on personal liability for good faith act or omission or exercise of judgment or discretion
Status: in_force

(1) A person is not personally liable for an act or omission the person does or fails to do in good faith and in compliance with a statute, rule or order of the Director of the Department of Consumer and Business Services under this chapter regardless of whether the statute, rule or order is later amended, rescinded or determined to be invalid by judicial or other authority.

(2) A director or officer of a credit union is not personally liable to the credit union or to members of the credit union for damages that result from the director’s or officer’s exercising judgment or discretion in connection with the director’s or officer’s duties or responsibilities or from the director’s or officer’s act or omission in rendering service to the credit union, except to the extent that, in exercising judgment or discretion or in rendering service to the credit union, the director or officer fails to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances and in a manner that the director or officer reasonably believes is in the best interests of the credit union.

(3) Intentionally left blank —Ed.

(a) A director, in discharging the director’s duties, may rely on information, opinions, reports or statements, including financial statements and other financial data that any of the following persons prepare or present:

(A) An officer or employee of the credit union that the director reasonably believes is competent and reliable with respect to the matters the officer or employee prepares or presents;

(B) Legal counsel, public accountants or other persons with respect to matters that the director reasonably believes are within the counsel’s, accountant’s or other person’s professional or expert competence; or

(C) A committee of the board of directors of which the director is not a member if the director reasonably believes that the committee merits the director’s confidence.

(b) A director does not act in good faith, with due care or in a manner that the director reasonably believes is in the interests of the credit union if the director has knowledge concerning a matter that makes the director’s reliance on the information, opinions, reports, statements or data described in paragraph (a) of this subsection unwarranted.

(4) This section does not bar a cause of action against the credit union or change any liability of the credit union that arises out of an act or omission of a director, officer or other who is exempt from liability for negligence under this section. [1999 c.185 §38; 2013 c.480 §7]

Source: Section 723.840 — Limitation on personal liability for good faith act or omission or exercise of judgment or discretion; reliance on information or reports; causes of action , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.572 — OR Code / Title 54 / Chapter 723 / Section 723.572
723.572 Insurance for members
Status: in_force

(1) A credit union may purchase or make available life savings, loan protection and other forms of insurance for its members in amounts related to their respective ages, shares, deposits or loan balances or to any combination of them.

(2) A credit union may enter into cooperative marketing arrangements to facilitate its members’ voluntary purchases of insurance. [1975 c.652 §60; 1999 c.185 §45]

Source: Section 723.572 — Insurance for members , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.822 — OR Code / Title 54 / Chapter 723 / Section 723.822
723.822 Cease and desist orders
Status: in_force

(1) The Director of the Department of Consumer and Business Services may issue and serve upon a credit union or a director, officer, committee member, employee or agent of a credit union an order to cease and desist from a practice or a violation as follows:

(a) The director may issue an order to cease and desist from an unsafe or unsound practice when the director has reasonable cause to believe that the person to whom the order is directed is engaging, has engaged or is about to engage in an unsafe or unsound practice in conducting the business of the credit union.

(b) The director may issue an order to cease and desist from a violation when the director has reasonable cause to believe that the person to whom the order is directed is violating, has violated or is about to violate a law, rule or regulation of this state or the United States, an order of the director or a provision of the articles of incorporation or bylaws of the credit union.

(2) An order under subsection (1) of this section must include the following:

(a) A statement of the facts that constitute the practice or violation.

(b) A provision that requires the person named in the order to cease and desist from the practice or violation. The provision may be mandatory or otherwise.

(c) The effective date of the order.

(d) A notice to the person named in the order of the right to a contested case hearing under ORS chapter 183.

(3) If the practice or violation specified in the order or the continuation of the practice or violation is likely to prejudice the interest of the members of a credit union, the director may issue an order effective immediately or at a later date. In all other cases, the order is effective 30 days after the date of the order unless the person named in the order requests a hearing on the order.

(4) An order under this section remains in effect until a court order or the director withdraws the order.

(5) If an individual named in an order under this section fails to comply with the order, the director may issue an order that removes or suspends the individual from the office or position the individual holds. The removal or suspension is in addition to any penalty provided by ORS 723.995 (Civil penalties) for failure to comply with an order issued under this section. [1975 c.544 §56; 1977 c.135 §46; 1987 c.215 §8; 1987 c.286 §13; 2009 c.541 §42a]

Source: Section 723.822 — Cease and desist orders; contents; effective date; removal or suspension , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.050 — OR Code / Title 54 / Chapter 726 / Section 726.050
726.050 Requirements for issuance of license
Status: in_force

The Director of the Department of Consumer and Business Services may not issue a license to a corporation, limited liability company or limited liability partnership or to a person using an assumed business name unless:

(1) The limited liability company or limited liability partnership has filed the required documents under ORS chapter 63 or 67;

(2) The person using the assumed business name has registered the name under ORS chapter 648; or

(3) The corporation is an Oregon corporation in good standing or a foreign corporation legally qualified to do business in this state. [Amended by 2007 c.360 §1]

Source: Section 726.050 — Requirements for issuance of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.028 — OR Code / Title 54 / Chapter 725a / Section 725a.028
725A.028 License fee
Status: in_force

(1) A licensee each year shall pay to the Director of the Department of Consumer and Business Services a license fee in an amount the director specifies by rule. The licensee shall pay the fee not later than the date the director sets in the rule.

(2) The director shall specify the amount of the fee described in subsection (1) of this section after considering:

(a) The amount of other moneys available for the director to use in performing the director’s duties;

(b) The costs the director will incur in performing the director’s duties in the year in which the director will collect the fee; and

(c) The amount the director needs to establish and maintain a reasonable emergency fund.

(3) In addition to any license fee the director collects under subsection (1) of this section, whenever the director devotes extra attention to a licensee’s affairs, either when the licensee requests the attention or the director determines that the extra attention is necessary, the director shall charge as a fee for the extra attention the actual cost the director incurs. [2010 c.23 §7]

Source: Section 725A.028 — License fee; other fees; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.816 — OR Code / Title 54 / Chapter 723 / Section 723.816
723.816 Prohibited acts
Status: in_force

(1) No credit union officer, director, employee or agent, shall willfully:

(a) With intent to deceive, falsify any book of account, report, statement, record or other document of a credit union whether by alteration, false entry, omission or otherwise.

(b) Sign, issue, publish or transmit to a governmental office any book of account, report, statement, record or other document which the person knows to be false.

(c) By means of deceit, obtain a signature to a writing which is a subject of forgery.

(d) With intent to deceive, destroy any credit union book of account, report, statement, record or other document.

(2) No person shall maliciously and knowingly spread false reports about the management or finances of any credit union. [1975 c.652 §83]

Source: Section 723.816 — Prohibited acts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.686 — OR Code / Title 54 / Chapter 723 / Section 723.686
723.686 Conversion of charter
Status: in_force

(1) A credit union chartered under the laws of this state may be converted to a credit union chartered under the laws of the United States, subject to the approval of the National Credit Union Administration.

(2) A credit union chartered under the laws of the United States may convert to a credit union chartered under the laws of this state subject to approval of the Director of the Department of Consumer and Business Services. [1975 c.652 §72; 1987 c.286 §12]

Source: Section 723.686 — Conversion of charter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.282 — OR Code / Title 54 / Chapter 723 / Section 723.282
723.282 Authority of directors
Status: in_force

The board of directors shall have the general direction of the business affairs, funds and records of the credit union. [1975 c.652 §31]

Source: Section 723.282 — Authority of directors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.182 — OR Code / Title 54 / Chapter 723 / Section 723.182
723.182 Other credit unions as members
Status: in_force

Any credit union organized under the laws of this state may permit membership of any other credit union organized under the laws of this state, of any other state or of the United States. [1975 c.652 §20]

Source: Section 723.182 — Other credit unions as members , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.176 — OR Code / Title 54 / Chapter 723 / Section 723.176
723.176 Business and nonbusiness organizations as members
Status: in_force

Business and nonbusiness organizations composed of individuals who are eligible for membership, or whose employees are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals. [1975 c.652 §19; 1987 c.286 §3; 1999 c.185 §56; 2001 c.308 §3]

Source: Section 723.176 — Business and nonbusiness organizations as members , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.646 — OR Code / Title 54 / Chapter 723 / Section 723.646
723.646 Special reserves
Status: in_force

(1) In addition to the regular reserve established under ORS 723.631 (Regular reserve) , special reserves to protect the interest of members shall be established, as provided in this section:

(a) When required by rule; or

(b) When found by the board of directors of the credit union or by the Director of the Department of Consumer and Business Services, or if the members’ accounts are insured by the National Credit Union Administration, the Administrator of the National Credit Union Administration, in any special case, to be necessary for that purpose.

(2) Special reserves belong to the credit union and shall be used to provide liquidity for the credit union. A credit union may not pay regular or special dividends from the special reserve. [1975 c.652 §68; 1981 c.192 §40; 1995 c.319 §4]

Source: Section 723.646 — Special reserves; purpose , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.220 — OR Code / Title 54 / Chapter 725 / Section 725.220
725.220 Change of place of business
Status: in_force

(1) When a licensee wishes to change the place of business to another location, the licensee shall submit written notice thereof, together with the license, to the Director of the Department of Consumer and Business Services. The director shall amend the license of the licensee to reflect the new location and shall return the amended license to the licensee.

(2) A change in the place of business of a licensee to a location outside the city named in the original license may be allowed under the same license only if the director determines that the new location will serve substantially the same community as is served at the location named in the original license.

(3) If the director disapproves the proposed new location of the business, the director shall immediately notify the licensee of the disapproval and return the license unchanged to the licensee. [Amended by 1955 c.71 §9; 1985 c.762 §122; 1987 c.650 §13; 1999 c.469 §4]

Source: Section 725.220 — Change of place of business , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725a.024 — OR Code / Title 54 / Chapter 725a / Section 725a.024
725A.024 License application approval
Status: in_force

(1) Intentionally left blank —Ed.

(a) Within 90 days after receiving an application under ORS 725A.022 (License application) , the Director of the Department of Consumer and Business Services shall issue and deliver to the applicant a license to conduct business in accordance with ORS 725A.010 (Definitions) to 725A.092 (Rules) at the location identified in the application if the director finds that:

(A) The applicant and the applicant’s members, if the applicant is a partnership, limited liability company or other association, or the applicant’s officers and directors, if the applicant is a corporation, have the financial responsibility, experience, character and general fitness necessary to command the confidence of the community and to warrant the belief that the applicant will operate the business honestly, fairly and efficiently and in compliance with the provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules) .

(B) The applicant has paid the fee required under ORS 725A.022 (License application) .

(C) Grounds do not exist under ORS 725A.026 (Grounds for disapproving license application) to disapprove the application.

(D) Other reasons or conditions that would warrant the director’s refusal to issue a license do not exist.

(b) The director, consistent with the requirements of ORS 725A.010 (Definitions) to 725A.092 (Rules) , may issue a license under this section by means of an agreement with the Nationwide Multistate Licensing System and may, by rule, conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue a license to the requirements of the Nationwide Multistate Licensing System.

(2) An applicant may not become a licensee under this section unless the applicant is legally qualified to conduct business in this state.

(3) Intentionally left blank —Ed.

(a) The director shall disapprove an application and deny the applicant a license if the director finds that the applicant does not meet the standard set forth in subsection (1)(a)(A) of this section or has not paid the required application fee or that grounds, reasons or conditions described in subsection (1)(a)(B), (C) or (D) of this section exist and warrant the director’s disapproval and denial.

(b) If the director disapproves an application or denies the applicant a license under paragraph (a) of this subsection, the director shall notify the applicant immediately and shall state the director’s reasons for the disapproval or denial.

(4) Intentionally left blank —Ed.

(a) The director by rule shall prescribe the form of the license the director issues under this section. At a minimum, the director shall require the license to display the licensee’s full name and the address at which the licensee conducts business.

(b) A license the director issues under this section:

(A) Is not transferable or assignable; and

(B) Remains in full force and effect until:

(i) The director revokes or suspends the license in accordance with ORS 725A.034 (License revocation and suspension) ; or

(ii) The licensee surrenders the license in accordance with ORS 725A.038 (License surrender) .

(5) The director may issue more than one license to the same licensee if the director finds that for each additional license the licensee meets the qualifications set forth in this section. Each license the director issues must be for a separate and distinct place in which the licensee conducts business in accordance with ORS 725A.010 (Definitions) to 725A.092 (Rules) . [2010 c.23 §5; 2019 c.106 §8]

Source: Section 725A.024 — License application approval; license issuance; applicant qualifications; license denial; term of license; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.812 — OR Code / Title 54 / Chapter 723 / Section 723.812
723.812 Actions
Status: in_force

The Attorney General shall conduct all actions begun by the Director of the Department of Consumer and Business Services under authority of the Oregon Credit Union Act, and may require the assistance of the district attorney of the district in which the action is conducted. [1975 c.652 §82]

Source: Section 723.812 — Actions; assistance , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.290 — OR Code / Title 54 / Chapter 726 / Section 726.290
726.290 Signing of card, stub or record by pledgor
Status: in_force

The pawnbroker shall at the time of making a loan require the pledgor or agent of the pledgor to write the signature and address of the pledgor or the agent of the pledgor on a card, ticket, stub or any other approved record, bearing the serial number of the loan corresponding to that recorded in the pawnbroker’s register as provided in ORS 726.280 (Register and records of licensee) . If the person is unable to write, the person shall sign the person’s mark, and in such event the pawnbroker shall record on the signature card, stub or record such information as will enable the pawnbroker to identify the person in case of the loss of the ticket.

Source: Section 726.290 — Signing of card, stub or record by pledgor , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.100 — OR Code / Title 54 / Chapter 726 / Section 726.100
726.100 Additional licenses to same applicant
Status: in_force

No pawnbroker shall transact any business within the scope of this chapter except under the name at the place of business named in the license. The Director of the Department of Consumer and Business Services may issue more than one license to the same pawnbroker upon the pawnbroker’s compliance with all the provisions of this chapter governing an original issuance of a license for each such additional license. Each additional license shall be for a separate and distinct place of business for the making and completing of pledge loans as provided in this chapter.

Source: Section 726.100 — Additional licenses to same applicant , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.576 — OR Code / Title 54 / Chapter 723 / Section 723.576
723.576 Liability insurance for director, officer, employee or agent
Status: in_force

A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of such person’s status as such, whether or not the credit union would have the power to indemnify such person against such liability. [1975 c.652 §61]

Source: Section 723.576 — Liability insurance for director, officer, employee or agent , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.460 — OR Code / Title 54 / Chapter 723 / Section 723.460
723.460 Reduction in shares
Status: in_force

(1) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members.

(2) If the credit union thereafter realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided proportionately among the shareholders whose assets were reduced, but only to the extent of such reduction. [Formerly 723.446]

Source: Section 723.460 — Reduction in shares , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.330 — OR Code / Title 54 / Chapter 725 / Section 725.330
725.330 Books and records of licensee
Status: in_force

Subject to the provisions of this chapter, the Director of the Department of Consumer and Business Services may prescribe the form of the books and records to be kept by the licensee. All such books and records shall be preserved and available for at least two years after making the final entry on any loan recorded therein. [Amended by 1985 c.762 §130]

Source: Section 725.330 — Books and records of licensee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.990 — OR Code / Title 54 / Chapter 726 / Section 726.990
726.990 Criminal penalties
Status: in_force

(1) Violation, or participation in the violation, of any provision of this chapter by any pawnbroker or any agent, member, officer or employee thereof, or any other person is a Class B misdemeanor.

(2) Upon conviction under subsection (1) of this section, no license shall be granted to such person, nor to the spouse in a marriage of such person, nor to any partnership, association or corporation of which the person is an agent or member, until two years after the date of the conviction. [Amended by 1971 c.743 §425; 1987 c.373 §75; 2011 c.597 §295; 2015 c.629 §58]

Source: Section 726.990 — Criminal penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.054 — OR Code / Title 54 / Chapter 725a / Section 725a.054
725A.054 Duty to report defalcation
Status: in_force

(1) A director or officer of a licensee who has reason to believe that a defalcation has occurred at an office of the licensee shall report the defalcation to the local, state or federal law enforcement officer with jurisdiction.

(2) A licensee, within five days after the discovery of a defalcation that occurs at an office of the licensee, shall notify the Director of the Department of Consumer and Business Services. If the director instructs the licensee to do so, the licensee shall cause an audit to be made of the business of the licensed office where the defalcation occurred, in accordance with the director’s instructions.

(3) The Director of the Department of Consumer and Business Services may report a defalcation to a federal, state or local law enforcement agency with jurisdiction if the licensee has not reported the defalcation in accordance with subsection (1) of this section. [2010 c.23 §16]

Source: Section 725A.054 — Duty to report defalcation; audit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.830 — OR Code / Title 54 / Chapter 723 / Section 723.830
723.830 Regulation of services performed for credit union
Status: in_force

A credit union may not contract for any of the services described in this section to be performed for the credit union unless both the credit union and the person performing the services agree to be subject to regulation and examination by the Director of the Department of Consumer and Business Services to the same extent as if the services were performed by the credit union. This section applies to the following services:

(1) Check and deposit sorting and posting.

(2) Computation and posting of interest and other credits and charges.

(3) Any other bookkeeping, accounting or similar functions performed for a credit union. [1987 c.650 §9; 1997 c.832 §9]

Source: Section 723.830 — Regulation of services performed for credit union , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.315 — OR Code / Title 54 / Chapter 725 / Section 725.315
725.315 Removal or suspension of officer of licensee
Status: in_force

If the Director of the Department of Consumer and Business Services finds that any officer or director of a licensee is dishonest, reckless or incompetent, or refuses to comply with the law, rules of the director or any written requirements or instructions of the director, the director may issue a written order to the individual removing or suspending the individual from the individual’s office or position. [1977 c.135 §52; 1985 c.762 §128]

Source: Section 725.315 — Removal or suspension of officer of licensee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.434 — OR Code / Title 54 / Chapter 723 / Section 723.434
723.434 Share draft accounts
Status: repealed

(1) A credit union may allow a member holding a regular share or deposit account to use that account as a share draft account as provided in this section, subject to conditions established by the board of directors.

(2) As used in this section:

(a) “Share draft” means a negotiable or nonnegotiable draft used to withdraw shares or deposits from a share draft account.

(b) “Share draft account” means any regular share account or deposit account from which the credit union allows shares or deposits to be withdrawn by means of a share draft or other order.

(3) The terms “share draft” and “share draft account” may encompass accounts whether the underlying account is a share account or a deposit account, without changing the type of account. [1981 c.290 §2; 1983 c.37 §36c; 1999 c.185 §40]

723.441 [1985 c.804 §6; repealed by 1987 c.491 §9]

Source: Section 723.434 — Share draft accounts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.310 — OR Code / Title 54 / Chapter 726 / Section 726.310
726.310 Person entitled to redeem pledge
Status: in_force

(1) Except as otherwise provided in this chapter, a person that holds a memorandum or pawn ticket is the person entitled to redeem the pledge associated with the memorandum or pawn ticket. A pawnbroker shall deliver the pledge to the person presenting such memorandum or pawn ticket upon payment of principal and interest due on the pledge loan.

(2) If a pawnbroker holds a pledge at a location that is off the premises of the business location at which the pawnbroker made the pledge loan or at which a person redeems the pledge, the pawnbroker shall return the pledge within two business days after the date on which the person redeems the pledge. [Amended by 2019 c.10 §2]

Source: Section 726.310 — Person entitled to redeem pledge; return of pledge stored off premises , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.020 — OR Code / Title 54 / Chapter 725 / Section 725.020
725.020 Short title
Status: in_force

This chapter shall be known as the Oregon Consumer Finance Act. [Amended by 1955 c.71 §1]

Source: Section 725.020 — Short title , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.270 — OR Code / Title 54 / Chapter 725 / Section 725.270
725.270 Reinstatement of revoked license
Status: in_force

The Director of the Department of Consumer and Business Services may reinstate any revoked license upon the licensee’s compliance with the provisions of law or any demand, ruling or requirement made by the director under this chapter. For such reinstatement of license the licensee shall pay a fee of $25. [Amended by 1985 c.762 §126]

Source: Section 725.270 — Reinstatement of revoked license; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.196 — OR Code / Title 54 / Chapter 723 / Section 723.196
723.196 Meeting of members
Status: in_force

(1) The annual meeting and any special meetings of the members of the credit union shall be held at the time and in the manner indicated by the bylaws.

(2) At meetings described in subsection (1) of this section, a member has one vote, irrespective of the amount of that member’s shareholdings. A member may not vote by proxy, but a member may vote by mail or electronic ballot if allowed by the bylaws of the credit union. The board of directors shall establish procedures to safeguard the confidentiality and integrity of the voting process. As used in this subsection, “electronic” has the meaning given that term in ORS 84.004 (Definitions for ORS 84.001 to 84.061) .

(3) The board may establish a minimum age as a qualification of eligibility to vote at meetings of the members. [1975 c.652 §23; 1999 c.185 §12; 2005 c.95 §5; 2019 c.45 §3]

Source: Section 723.196 — Meeting of members; mail or electronic ballots , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.672 — OR Code / Title 54 / Chapter 723 / Section 723.672
723.672 Suspension
Status: in_force

(1) If it appears that any credit union is bankrupt or insolvent, or that it has willfully violated any provision of this chapter, or is operating in an unsafe or unsound manner, the Director of the Department of Consumer and Business Services shall issue an order temporarily suspending the credit union’s operations for not less than 30 nor more than 60 days. The board of directors shall be given notice by registered mail or by certified mail with return receipt of such suspension, and a list of the specific violations of this chapter.

(2) Upon receipt of the suspension notice, the credit union shall cease all operations, except those authorized by the director. The board of directors shall then file with the director a reply to the suspension notice, and may request a hearing to present a plan of corrective actions proposed if it desires to continue operations. The board may request that the credit union be declared insolvent and a liquidating agent be appointed.

(3) Upon receipt from the suspended credit union of evidence that the conditions causing the order of suspension have been corrected, the director may revoke the suspension notice and permit the credit union to resume normal operations.

(4) If the director, after issuing notice of suspension and providing an opportunity for a hearing, rejects the credit union’s plan to continue operations, the director may then revoke the credit union’s charter, appoint a liquidating agent and liquidate the credit union. The credit union may request the appropriate court to stay execution of such action. Involuntary liquidation may not be ordered prior to the conclusion of suspension procedures outlined in this section.

(5) If, within the suspension period, the credit union fails to answer the suspension notice or request a hearing, the director may then revoke the credit union’s charter, appoint a liquidating agent and liquidate the credit union. [1975 c.652 §69; 1985 c.762 §99; 1991 c.249 §68]

Source: Section 723.672 — Suspension; revocation of charter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.510 — OR Code / Title 54 / Chapter 725 / Section 725.510
725.510 Person not liable for good faith acts or omissions
Status: in_force

A person may not be held personally liable for an act done or omitted by the person in good faith and in compliance with a rule or order of the Director of the Department of Consumer and Business Services under this chapter regardless of whether the rule or order is later amended or rescinded or is later determined by judicial or other authority to be invalid. [1987 c.445 §6]

Source: Section 725.510 — Person not liable for good faith acts or omissions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.110 — OR Code / Title 54 / Chapter 726 / Section 726.110
726.110 Change of place of business
Status: in_force

Whenever a pawnbroker changes the place of business to another location within the same city or town, the pawnbroker shall at once give written notice of the change to the Director of the Department of Consumer and Business Services and shall surrender the pawnbroker’s license for cancellation. Thereupon a new license shall be issued by the director for the new location. A change in the place of business of a pawnbroker to a location outside of the city or town named in the original license is not permitted under the same license. [Amended by 1971 c.218 §5; 2007 c.360 §5]

Source: Section 726.110 — Change of place of business , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.270 — OR Code / Title 54 / Chapter 726 / Section 726.270
726.270 Prohibited transactions
Status: in_force

No pawnbroker shall:

(1) Transact any business between the hours of 9 p.m. and 7 a.m. except that on Saturday the pawnbroker may transact business up to the hour of 10 p.m.

(2) Accept a pledge from any person who is under the age of 18 years.

(3) Convert or dispose of any unredeemed pledge before the time to redeem it has expired or before the pledge has been forfeited to the pawnbroker as provided in ORS 726.400 (Loan period) . [Amended by 1975 c.739 §1]

Source: Section 726.270 — Prohibited transactions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.112 — OR Code / Title 54 / Chapter 723 / Section 723.112
723.112 Examinations
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall examine each credit union to determine its condition and whether the credit union is complying with the laws of this state and such other matters as the director may prescribe. For the purpose of conducting an examination or any part thereof, the director may employ an independent consultant determined by the director as qualified to conduct examinations. Except as provided in subsection (3) of this section, examinations under this subsection must be conducted not less frequently than 24 months apart.

(2) For purposes of an examination under subsection (1) of this section:

(a) Each credit union and all of its officers and agents shall be required to give to representatives of the director full access to all of the credit union’s books, papers, securities, records and other sources of information under their control.

(b) The director may subpoena witnesses, administer oaths, compel the giving of testimony and require the submission of documents.

(3) Instead of an examination under subsection (1) of this section, the director may accept an examination or report made by an agency of the United States Government under statutes of the United States.

(4) A report of an examination under subsection (1) of this section shall be forwarded to the executive officer of each credit union within 60 days after completion. The report shall contain comments relative to the management of the affairs of the credit union and also as to the general condition of its assets. Within 45 days after the receipt of the report, the directors and supervisory committee members shall meet to consider matters contained in the report and shall report in writing to the director on the manner in which the credit union is complying or will comply with the director’s recommendations. [1975 c.652 §13; 1977 c.135 §45; 1985 c.762 §91; 1987 c.373 §63c; 1999 c.185 §8]

Source: Section 723.112 — Examinations , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.030 — OR Code / Title 54 / Chapter 725a / Section 725a.030
725A.030 Annual report
Status: in_force

(1) On or before February 15 of each year, or on a date the Director of the Department of Consumer and Business Services establishes by rule, a licensee shall file a report with the director in a form and with the content the director prescribes by rule. The report must contain information the director requires concerning the licensee’s business and the operations at each place of business in which the licensee conducts business in this state during the preceding calendar year under the terms of a license issued under ORS 725A.024 (License application approval) .

(2) The director may assess against a licensee a penalty of $10 for each day after February 15, or after the date the director specifies in subsection (1) of this section, during which the licensee fails to file a report required under this section. [2010 c.23 §8]

Source: Section 725A.030 — Annual report; contents; penalty; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.070 — OR Code / Title 54 / Chapter 726 / Section 726.070
726.070 Applicant to furnish bond or letter of credit
Status: in_force

(1) A bond in the sum of $25,000 executed by the applicant as obligor, together with a surety company authorized to do business in this state as surety or an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 (Additional definitions for Bank Act) in the amount of $25,000 shall accompany the application and be maintained by the pawnbroker licensee with the Director of the Department of Consumer and Business Services. This bond or letter of credit shall be executed to the State of Oregon and for the use of the state and of any person who may have a cause of action against the obligor of the bond or the letter of credit issuer under this chapter. The bond or letter of credit shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this chapter and of all rules and regulations lawfully made by the director under this chapter, and will pay to the state and to any such person any and all moneys that may become due or owing to the state or to such person from the obligor under and by virtue of the provisions of this chapter. The Attorney General shall approve the form of any bond or letter of credit that may be accepted by the director under this section.

(2) If any person is aggrieved by the misconduct of a pawnbroker or by the pawnbroker’s violation of any law and recovers judgment therefor, the person may, after the return unsatisfied either in whole or in part of any execution issued upon the judgment, maintain an action for the person’s own use upon the bond or letter of credit of the pawnbroker in any court having jurisdiction of the amount claimed. The director shall furnish to anyone applying therefor, a certified copy of any such bond or letter of credit filed with the director. The certified copy is prima facie evidence in any court that the bond or letter of credit was duly executed and delivered by each pawnbroker whose name appears on the bond or letter of credit. [Amended by 1971 c.218 §2; 1979 c.202 §2; 1991 c.331 §125; 1993 c.18 §155; 1997 c.631 §544; 2003 c.176 §1; 2007 c.360 §3]

Source: Section 726.070 — Applicant to furnish bond or letter of credit; actions on bond or letter of credit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.186 — OR Code / Title 54 / Chapter 723 / Section 723.186
723.186 Members who leave field of membership
Status: in_force

A member who leaves the credit union’s field of membership may be permitted to retain the member’s membership in the credit union. [1975 c.652 §21; 2009 c.234 §4]

Source: Section 723.186 — Members who leave field of membership , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.509 — OR Code / Title 54 / Chapter 725a / Section 725a.509
725A.509 Duties of licensee
Status: in_force

(1) A licensee shall designate and maintain a principal place of business at or from which the licensee services student loans in this state and shall designate a registered agent in this state.

(2) Intentionally left blank —Ed.

(a) If a licensee does not maintain a principal place of business in this state, the licensee shall nevertheless designate a registered agent in this state. The registered agent must be available to receive on the licensee’s behalf any notice, demand or service of process permitted by law to be given, made or delivered to, or served upon, the licensee.

(b) If the licensee does not designate a registered agent in this state, or if the licensee’s registered agent cannot with reasonable diligence be located, the Director of the Department of Consumer and Business Services is the licensee’s registered agent.

(3) A licensee may not use or operate under an assumed business name unless the licensee first registers the assumed business name under ORS chapter 648 and lists the name on an application under ORS 725A.506 (Application for licensing) or in a notice to the director under ORS 725A.515 (Required notifications from licensee to director) . [2021 c.651 §4]

Source: Section 725A.509 — Duties of licensee; assumed business name , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725.185 — OR Code / Title 54 / Chapter 725 / Section 725.185
725.185 License fees
Status: in_force

(1) Each licensee shall pay to the Director of the Department of Consumer and Business Services each year the license fee set in a schedule the director adopts by rule. The fee shall be paid by the date set by the director in the rule establishing the schedule.

(2) In addition to any license fee collected under subsection (1) of this section, whenever the director devotes any extra attention to the affairs of a licensee, either upon determination by the director or upon request of the licensee, the fee for the extra service shall be the actual cost of the extra service.

(3) The director shall set or change the fee schedule described in subsection (1) of this section after considering:

(a) The amount of other moneys available for the director to use in performing the director’s duties;

(b) The costs the director will incur in performing the director’s duties in the year in which the director will collect the fee; and

(c) The amount the director needs to establish and maintain a reasonable emergency fund. [1985 c.762 §119; 1987 c.171 §7; 1987 c.373 §69; 2009 c.541 §45]

Source: Section 725.185 — License fees; fees for extra service , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.060 — OR Code / Title 54 / Chapter 725 / Section 725.060
725.060 False advertising prohibited
Status: in_force

No licensee or other person shall advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast in any manner whatsoever any statement or representation with regard to the rates, terms or conditions for loans which is false, misleading or deceptive.

Source: Section 725.060 — False advertising prohibited , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.130 — OR Code / Title 54 / Chapter 726 / Section 726.130
726.130 Annual report of licensee
Status: in_force

Every pawnbroker, on or before January 15, shall submit to the Director of the Department of Consumer and Business Services an annual report in a form prescribed by the director, giving the following information:

(1) The number of pledge loans and total amount outstanding at the beginning of the year.

(2) The number of pledge loans made during the year and the aggregate amount of the pledge loans.

(3) The number of pledge loans canceled during the year and the aggregate amount of the canceled pledge loans.

(4) The number of pledge loans and total amount outstanding at the close of the year.

(5) Any other information requested by the director. [Amended by 2005 c.21 §14]

Source: Section 726.130 — Annual report of licensee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.160 — OR Code / Title 54 / Chapter 725 / Section 725.160
725.160 Form of license
Status: in_force

The license shall be in a form prescribed by the Director of the Department of Consumer and Business Services and shall state the address at which the business is to be conducted and the full name of the licensee. The license shall be kept conspicuously posted in the place of business of the licensee and shall not be transferable or assignable. [Amended by 1955 c.71 §6; 1985 c.762 §118]

Source: Section 725.160 — Form of license; posting; transferability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.454 — OR Code / Title 54 / Chapter 723 / Section 723.454
723.454 Liens
Status: in_force

The credit union shall have a lien on all funds of a member or joint owner on deposit with the credit union in any individual or joint account held in any capacity, for any obligation of the member or joint owner to the credit union. [Formerly 723.436; 1991 c.635 §12; 1999 c.185 §57]

Source: Section 723.454 — Liens , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.476 — OR Code / Title 54 / Chapter 723 / Section 723.476
723.476 Application of ORS 723.478, 723.480 and 723.482
Status: in_force

The provisions of ORS 723.478 (Ownership of multiple-party accounts) , 723.480 (Multiple-party accounts) and 723.482 (Rights of survivorship based on form of account) concerning beneficial ownership between parties or between parties and P.O.D. payees or beneficiaries of multiple-party accounts are relevant only to controversies between those persons and their creditors and other successors, and have no bearing on the power of withdrawal of those persons as determined by the terms of account contracts. The provisions of ORS 723.486 (Multiple party account) to 723.496 (Right of credit union to setoff) govern the liability of credit unions that make payments pursuant thereto, and their setoff rights. [1999 c.185 §26]

Source: Section 723.476 — Application of ORS 723.478, 723.480 and 723.482; liability and setoff rights of credit unions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.402 — OR Code / Title 54 / Chapter 723 / Section 723.402
723.402 Shares
Status: in_force

(1) Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe.

(2) A certificate need not be issued to denote ownership of a share in a credit union. [1975 c.652 §42; 1985 c.801 §4; 1987 c.158 §153; 1987 c.650 §7]

Source: Section 723.402 — Shares , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.317 — OR Code / Title 54 / Chapter 725 / Section 725.317
725.317 Removal of officer of licensee for reasons stated in ORS 725.145
Status: in_force

The Director of the Department of Consumer and Business Services by order may direct a licensee to remove an officer or director of the licensee from office for any of the reasons stated in ORS 725.145 (Disapproval of application for license) . [1987 c.650 §16]

Source: Section 725.317 — Removal of officer of licensee for reasons stated in ORS 725.145 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.300 — OR Code / Title 54 / Chapter 726 / Section 726.300
726.300 Contents of pawn ticket
Status: in_force

(1) A pawnbroker at the time the pawnbroker makes a pledge loan shall deliver to the pledgor or an agent of the pledgor a memorandum or pawn ticket on which the pawnbroker shall legibly write or print the following:

(a) The date of the transaction.

(b) The serial number of the pledge loan.

(c) The article or articles pledged.

(d) The amount of the pledge loan.

(e) The rate of interest charged on the loan.

(f) The name and address of the pawnbroker.

(g) An accurate summary of the notice requirements of ORS 726.400 (Loan period) .

(h) A statement as to whether the pawnbroker is storing or will store the pledge off the premises of the business location at which the pawnbroker makes the pledge loan.

(i) Other terms and conditions the pawnbroker may wish to insert that are not inconsistent with this chapter.

(2) Nothing that appears on the pawn ticket relieves the pawnbroker of the obligation to exercise reasonable care in safekeeping articles pledged with the pawnbroker. [Amended by 1979 c.202 §4; 2009 c.372 §1; 2019 c.10 §1]

Source: Section 726.300 — Contents of pawn ticket; effect , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.306 — OR Code / Title 54 / Chapter 723 / Section 723.306
723.306 Meetings of credit committee
Status: in_force

The credit committee shall meet as often as the business of the credit union requires and not less frequently than once a month to consider applications for loans. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered. [1975 c.652 §36]

Source: Section 723.306 — Meetings of credit committee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.464 — OR Code / Title 54 / Chapter 723 / Section 723.464
723.464 Deposits made in name of minor
Status: in_force

Any deposit to a credit union made to an account in the name of a minor shall be held for the exclusive right and benefit of the minor and free from the control or lien of all other persons, except other parties to the account and creditors, and shall be paid, in accordance with the terms of the account, together with any interest thereon, to or upon the order of the minor. [1999 c.185 §20]

Source: Section 723.464 — Deposits made in name of minor , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.050 — OR Code / Title 54 / Chapter 725 / Section 725.050
725.050 Prohibited transactions
Status: in_force

No licensee shall take:

(1) Any power of attorney from any borrower, except a power of attorney to effectuate the transfer of the ownership of any motor vehicle at the time of making a loan on a motor vehicle.

(2) Any note or promise to pay which does not accurately disclose the actual amount of the loan, the time for which it is made, the rate of interest charged or the schedule of payments agreed upon, or any instrument in which blanks are left to be filled in after execution. [Amended by 1955 c.71 §3; 1971 c.450 §2; 1979 c.88 §41; 1981 c.412 §13]

Source: Section 725.050 — Prohibited transactions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.296 — OR Code / Title 54 / Chapter 723 / Section 723.296
723.296 Duties of directors
Status: in_force

(1) The board of directors shall manage the business and affairs of the credit union. The duties of the board include, but are not limited to, the duties listed in this section. The board may not delegate duties listed in subsection (2) of this section. The board may delegate the duties listed in subsection (3) of this section to a committee, officer or employee of the credit union, who shall provide appropriate information to the board regarding the exercise of the duties.

(2) The board shall:

(a) Establish the requirements for membership in the credit union, including the par value, if any, of a share;

(b) Authorize interest refunds, if any, to members from income earned and received in proportion to the interest the members pay on classes of loans and under conditions that the board prescribes;

(c) Authorize the employment of persons necessary to carry on the business of the credit union and fix the compensation of the manager or chief executive officer;

(d) Authorize the conveyance of property;

(e) Suspend members of the credit or supervisory committee for failing to perform the members’ duties;

(f) Appoint any special committees the board considers necessary;

(g) Limit the number of shares and the amount of deposits that a member may own and ensure that limitations adopted under this subsection apply alike to all members; and

(h) Establish policies and controls regarding the investment of surplus funds.

(3) In addition to the duties listed in subsection (2) of this section, and subject to subsection (1) of this section, the board shall:

(a) Act upon applications for membership. If this duty is delegated, a record of an approval or denial of membership must be made available to the board. A person to whom a committee, officer or employee of the credit union denies membership may appeal the denial to the board.

(b) Purchase a blanket fidelity bond, in accordance with ORS 723.122 (Bond or letter of credit) .

(c) Determine from time to time the interest rate or rates that shall be charged on loans.

(d) Declare dividends on shares and share certificates in accordance with the provisions of the bylaws and determine the prospective dividend rate to be paid on shares and share certificates and the interest rate or rates that will be paid on deposits and deposit certificates.

(e) Designate a depository or depositories for the funds of the credit union.

(f) Borrow or lend money to carry out the functions of the credit union. [1975 c.652 §34; 1981 c.412 §7; 1985 c.762 §95; 1985 c.801 §3; 1987 c.286 §5; 1997 c.832 §5; 2005 c.95 §7; 2013 c.480 §4]

Source: Section 723.296 — Duties of directors; delegation of duties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.132 — OR Code / Title 54 / Chapter 723 / Section 723.132
723.132 Order to remove officer, director or committee member
Status: in_force

The Director of the Department of Consumer and Business Services by order may direct a credit union to remove any officer, director or committee member of the credit union for any reason stated in ORS 723.014 (Denial of certificate of approval) . [1987 c.650 §6]

Source: Section 723.132 — Order to remove officer, director or committee member , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.116 — OR Code / Title 54 / Chapter 723 / Section 723.116
723.116 Records
Status: in_force

A credit union shall maintain all books, records, accounting systems and procedures in accordance with such rules as the Director of the Department of Consumer and Business Services from time to time prescribes. In prescribing such rules, the director shall consider the relative size of a credit union and its reasonable capability of compliance. [1975 c.652 §14; 1991 c.635 §5; 1999 c.185 §9]

Source: Section 723.116 — Records; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.503 — OR Code / Title 54 / Chapter 725a / Section 725a.503
725A.503 Prohibition on servicing student loan without license
Status: in_force

(1) A person may not directly or indirectly service a student loan in this state unless the person obtains or renews a license under ORS 725A.506 (Application for licensing) .

(2) Subsection (1) of this section does not apply to:

(a) A financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act) .

(b) A financial holding company or bank holding company, both as defined in ORS 706.008 (Additional definitions for Bank Act) , if the financial holding company or bank holding company does no more than control an affiliate or subsidiary, as defined in 12 U.S.C. 1841(d), and does not engage in business as a student loan servicer.

(c) An attorney who is licensed or otherwise authorized to practice law in this state if the attorney services a student loan only incidentally in the course of practicing law.

(d) A public body, as defined in ORS 174.109 (“Public body” defined) .

(e) A public university listed in ORS 352.002 (Public universities) .

(f) A community college, as defined in ORS 341.005 (Definitions) .

(g) The Oregon Health and Science University.

(h) A nonprofit, private, post-secondary institution that the Higher Education Coordinating Commission has authorized to confer academic degrees under ORS 348.594 (Definitions for ORS 348.594 to 348.615) to 348.615 (Appeal procedure) .

(i) A state agency or a private nonprofit institution or organization that has an agreement with the United States Secretary of Education under section 428(b) of the Higher Education Act of 1965 (20 U.S.C. 1078(b)), solely to the extent of the agency’s, institution’s or organization’s actions as a guarantor that engages in averting defaults. The exemption set forth in this paragraph does not extend to the agency’s, institution’s or organization’s actions in servicing a student loan.

(j) A person that the Director of the Department of Consumer and Business Services designates by rule or order as exempt.

(3) Notwithstanding subsection (2) of this section, the director may require any person to obtain a license under ORS 725A.506 (Application for licensing) before the person services a student loan in this state if the director determines that the person has violated state or federal law or has engaged in a course of dealing that is fraudulent, deceptive or dishonest.

(4) Intentionally left blank —Ed.

(a) If the director reasonably believes that a person is subject to ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) or is engaging in or is about to engage in an act or practice that constitutes servicing a student loan in this state without first obtaining a license as provided in subsection (1) of this section, the director may:

(A) Order the person to:

(i) Cease and desist from the act or practice; or

(ii) Affirmatively perform an act; or

(B) Apply to a circuit court of this state to enjoin the person from engaging in the act or practice.

(b) The director shall state in reasonable detail the facts on which the director bases an order under paragraph (a)(A) of this subsection.

(c) If a person that is subject to an order under paragraph (a)(A) of this subsection requests a hearing, the director shall schedule and give notice of a hearing in accordance with ORS chapter 183. If the person does not request a hearing, the director’s order becomes final 30 days after the date of the order.

(5) The director may waive or modify a requirement set forth in this section if the director determines that a person’s compliance with the requirement would cause the person to violate federal law. [2021 c.651 §2]

Source: Section 725A.503 — Prohibition on servicing student loan without license; exceptions; powers of Director of Department of Consumer and Business Services; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.536 — OR Code / Title 54 / Chapter 723 / Section 723.536
723.536 Loans to nonmembers
Status: in_force

Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a nonmember of the credit union shall be primarily liable to the credit union for the amount thus illegally loaned. The illegality of such loan shall be no defense in any action by the credit union to recover the amount loaned. [1975 c.652 §59]

Source: Section 723.536 — Loans to nonmembers; personal liability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.056 — OR Code / Title 54 / Chapter 725a / Section 725a.056
725A.056 Loan disclosure requirements
Status: in_force

A licensee shall:

(1) Deliver to the borrower at the time the licensee makes a loan a statement in the English language that shows in clear and distinct terms:

(a) The borrower’s and the licensee’s names and addresses.

(b) The amount of the loan, the date on which the licensee made the loan and the maturity of or payment terms for the loan.

(c) The interest rate to which the licensee and borrower agreed and the consideration the licensee will charge for the loan.

(d) The nature of the security for the loan, if the licensee has taken a lien on personal property by chattel mortgage, bill of sale, collateral agreement or otherwise.

(2) Make available to the borrower upon request a plain and complete receipt for all payments the borrower made on a loan at the time the licensee receives the payments. The receipt must:

(a) Specify the amount, if any, that the licensee applied toward interest;

(b) Identify the date to which the interest is paid;

(c) Specify the amount, if any, the licensee applied toward principal; and

(d) State the unpaid principal balance for the loan, if a principal balance remains.

(3) Permit a borrower at any time to pay any amount in advance on any loan.

(4) Mark the word “Paid” or “Renewed” indelibly on the note, or on other evidence of the debt or obligation that bears the borrower’s signature, whenever the borrower pays the loan in full or renews the loan. If the borrower repays the loan in full, the licensee shall also:

(a) Release a mortgage or security agreement that no longer secures the loan and restore any security or collateral, to the extent and in the manner required by law.

(b) Release a Uniform Commercial Code filing that no longer secures the loan, to the extent and in the manner required under ORS 79.0513 (UCC 9-513. Termination statement) .

(c) Return any assignment the borrower gave.

(d) Return to the borrower the canceled note or other evidence of the loan or, alternatively, acknowledge to the borrower in writing that the borrower has repaid the loan. [2010 c.23 §17]

Source: Section 725A.056 — Loan disclosure requirements; receipt; procedure after full loan repayment , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.527 — OR Code / Title 54 / Chapter 725a / Section 725a.527
725A.527 Violations
Status: in_force

(1) If, after conducting an investigation, the Director of the Department of Consumer and Business Services determines that a person that services a student loan has violated ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) , violated a rule the director adopted or an order the director issued under ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) or violated another applicable law, the director may order the person to:

(a) Cease and desist from any act that constitutes a violation of ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) .

(b) Resolve any complaint the director received under ORS 725A.524 (Investigation of complaints) and pay the borrower that submitted the complaint any damages to which the borrower would be entitled under law.

(c) Pay a borrower any amount the person received from the borrower as compensation while engaging in any action that constituted a violation of ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) .

(2) Intentionally left blank —Ed.

(a) In addition to and not in lieu of any other penalty provided by law, the director may impose a civil penalty under ORS 183.745 (Civil penalty procedures) in an amount of not more than $5,000 for each instance in which a person violates, aids or abets another person in violating, or procures a violation of ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) or an order the director issues under ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) .

(b) Each instance described in paragraph (a) of this subsection is a separate violation and each day in which a person engages in a continuous violation is a separate violation. The director may not impose a penalty that exceeds $20,000 for a continuous violation.

(3) The director may assess the costs of conducting an administrative proceeding under this section against the person that is the subject of the administrative proceeding or may include the costs of the administrative proceeding in any civil penalty the director imposes under this section.

(4) A person that is subject to a civil penalty under this section may appeal the penalty as provided in ORS chapter 183.

(5) The director shall deposit any amount the director receives under this section to the General Fund of the State Treasury. [2021 c.651 §10]

Source: Section 725A.527 — Violations; orders of director; remedies; civil penalties; charge for costs of proceeding , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.470 — OR Code / Title 54 / Chapter 723 / Section 723.470
723.470 Checks drawn by agents presumed to be in authorized manner
Status: in_force

If a person who owns a share or deposit account subject to check authorizes another person as agent to draw checks against the account, the credit union, in the absence of written notice to the contrary, may presume that any check drawn by the agent in the manner authorized by the terms and conditions of the account, including checks drawn to the personal order of the agent, is drawn for a purpose authorized by the principal and within the scope of the authority conferred upon the agent. [1999 c.185 §23]

Source: Section 723.470 — Checks drawn by agents presumed to be in authorized manner , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.140 — OR Code / Title 54 / Chapter 725 / Section 725.140
725.140 Issuance of license
Status: in_force

(1) Conditioned upon an applicant’s compliance with this chapter and the payment of the license fee, the Director of the Department of Consumer and Business Services, within 90 days after the date the applicant filed the application described in ORS 725.120 (Application for license) , shall disapprove the application or shall issue and deliver a license to the applicant to make loans in accordance with this chapter at the location specified in the application. However, before issuing a license, the director must first find upon investigation that:

(a) The financial responsibility, experience, character and general fitness of the applicant, and of the applicant’s members if the applicant is a partnership or association, and of the applicant’s officers and directors if the applicant is a corporation, are such as to command the confidence of the community and to warrant the belief that the business will be operated honestly, fairly and efficiently within the purposes of this chapter;

(b) Grounds to disapprove an application described in ORS 725.145 (Disapproval of application for license) do not exist and that, in the judgment of the director, no other reasons or conditions warrant the refusal to grant a license; and

(c) The applicant obtained a corporate surety bond that meets the requirements specified in ORS 86A.227 (Corporate surety bond required) if the applicant employs or intends to employ a mortgage loan originator, as defined in ORS 86A.200 (Definitions) , or is otherwise subject to ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) .

(2) A license issued under this section is a continuing license and remains in full force and effect until the licensee surrenders the license as provided in ORS 725.250 (Surrender of license) or the director revokes or suspends the license as provided in ORS 725.230 (Revocation and suspension of licenses) .

(3) The director, consistent with the requirements of this chapter, may issue a license under this section by means of an agreement with the Nationwide Multistate Licensing System and may, by rule, conform the practices, procedures and information that the Department of Consumer and Business Services uses to issue a license to the requirements of the Nationwide Multistate Licensing System. [Amended by 1955 c.71 §5; 1963 c.167 §1; 1977 c.135 §50; 1985 c.762 §115; 1999 c.469 §2; 2009 c.863 §34; 2019 c.106 §6]

Source: Section 725.140 — Issuance of license; conditions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.440 — OR Code / Title 54 / Chapter 726 / Section 726.440
726.440 Enforcement orders
Status: in_force

(1) The Director of the Department of Consumer and Business Services may, if the director has reason to believe that a person has:

(a) Violated, is violating or is about to violate ORS 726.040 (Pawnbroker license required) , 726.100 (Additional licenses to same applicant) , 726.110 (Change of place of business) , 726.130 (Annual report of licensee) , 726.270 (Prohibited transactions) , 726.280 (Register and records of licensee) , 726.285 (Register and records of transactions by pawnbroker) , 726.290 (Signing of card, stub or record by pledgor) , 726.300 (Contents of pawn ticket) , 726.390 (Interest rates and charges) , 726.400 (Loan period) or 726.410 (Record of forfeited pledges) , a rule adopted under ORS 726.260 (Rules and rulings) or an order issued under this chapter, issue an order to cease and desist from the violation.

(b) Failed to file the annual report required by ORS 726.130 (Annual report of licensee) , issue an order to file the report.

(c) Filed information under ORS 726.060 (Application for license) , 726.110 (Change of place of business) , 726.130 (Annual report of licensee) or 726.250 (Investigations and examinations) that is false or untruthful, issue an order to correct the filing.

(d) Failed to maintain in effect the bond or an irrevocable letter of credit required under ORS 726.070 (Applicant to furnish bond or letter of credit) , issue an order to remedy the failure.

(2) Intentionally left blank —Ed.

(a) The director shall serve an order under this section on the person named in the order.

(b) An order issued under this section becomes effective upon service on the person named in the order.

(c) ORS 183.413 (Notice to parties before hearing of rights and procedure) to 183.470 (Orders in contested cases) apply to an order issued under this section.

(d) Notwithstanding paragraph (c) of this subsection, a person may not obtain a hearing on the order unless the person requests the hearing in writing within 20 days after service of the order.

(e) A person who does not request a contested case hearing may not obtain judicial review of the order.

(f) The director may vacate or modify an order issued under this section. A modified order is effective upon service on the person named in the order.

(3) The authority conferred by this section is in addition to and not in lieu of any other authority conferred on the director. [2005 c.338 §27]

Source: Section 726.440 — Enforcement orders , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.082 — OR Code / Title 54 / Chapter 725a / Section 725a.082
725A.082 Cease and desist order
Status: in_force

(1) If the Director of the Department of Consumer and Business Services has reasonable cause to believe that a person violated, is violating or is about to violate a provision of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) or a rule the director adopted or an order the director issued under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) , the director may order the person to cease and desist from the violation.

(2) The director, in an order the director issues under subsection (1) of this section, shall:

(a) State the facts constituting the violation;

(b) Require the person named in the order to cease and desist from the violation or to meet specific conditions;

(c) State the effective date of the order; and

(d) Advise the person named in the order that the person has a right to a contested case hearing under ORS chapter 183.

(3) An order under this section is effective 30 days after the date of the order, unless the person named in the order requests a hearing on the order, and remains in effect until the director or a court withdraws the order.

(4) If an individual named in an order under this section fails to comply with the order, in addition to imposing a penalty under ORS 725A.990 (Penalties) , the director may issue an order to remove or suspend the individual from the individual’s office or position. [2010 c.23 §23]

Source: Section 725A.082 — Cease and desist order , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.322 — OR Code / Title 54 / Chapter 723 / Section 723.322
723.322 Duties of supervisory committee
Status: in_force

(1) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the audit to the board of directors and the Director of the Department of Consumer and Business Services and a summary of that report to the members at the next annual meeting of the credit union. It shall make or cause to be made such supplementary audits or examinations as it deems necessary or as are required by the director or by the board of directors, and submit reports of these supplementary audits to the board of directors.

(2) The supervisory committee shall cause the accounts of the members to be verified with the records of the credit union from time to time in accordance with subsection (3) of this section. This verification shall be done not less frequently than every two years.

(3) Verification of members’ accounts shall be made using either of the following methods:

(a) A controlled verification of 100 percent of members’ share and loan accounts; or

(b) A controlled random statistical sampling method in accordance with rules that the director may prescribe.

(4) Records of accounts verified shall be maintained and retained until the next verification of members’ accounts is completed. [1975 c.652 §39; 1991 c.635 §10]

Source: Section 723.322 — Duties of supervisory committee; verification of member accounts; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.034 — OR Code / Title 54 / Chapter 725a / Section 725a.034
725A.034 License revocation and suspension
Status: in_force

(1) The Director of the Department of Consumer and Business Services may revoke a license issued under ORS 725A.024 (License application approval) if the director:

(a) Gives the licensee 10 days’ written notice in which the director specifies the action the director will take and the general grounds for the action;

(b) Provides the licensee with reasonable opportunity for a hearing under ORS chapter 183 in connection with the action; and

(c) Finds that:

(A) The licensee failed to pay the annual license fee;

(B) The licensee failed to comply with a demand, ruling or requirement the director made under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) ;

(C) The licensee, if the licensee is a corporation, failed to keep the corporation in good standing under applicable provisions of law;

(D) The licensee violated a provision of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) or a rule the director adopted under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) ; or

(E) A fact or condition exists that clearly would have warranted the director’s refusing to issue the license had the fact or condition existed at the time the licensee submitted an application under ORS 725A.022 (License application) .

(2) The director, without notice or hearing, may suspend a license for a period not exceeding 30 days, pending investigation. The director shall provide the licensee with a reasonable opportunity for a hearing under ORS chapter 183 if the director proposes to suspend a license for a period longer than 30 days.

(3) The director may revoke or suspend only the particular license with respect to which grounds for revocation or suspension exist. If the director finds that grounds for revoking or suspending a license exist with respect to more than one of the locations in which a licensee operates, the director may revoke or suspend the license issued to the licensee for each location with respect to which grounds for revocation or suspension exist. [2010 c.23 §10]

Source: Section 725A.034 — License revocation and suspension , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.910 — OR Code / Title 54 / Chapter 726 / Section 726.910
726.910 Civil penalties
Status: in_force

(1) Any person who violates ORS 726.040 (Pawnbroker license required) , 726.100 (Additional licenses to same applicant) , 726.110 (Change of place of business) , 726.130 (Annual report of licensee) , 726.270 (Prohibited transactions) , 726.280 (Register and records of licensee) , 726.285 (Register and records of transactions by pawnbroker) , 726.290 (Signing of card, stub or record by pledgor) , 726.300 (Contents of pawn ticket) , 726.390 (Interest rates and charges) , 726.400 (Loan period) or 726.410 (Record of forfeited pledges) or any rule adopted under ORS 726.260 (Rules and rulings) or an order issued under ORS 726.440 (Enforcement orders) shall forfeit a civil penalty in an amount determined by the Director of the Department of Consumer and Business Services of not more than $2,500. The civil penalty forfeited shall be paid into the State Treasury and credited as provided in ORS 705.145 (Consumer and Business Services Fund) . In addition, the director may revoke the license of any licensee who violates any such provision.

(2) The civil penalty may be recovered in an action brought in the name of the State of Oregon in any court of appropriate jurisdiction or may be imposed as provided in ORS 183.745 (Civil penalty procedures) .

(3) In any court action with respect to a civil penalty, including judicial review under ORS 183.745 (Civil penalty procedures) , the court may review the penalty as to both liability and reasonableness of amount. [1975 c.544 §61; 1985 c.762 §143; 1991 c.734 §99; 2005 c.338 §29]

Source: Section 726.910 — Civil penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.285 — OR Code / Title 54 / Chapter 726 / Section 726.285
726.285 Register and records of transactions by pawnbroker
Status: in_force

(1) In addition to the register required under ORS 726.280 (Register and records of licensee) , a pawnbroker shall record for each transaction, in a physical or an electronic form, the date, the name and address of the pledgor, the type and number of any proof of identification the pledgor presents, a physical description of the pledgor and an identifying description of the article pledged.

(2) The pawnbroker shall deliver each record in a physical or an electronic form, or a copy of the record, made under this section, within three days after the date of the transaction, to the local police agency that has jurisdiction over the location at which the pawnbroker has a place of business.

(3) A pawnbroker may keep a register required under ORS 166.427 (Register of transfers of used firearms) in a physical or an electronic form and may deliver the register to the local police agency in electronic form. [1979 c.202 §10; 2016 c.70 §1]

Source: Section 726.285 — Register and records of transactions by pawnbroker; delivery of copies to local police agency , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.706 — OR Code / Title 54 / Chapter 723 / Section 723.706
723.706 Membership
Status: in_force

Membership in a central credit union is limited to:

(1) Credit unions organized and operating under this chapter or under any other credit union act.

(2) Officers, directors, committee members and employees of such credit unions; officials and employees of any association of credit unions; and employees of federal or state governmental agencies responsible for the supervision of credit unions in this state.

(3) Organizations and associations of those persons or organizations enumerated in subsection (1) or (2) of this section.

(4) Employees of an employer with insufficient numbers to form or conduct the affairs of a credit union that would provide substantially similar services and facilities.

(5) Persons in the field of membership of liquidated credit unions or of credit unions that have entered into or are about to enter into voluntary or involuntary liquidation proceedings.

(6) Members of the immediate families of all members qualified above. [1975 c.652 §74; 1985 c.762 §101; 1999 c.185 §53]

Source: Section 723.706 — Membership , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.260 — OR Code / Title 54 / Chapter 726 / Section 726.260
726.260 Rules and rulings
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall administer and enforce this chapter.

(2) In accordance with ORS chapter 183, the director may adopt rules and make any specific rulings, demands and findings as may be necessary for the proper conduct of the pawnbroker business and the enforcement of this chapter.

(3) In addition to the notice requirements of ORS chapter 183, before the director adopts a rule, the director shall submit a copy of the rule to each pawnbroker. [Amended by 1985 c.762 §142]

Source: Section 726.260 — Rules and rulings , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.256 — OR Code / Title 54 / Chapter 723 / Section 723.256
723.256 Record of board and committee members
Status: in_force

Within such time as the Director of the Department of Consumer and Business Services may establish, a record of the names and addresses of the members of the board, committees and all officers of the credit union shall be filed with the director on forms provided and in the manner prescribed by the director. [1975 c.652 §26; 1991 c.635 §7; 1999 c.185 §14]

Source: Section 723.256 — Record of board and committee members , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.126 — OR Code / Title 54 / Chapter 723 / Section 723.126
723.126 Enforcement actions
Status: in_force

The Director of the Department of Consumer and Business Services may institute any action or other proceeding that the director considers necessary for enforcing any provision of this chapter or any rule, order or action adopted, issued or taken by the director under this chapter. [1987 c.215 §10]

Source: Section 723.126 — Enforcement actions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.756 — OR Code / Title 54 / Chapter 723 / Section 723.756
723.756 Stock transfer taxes
Status: in_force

The shares of any credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another. [1975 c.652 §78]

Source: Section 723.756 — Stock transfer taxes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.022 — OR Code / Title 54 / Chapter 723 / Section 723.022
723.022 Amendment of articles and bylaws
Status: in_force

(1) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Director of the Department of Consumer and Business Services, together with a fee established by rule of the director.

(2) Amendments to articles of incorporation are effective upon approval in writing by the director.

(3) Amendments to bylaws submitted to the director in accordance with subsection (1) of this section become effective 30 days after submission, unless the director, within that time, notifies the submitter in writing that the director either disapproves the amendments or requires submission of additional information. If the director requires submission of additional information, the amendments become effective 30 days after the date the information is submitted, unless the director disapproves the amendments within that time. [1975 c.652 §6; 1991 c.635 §1; 1999 c.185 §4; 2017 c.35 §1]

Source: Section 723.022 — Amendment of articles and bylaws; fee; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.844 — OR Code / Title 54 / Chapter 723 / Section 723.844
723.844 Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box
Status: in_force

(1) This section applies to the safe deposit box of any person who is the sole lessee or last surviving lessee of the box and who has died.

(2) Subject to ORS 114.537 (Safe deposit boxes) , upon being furnished with a certified copy of the decedent’s death record or other evidence of death satisfactory to the credit union, the credit union within which the box is located shall cause or permit the box to be opened, and the contents of the box examined, at the request of an individual who furnishes an affidavit stating:

(a) That the individual believes the box may contain the will of the decedent, a trust instrument creating a trust of which the decedent was a trustor or a trustee at the time of the decedent’s death, documents pertaining to the disposition of the remains of the decedent, documents pertaining to property of the estate of the decedent or property of the estate of the decedent; and

(b) That the individual is an interested person and wishes to open the box to conduct a will search or trust instrument search, obtain documents relating to the disposition of the decedent’s remains or inventory the contents of the box or remove property of the estate of the decedent pursuant to a simple estate affidavit filed under ORS 114.515 (Simple estate affidavit) .

(3) For the purpose of this section, “interested person” means any of the following:

(a) A person named as personal representative of the decedent in a purported will of the decedent;

(b) The surviving spouse or any heir of the decedent;

(c) A person who was serving as the court-appointed guardian or conservator of the decedent or as trustee for the decedent immediately prior to the decedent’s death;

(d) A person named as successor trustee in a purported trust instrument creating a trust of which the decedent was a trustor or a trustee at the time of the decedent’s death;

(e) A person designated by the decedent in a writing that is acceptable to the credit union and is filed with it prior to the decedent’s death;

(f) A person who immediately prior to the death of the decedent had the right of access to the box as an agent of the decedent under a durable power of attorney;

(g) If there are no heirs of the decedent, an estate administrator of the State Treasurer appointed under ORS 113.235 (Appointment of estate administrators by State Treasurer) ; or

(h) A person who is authorized to file a simple estate affidavit under ORS 114.515 (Simple estate affidavit) .

(4) If the box is opened for the purpose of conducting a will search, the credit union shall remove any document that appears to be a will, make a true and correct copy of it and deliver the original will to a person designated in the will to serve as the decedent’s personal representative, or if no such person is designated or the credit union cannot, despite reasonable efforts, determine the whereabouts of such person, the credit union shall retain the will or deliver it to a court having jurisdiction of the estate of the decedent. A copy of the will shall be retained in the box. At the request of the interested person, a copy of the will, together with copies of any documents pertaining to the disposition of the remains of the decedent, may be given to the interested person.

(5) If the box is opened for the purpose of conducting a trust instrument search, the credit union shall remove any document that appears to be a trust instrument creating a trust of which the decedent was a trustor or trustee at the time of the decedent’s death, make a true and correct copy of it and deliver the original trust instrument to a person designated in the trust instrument to serve as the successor trustee on the death of the decedent. If no such person is designated or the credit union cannot, despite reasonable efforts, determine the whereabouts of such person, the credit union shall retain the trust instrument. A copy of the trust instrument shall be retained in the box. At the request of any interested person, a copy of the trust instrument may be given to the interested person.

(6) If the box is opened for the purpose of obtaining documents pertaining to the disposition of the decedent’s remains, the credit union shall comply with subsection (4) or (5) of this section with respect to any will or trust instrument of the decedent found in the box, and may in its discretion either:

(a) Make and retain in the box a copy of any documents pertaining to the disposition of the remains of the decedent and tender the original documents to the interested person; or

(b) Provide a copy of any documents pertaining to the disposition of the remains of the decedent to the interested person and retain the original documents in the box.

(7) If the box is opened for the purpose of making an inventory of its contents, the credit union shall comply with subsection (4) or (5) of this section with respect to any will or trust instrument of the decedent that is found in the box, and shall cause the inventory to be made. The inventory must be attested to by a representative of the credit union and may be attested to by the interested person, if the interested person is present when the inventory is made. The credit union shall retain the original inventory in the box, and shall furnish a copy of the inventory to the interested person upon request.

(8) If the interested person is an affiant of a simple estate affidavit filed under ORS 114.515 (Simple estate affidavit) and delivers a certified copy of the affidavit in the manner provided by ORS 114.535 (Transfer of decedent’s property to affiant) , the credit union shall provide to the affiant access to the decedent’s property. The credit union shall comply with subsection (4) or (5) of this section if a will or trust instrument of the decedent is found in the box. Subject to ORS 114.537 (Safe deposit boxes) , the credit union shall allow the affiant to take possession of the personal property in the box.

(9) The credit union may presume the truth of any statement contained in the affidavit required to be furnished under this section and ORS 114.535 (Transfer of decedent’s property to affiant) , and when acting in reliance upon such an affidavit, the credit union is discharged as if it had dealt with the personal representative of the decedent. The credit union is not responsible for the adequacy of the description of any property included in an inventory of the contents of a box, or for the conversion of the property in connection with actions performed under this section, except for conversion by intentional acts of the credit union or its employees, directors, officers or agents. If the credit union is not satisfied that the requirements of this section have been satisfied, the credit union may decline to open the box.

(10) If the interested person or affiant does not furnish the key needed to open the box, and the credit union must incur expense in gaining entry to the box, the credit union may require that the interested person or affiant pay the expense of opening the box.

(11) Any examination of the contents of a box under this section shall be conducted in the presence of at least one employee of the credit union. [1999 c.506 §11; 2003 c.395 §25; 2011 c.422 §5; 2013 c.366 §83; 2019 c.165 §27; 2019 c.678 §78; 2023 c.17 §26]

Source: Section 723.844 — Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.349 — OR Code / Title 54 / Chapter 725 / Section 725.349
725.349 Application of ORS 725.210 to certain loans and advances
Status: in_force

On and after September 20, 1985, ORS 725.210 (Additional licenses to same applicant) applies to loans and advances pursuant to ORS 725.345 (Open-end loan plan) , provided that a licensee that applied for and received a license before September 20, 1985, for a location outside the State of Oregon may receive and hold one or more licenses relating to locations outside the State of Oregon, including one additional license for a location not licensed on or before September 20, 1985, and may transact business at such licensed locations. With respect to such a licensee only, loans and advances under open-end loan plans or open-end credit card plans shall be considered to be business transacted where the applications or agreements in connection with the loan plans or credit card plans are approved by the licensee. [1985 c.370 §1a]

Source: Section 725.349 — Application of ORS 725.210 to certain loans and advances , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.400 — OR Code / Title 54 / Chapter 725 / Section 725.400
725.400 Cease and desist order
Status: in_force

(1) The Director of the Department of Consumer and Business Services may issue and serve upon the following persons an order to cease and desist from a violation when the director has reasonable cause to believe that the person to whom the order is directed is violating, has violated or is about to violate any provision of this chapter or a rule or order of the director:

(a) A licensee.

(b) A director, officer, employee or agent of a licensee.

(c) A person acting as a consumer finance lender without a license.

(2) An order under subsection (1) of this section must include the following:

(a) A statement of the facts constituting the violation.

(b) A provision requiring the person named in the order to cease and desist from the violation. The provision may be mandatory or otherwise.

(c) The effective date of the order.

(d) A notice to the person named in the order of the right to a contested case hearing under ORS chapter 183.

(3) An order under this section is effective 30 days after the date of the order unless the person named in the order requests a hearing on the order.

(4) An order under this section remains in effect until it is withdrawn by the director or by a court.

(5) If an individual named in an order under this section fails to comply with the order, the director may issue an order removing or suspending the individual from the office or position held by the individual. The removal or suspension is in addition to any penalty provided by ORS 725.910 (Civil penalties) for failure to comply with an order issued under this section. [1987 c.215 §13; 2005 c.338 §25]

Source: Section 725.400 — Cease and desist order , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725a.058 — OR Code / Title 54 / Chapter 725a / Section 725a.058
725A.058 Dissemination of false, misleading or deceptive statement
Status: in_force

A licensee or other person may not advertise, print, display, publish, distribute or broadcast or cause or permit to be advertised, printed, displayed, published, distributed or broadcast in any manner whatsoever a statement or representation that is false, misleading or deceptive with respect to a rate, term or condition for a payday loan or title loan. [2010 c.23 §18]

Source: Section 725A.058 — Dissemination of false, misleading or deceptive statement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.180 — OR Code / Title 54 / Chapter 726 / Section 726.180
726.180 Expiration of license
Status: in_force

Every license issued under this chapter shall remain in force until it has been surrendered, revoked or suspended in accordance with the provisions of this chapter. No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting lawful contract between the pawnbroker and any borrower. [Amended by 1971 c.218 §7]

Source: Section 726.180 — Expiration of license; effect of revocation, suspension or surrender of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.006 — OR Code / Title 54 / Chapter 723 / Section 723.006
723.006 “Credit union” defined
Status: in_force

A credit union is a cooperative, nonprofit association, incorporated under the laws of this state, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. [1975 c.652 §3]

Source: Section 723.006 — “Credit union” defined , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.145 — OR Code / Title 54 / Chapter 725 / Section 725.145
725.145 Disapproval of application for license
Status: in_force

The Director of the Department of Consumer and Business Services may disapprove an application for a license if a person named in the application submitted pursuant to ORS 725.120 (Application for license) :

(1) Is insolvent, either in the sense that the person’s liabilities exceed the person’s assets or that the person cannot meet the person’s obligations as they mature, or is in such financial condition that the person cannot continue in business with safety to the person’s customers;

(2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession;

(3) Has knowingly or repeatedly violated or failed to comply with any provision of the Oregon Bank Act, the Oregon Credit Union Act, the Oregon Consumer Finance Act or the Pawnbrokers Act, or any administrative rule or order adopted under an Act identified in this subsection;

(4) Has been convicted of a crime, an essential element of which is fraud;

(5) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving an aspect of the consumer finance business;

(6) Is the subject of an order of the director subjecting the person to a civil penalty under the Bank Act or ORS chapter 723 or this chapter, or removing the person from an office in any entity regulated under the Bank Act or ORS chapter 723 or this chapter; or

(7) Is the subject of an order that was issued by the regulatory authority of another state or of the federal government with authority over banking institutions, savings associations, credit unions or consumer finance companies, that was entered within the past five years and that subjects the person to a civil penalty or removes the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company. [1977 c.135 §48; 1985 c.762 §116; 1987 c.373 §68; 1987 c.650 §11; 2009 c.541 §44; 2011 c.597 §293]

Source: Section 725.145 — Disapproval of application for license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725a.062 — OR Code / Title 54 / Chapter 725a / Section 725a.062
725A.062 Prohibited conduct for title loan lender
Status: in_force

A title loan lender may not:

(1) Make or renew a title loan at a rate of interest that exceeds 36 percent per annum, excluding a one-time origination fee that the title loan lender may charge for the loan.

(2) Charge during the term of a title loan, including all renewals of the loan, more than one origination fee of $10 per $100 of the loan amount or $30, whichever is less.

(3) Make or renew a title loan for a term of less than 31 days.

(4) Make or renew a title loan to a consumer without forming a good faith belief that the consumer has the ability to repay the title loan. In forming a good faith belief, the title loan lender shall consider factors that the Director of the Department of Consumer and Business Services specifies by rule. A title loan lender complies with this subsection if the title loan lender meets the conditions the director specifies.

(5) Charge a consumer a fee or interest other than a fee or interest described in subsection (1) or (2) of this section or in ORS 725A.060 (Prohibited conduct generally) (1)(c) or (d).

(6) Include in a title loan contract:

(a) A hold-harmless clause;

(b) A confession of judgment or other waiver of the right to notice and the opportunity to be heard in an action;

(c) A provision in which the consumer agrees not to assert against the lender or a holder in due course a claim or defense arising out of the contract;

(d) An executory waiver or a limitation of exemption from attachment, execution or other process on real or personal property the consumer holds, owns or is due, unless the waiver or limitation applies only to property that is subject to a security interest executed in connection with the loan; or

(e) A clause that permits interest to continue after the consumer’s motor vehicle, recreational vehicle, boat or mobile home has been repossessed.

(7) Require or accept from a consumer a set of keys to the motor vehicle, recreational vehicle, boat or mobile home the title to which secures the title loan.

(8) Make more than one outstanding title loan that is secured by one title.

(9) Renew an existing title loan that is secured by one title more than two times after the loan is first made.

(10) Make a new title loan to a consumer within seven days after the date on which the consumer fully repays a previous title loan. [2010 c.23 §20; 2019 c.188 §2]

Source: Section 725A.062 — Prohibited conduct for title loan lender , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.406 — OR Code / Title 54 / Chapter 723 / Section 723.406
723.406 Dividends
Status: in_force

(1) At such intervals and for such periods as the board of directors may authorize, and after provision for the required reserves, the board of directors may declare dividends to be paid on shares or share certificates. Dividends may be paid at various rates, or not paid at all, with due regard to the conditions that pertain to each class of share.

(2) Subject to the approval of the board of directors, accounts closed between dividend periods may be credited with dividends at the rate set by the board of directors. [1975 c.652 §43; 1985 c.206 §1; 1985 c.801 §5; 1995 c.319 §2; 2001 c.308 §4]

Source: Section 723.406 — Dividends , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.040 — OR Code / Title 54 / Chapter 726 / Section 726.040
726.040 Pawnbroker license required
Status: in_force

No person shall engage or continue in the business of a pawnbroker, or use any assumed business name or advertising that in any way would lead the public to believe the person is a licensed pawnbroker, except as authorized by this chapter and without first procuring a license from the Director of the Department of Consumer and Business Services as provided in this chapter. [Amended by 1979 c.202 §1]

Source: Section 726.040 — Pawnbroker license required , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.370 — OR Code / Title 54 / Chapter 726 / Section 726.370
726.370 Multiple claimants of pledge
Status: in_force

(1) If more than one person claims the right to redeem a pledge, the pawnbroker is not liable for refusing to deliver the pledge until the respective rights of the claimants have been adjudicated unless the pawnbroker fails to verify whether the pledge is subject to a lien or other encumbrance, if the pledge is:

(a) A boat, as defined in ORS 830.005 (Definitions for chapter) ;

(b) A snowmobile, as defined in ORS 801.490 (“Snowmobile.”) ;

(c) A trailer, as described in ORS 726.010 (Definitions) (2)(a)(D); or

(d) An all-terrain vehicle that is not required to be registered with the Department of Transportation.

(2) In an action brought against the pawnbroker for recovery of the pledge, the pawnbroker may as a defense require all known claimants to interplead.

(3) If either claimant does not bring an action against the pawnbroker within 30 days after notice of an adverse claim, the pawnbroker may dispose of the pledge as provided in this chapter. [Amended by 2013 c.261 §3]

Source: Section 726.370 — Multiple claimants of pledge; interpleader , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.080 — OR Code / Title 54 / Chapter 725a / Section 725a.080
725A.080 Complaint and administrative remedy
Status: in_force

(1) A person who claims to be aggrieved by a practice that violates a provision of ORS 725A.020 (Licensing requirement) , 725A.060 (Prohibited conduct generally) , 725A.062 (Prohibited conduct for title loan lender) or 725A.064 (Prohibited conduct for payday loan lender) or a rule adopted under ORS 725A.092 (Rules) that regulates a licensee or a person required under ORS 725A.020 (Licensing requirement) to obtain a license may, not later than one year after the date of the alleged violation, file with the Director of the Department of Consumer and Business Services a verified written complaint. The complaint must state the name and address of the licensee or the person alleged to have committed the unlawful practice and the particulars of the alleged unlawful practice. The director may require the complaint to set forth other information that the director considers pertinent.

(2) A title loan lender shall state in every contract for a title loan, in a type size equal to at least 12-point type, that the consumer or the consumer’s attorney may file a complaint with the director as provided in this section.

(3) After receiving a complaint under this section, the director may, under ORS 725A.050 (Director’s power to examine or investigate) , investigate the unlawful practice and the licensee or the person alleged in the complaint to have committed the unlawful practice. [2010 c.23 §22]

Source: Section 725A.080 — Complaint and administrative remedy , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.106 — OR Code / Title 54 / Chapter 723 / Section 723.106
723.106 Reports
Status: in_force

(1) Credit unions shall report to the Director of the Department of Consumer and Business Services annually by a date established by the director on forms supplied and in the manner specified by the director for that purpose. Additional reports may be required.

(2) A civil penalty in an amount to be established by rule of the director, but not to exceed $1,000 for each day a report is in arrears shall be levied against the offending credit union unless it is excused for cause by the director. [1975 c.652 §12; 1991 c.635 §2; 1999 c.185 §7; 2011 c.597 §292]

Source: Section 723.106 — Reports; late filing penalty; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.202 — OR Code / Title 54 / Chapter 723 / Section 723.202
723.202 Withdrawal and expulsion of members
Status: in_force

(1) Subject to subsection (2) of this section, a credit union may expel any member of the credit union who:

(a) Has not carried out the member’s engagements with the credit union;

(b) Creates an undue risk of loss to the credit union, as determined in accordance with the bylaws of the credit union;

(c) Has been convicted of a criminal offense;

(d) Fails to comply with the provisions of this chapter or of the credit union’s articles, bylaws or policies;

(e) Threatens, harasses or abuses any member, employee, board or committee member or agent of the credit union; or

(f) Habitually neglects to pay the member’s debts or becomes insolvent or bankrupt.

(2) A credit union that expels a member shall inform the member in writing of the reasons for the expulsion and give the expelled member reasonable opportunity to request the credit union’s board of directors to reinstate the member. Members of a credit union who withdraw or are expelled shall not be relieved of any liability to the credit union. The amounts paid in on shares or deposited by such members, together with any dividends credited to their shares and any interest which has accrued on their deposits, shall be repaid to them in the order of their withdrawal or expulsion, as funds become available therefor, but the credit union may deduct from such payments any sums due to the credit union from such members. [1975 c.652 §24; 1985 c.762 §94; 1999 c.185 §13; 2007 c.343 §6; 2017 c.35 §2]

Source: Section 723.202 — Withdrawal and expulsion of members; request for reinstatement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.040 — OR Code / Title 54 / Chapter 725a / Section 725a.040
725A.040 Effect of license revocation, suspension or surrender
Status: in_force

Revocation, suspension or surrender of a license issued under ORS 725A.024 (License application approval) does not impair or affect the rights or obligations specified in a lawful contract between the licensee and a borrower that existed before the revocation, suspension or surrender. [2010 c.23 §13]

Source: Section 725A.040 — Effect of license revocation, suspension or surrender , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.190 — OR Code / Title 54 / Chapter 726 / Section 726.190
726.190 Surrender of license
Status: in_force

Any pawnbroker may surrender any license by delivering to the Director of the Department of Consumer and Business Services written notice that the pawnbroker thereby surrenders such license, but such surrender shall not affect the pawnbroker’s civil or criminal liability for acts committed prior to the surrender.

Source: Section 726.190 — Surrender of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.014 — OR Code / Title 54 / Chapter 723 / Section 723.014
723.014 Denial of certificate of approval
Status: in_force

The Director of the Department of Consumer and Business Services may not issue a certificate of approval under ORS 723.012 (Organization procedure) if a person named in the articles of incorporation submitted for approval:

(1) Is insolvent or bankrupt;

(2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession;

(3) Has willfully or repeatedly violated or failed to comply with a provision of the Oregon Bank Act, the Oregon Credit Union Act, the Oregon Consumer Finance Act, the Oregon Securities Law, the Oregon Mortgage Lender Law or the Pawnbrokers Act, or an administrative rule or order adopted under an Act identified in this subsection;

(4) Has been convicted of a crime, an essential element of which is fraud;

(5) Is not qualified to conduct a credit union business on the basis of such factors as training, experience and knowledge of the business;

(6) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the credit union business;

(7) Is the subject of an order of the director subjecting the person to a civil penalty, or removing the person from an office in any entity regulated by the director; or

(8) Is the subject of an order that was issued by the regulatory authority of another state, or of the federal government, with authority over banking institutions, credit unions, consumer finance companies, savings associations, securities firms or mortgage lenders, that was entered within the past five years and that subjects the person to a civil penalty or removes the person from an office in a state banking institution, a national bank, a state or federal credit union, a state or federal savings association or a consumer finance company, or from a position as a securities broker or dealer, a state or federal investment adviser or a mortgage lender. [1977 c.135 §42; 1985 c.762 §86; 1987 c.373 §63a; 1987 c.650 §3; 1999 c.185 §3; 2009 c.541 §38; 2011 c.597 §291]

Source: Section 723.014 — Denial of certificate of approval , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.012 — OR Code / Title 54 / Chapter 723 / Section 723.012
723.012 Organization procedure
Status: in_force

(1) Any seven or more residents of this state or another appropriate jurisdiction, of legal age, who have a common bond referred to in ORS 723.172 (Credit union membership) may organize a credit union and become charter members thereof by complying with this section.

(2) The incorporators shall execute the documents, including the articles of incorporation, required by the Director of the Department of Consumer and Business Services to apply for a credit union charter. The articles shall state:

(a) The name, which shall include the words “credit union” and which shall not be the same as that of any other existing credit union in this state.

(b) The location where the proposed credit union is to have its principal place of business.

(c) The par value, if any, of the shares of the credit union shall be defined in the bylaws.

(d) The full name, residence and post-office address of each of the incorporators.

(e) The number of its directors, which shall not be less than five, and the names of the incorporators who shall be its directors until the first annual meeting of shareholders.

(f) The number of members of the supervisory committee, which shall not be less than three, and the name, residence and post-office address of the persons who are to serve as members until the first meeting of directors.

(3) The incorporators shall prepare and adopt bylaws for the general government of the credit union, which shall be consistent with this chapter.

(4) The incorporators shall forward the articles of incorporation and the bylaws to the Director of the Department of Consumer and Business Services, together with a filing fee in an amount that the director sets by rule. The director shall issue a certificate of approval if the articles and the bylaws are in conformity with this chapter and the director is satisfied that the ability of the proposed credit union to operate successfully is favorable. The director shall return a copy of the bylaws and the articles to the applicants or their representatives, which shall be preserved in the permanent files of the credit union. The application shall be acted upon by the director within 60 days.

(5) The subscribers for a credit union charter shall not transact any business until formal approval of the articles and bylaws has been received. [1975 c.652 §4; 1985 c.762 §85; 1987 c.286 §1; 1999 c.185 §2; 2007 c.343 §1]

Source: Section 723.012 — Organization procedure; articles of incorporation; bylaws; fee; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.060 — OR Code / Title 54 / Chapter 726 / Section 726.060
726.060 Application for license
Status: in_force

(1) An application for the license shall be in writing in a form prescribed by the Director of the Department of Consumer and Business Services.

(2) The application shall contain:

(a) If the applicant is an individual, the name and both the residence and business addresses of the applicant;

(b) If the applicant is a partnership or association, the name and both the residence and business addresses of every member of the partnership or association;

(c) If the applicant is a corporation, the name and both the residence and business addresses of each officer and director of the corporation;

(d) The county and city with street and number, if any, where the business is to be conducted; and

(e) Any other information that the director may require.

(3) The applicant at the time of making application for the applicant’s first licensed location in this state shall pay to the director a nonrefundable application fee of $500. [Amended by 1971 c.218 §1; 1985 c.762 §136; 1997 c.842 §1; 2007 c.360 §2]

Source: Section 726.060 — Application for license; contents; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.450 — OR Code / Title 54 / Chapter 726 / Section 726.450
726.450 Tracking pledged articles
Status: in_force

A city or county may impose and collect from a pawnbroker a fee of not more than $1 for each pledge loan the pawnbroker makes in a calendar year, except a renewal of a pledge loan, for the purpose of administering and using a system, including an electronic database, to track pledged articles. The pawnbroker may charge a pledgor only the amount of the fee that the city or county imposes under this section. [2009 c.372 §7]

Source: Section 726.450 — Tracking pledged articles; use of system; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.355 — OR Code / Title 54 / Chapter 725 / Section 725.355
725.355 Prohibition against assignment of earnings for loan security
Status: in_force

(1) As used in this section, “earnings” means salary, wages or other compensation for service.

(2) No licensee shall take an assignment of earnings as payment of or as security for payment of a loan. An assignment in violation of this subsection is unenforceable by the assignee and revocable by the assignor. Nothing in this subsection is intended to prevent an employee from authorizing deductions from the earnings of the employee if the authorization is revocable.

(3) For the purpose of this section, a sale of unpaid earnings made in consideration of the payment of money to or for the account of the seller of the earnings is considered a loan to the seller, secured by an assignment of earnings. [1971 c.232 §3]

Source: Section 725.355 — Prohibition against assignment of earnings for loan security , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.482 — OR Code / Title 54 / Chapter 723 / Section 723.482
723.482 Rights of survivorship based on form of account
Status: in_force

The provisions of ORS 723.480 (Multiple-party accounts) that apply to rights of survivorship are determined by the form of the account at the time of death of a party. Subject to satisfaction of the requirements of the credit union, the form of an account may be altered by a written order given by a party to the credit union. The order must be signed by the party, be received by the credit union during the party’s lifetime, and not be countermanded by other written order of the same party during the lifetime of the party. [1999 c.185 §29]

Source: Section 723.482 — Rights of survivorship based on form of account; alteration of form of account , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.020 — OR Code / Title 54 / Chapter 726 / Section 726.020
726.020 Short title
Status: in_force

This chapter shall be known as the Pawnbrokers Act. It is applicable to any person who qualifies under its provisions, and to such other person as shall by violating any of its provisions be subject to the penalties provided in ORS 726.990 (Criminal penalties) .

Source: Section 726.020 — Short title; application of chapter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.150 — OR Code / Title 54 / Chapter 725 / Section 725.150
725.150 Notice of disapproval of application
Status: in_force

If the Director of the Department of Consumer and Business Services disapproves an application for a license, the director shall notify the applicant immediately, giving the reason for the disapproval. [Amended by 1985 c.762 §117; 1987 c.650 §12]

Source: Section 725.150 — Notice of disapproval of application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.155 — OR Code / Title 54 / Chapter 726 / Section 726.155
726.155 Procedure for license denial, revocation or suspension
Status: in_force

(1) Where the Director of the Department of Consumer and Business Services proposes to refuse to issue a license, or proposes to revoke or suspend a license, opportunity for hearing shall be accorded as provided in ORS chapter 183.

(2) Judicial review of orders under subsection (1) of this section shall be as provided in ORS chapter 183. [1971 c.734 §179]

Source: Section 726.155 — Procedure for license denial, revocation or suspension , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.010 — OR Code / Title 54 / Chapter 725 / Section 725.010
725.010 Definitions
Status: in_force

As used in this chapter:

(1) Intentionally left blank —Ed.

(a) “Broker or facilitator” means a person that conducts a business in which, for a fee or consideration, the person:

(A) Processes, receives or accepts for delivery to a lender an application for a consumer finance loan, individually or in conjunction or cooperation with another person;

(B) Accepts and delivers to a lender all or most of the proceeds of a payment made in connection with a consumer finance loan; or

(C) Assists in making a consumer finance loan in a material capacity other than as a lender.

(b) “Broker or facilitator” does not include a mortgage broker, as that term is defined in ORS 86A.100 (Definitions) , a mortgage loan originator, as that term is defined in ORS 86A.200 (Definitions) , or an employee of a licensee.

(2) “Consumer finance loan” means a loan or line of credit that is unsecured or secured by personal or real property and that has periodic payments and terms longer than 60 days.

(3) “Licensee” means a person licensed under this chapter.

(4) “Nationwide Multistate Licensing System” means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or assignees of the Conference of State Bank Supervisors or the American Association of Residential Mortgage Regulators, develop and maintain for participating state agencies to use in licensing and registering mortgage loan originators, as defined in ORS 86A.200 (Definitions) , and other persons that provide nondepository financial services. [Amended by 1985 c.762 §106; 1987 c.373 §66; 1993 c.744 §26; 2007 c.603 §1; 2009 c.863 §33; 2010 c.23 §§29,30; 2019 c.106 §5]

Source: Section 725.010 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725a.038 — OR Code / Title 54 / Chapter 725a / Section 725a.038
725A.038 License surrender
Status: in_force

(1) A licensee may deliver a written notice to the Director of the Department of Consumer and Business Services to surrender a license the director issued to the licensee under ORS 725A.024 (License application approval) .

(2) Intentionally left blank —Ed.

(a) A licensee shall surrender a license under which no material loan activity has occurred for a period of 12 consecutive months.

(b) For purposes of this subsection, “material loan activity” includes a new loan, a loan that refinances an existing loan or a formal extension of existing loan repayment provisions for more than 30 days.

(3) A licensee’s surrendering a license under subsection (1) or (2) of this section does not affect the licensee’s civil or criminal liability for acts the licensee committed before surrendering the license. [2010 c.23 §12]

Source: Section 725A.038 — License surrender , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.086 — OR Code / Title 54 / Chapter 725a / Section 725a.086
725A.086 Limitation of personal liability
Status: in_force

A person is not personally liable for an act the person does or fails to do in good faith and in compliance with a rule or order the Director of the Department of Consumer and Business Services adopted or issued under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) , even if the director amends or rescinds the rule or order or a judicial or other authority determines that the rule or order is invalid. [2010 c.23 §25]

Source: Section 725A.086 — Limitation of personal liability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.080 — OR Code / Title 54 / Chapter 726 / Section 726.080
726.080 Issuance and denial of license
Status: in_force

(1) Conditioned upon the applicant’s compliance with this chapter, the payment of the license fee and the filing of a bond or letter of credit on a form approved by the Attorney General, and in the absence of any reason or condition that in the judgment of the Director of the Department of Consumer and Business Services might warrant the refusal of the granting of a license, including the reasons set out in ORS 726.075 (Grounds for denial of license) , the director shall issue a license within 45 days after the date a complete application was received.

(2) If the application is denied, the director shall indorse on the application with the date the word “Disapproved” and shall immediately advise the applicant by registered mail or by certified mail with return receipt of the reason for the denial. [Amended by 1971 c.218 §3; 1977 c.135 §56; 1991 c.249 §69; 2007 c.360 §4]

Source: Section 726.080 — Issuance and denial of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.052 — OR Code / Title 54 / Chapter 725a / Section 725a.052
725A.052 Record keeping requirements
Status: in_force

The Director of the Department of Consumer and Business Services may specify the form and content of the books and records the licensee must keep in accordance with the provisions of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) . The licensee shall preserve and make available the books and records for a period of at least two years after the licensee makes the final entry in connection with a loan or account recorded in the book or record. [2010 c.23 §15]

Source: Section 725A.052 — Record keeping requirements , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.730 — OR Code / Title 54 / Chapter 723 / Section 723.730
723.730 Corporate central credit union
Status: in_force

Membership in a corporate central credit union shall be limited to credit unions organized under federal law or under the laws of states listed in the bylaws of the corporate central credit union, and to subsidiaries of any such credit unions, associations of any such credit unions and affiliates of such associations. A corporate central credit union shall have all the powers, rights and obligations imposed upon or granted central credit unions under this chapter, except:

(1) It shall be exempt from the regular reserve requirements of ORS 723.631 (Regular reserve) , but shall be required to establish and maintain a minimum capital to assets ratio as set by the Director of the Department of Consumer and Business Services by rule.

(2) It shall be exempt from the bond or letter of credit requirements of ORS 723.122 (Bond or letter of credit) , but shall be required to obtain and maintain a fidelity bond in accordance with any rules adopted by the director.

(3) It may buy and sell any form of marketable debt obligations of domestic corporations or of federal, state or local government units in accordance with an investment plan approved by the director prior to the purchase or sale of the obligation.

(4) A corporate central credit union may make loans or establish lines of credit to a member without regard to the limit set in ORS 723.512 (Loan limit) . Notwithstanding ORS 723.502 (Purposes) or any other provision of law limiting allowable interest on a loan, a corporate central credit union and a member may agree in writing on the rate of interest that shall be charged on such loans.

(5) A corporate central credit union may issue membership capital share accounts as provided by rule. [1977 c.628 §2; 1981 c.192 §41; 1981 c.256 §1; 1985 c.206 §3; 1995 c.319 §6; 1997 c.832 §8; 1999 c.185 §54]

Source: Section 723.730 — Corporate central credit union; membership; rights and powers; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.836 — OR Code / Title 54 / Chapter 723 / Section 723.836
723.836 Effect of amendment or repeal of Oregon Credit Union Act
Status: repealed

(1) The Oregon Credit Union Act may be amended, repealed or modified, but such amendment, repeal or modification shall not take away or impair any remedy for any liability which shall have been previously incurred.

(2) The repeal of a previous law by section 88, chapter 652, Oregon Laws 1975, shall not affect any right accrued or established, or any liability or penalty incurred, under the provisions of such previous law, prior to the repeal thereof. [1975 c.652 §§86,87; 1985 c.762 §105]

Source: Section 723.836 — Effect of amendment or repeal of Oregon Credit Union Act , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.262 — OR Code / Title 54 / Chapter 723 / Section 723.262
723.262 Vacancies
Status: in_force

(1) Subject to subsection (2) of this section, the board of directors may fill any vacancies occurring in the board until successors elected at the next annual meeting have qualified.

(2) If a vacancy occurring in the board reduces the number of directors to five or fewer, the board shall fill the vacancy until a successor elected at the next annual meeting has qualified.

(3) The board shall also fill vacancies in the credit and supervisory committees or in the office of credit manager. [1975 c.652 §27; 2005 c.95 §6]

Source: Section 723.262 — Vacancies , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.496 — OR Code / Title 54 / Chapter 723 / Section 723.496
723.496 Right of credit union to setoff
Status: in_force

Without qualifying any other statutory or common law right to setoff or lien, and subject to any contractual provision, if a party to a multiple-party account is indebted to a credit union, the credit union has a right to setoff against the account in which the party has or had immediately before the death of the party a present right of withdrawal. The amount of the account subject to setoff is that proportion to which the debtor is, or was immediately before the death of the debtor, beneficially entitled and, in the absence of proof of net contributions, to an equal share with all parties having present rights of withdrawal. [1999 c.185 §36]

Source: Section 723.496 — Right of credit union to setoff; amount , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.468 — OR Code / Title 54 / Chapter 723 / Section 723.468
723.468 Adverse claim to deposit
Status: in_force

(1) A credit union shall be obligated to recognize an adverse claim to a deposit it holds only if the adverse claimant gives notice to the credit union of its claim and:

(a) Procures a restraining order, injunction or other appropriate process against the credit union in an action wherein the person to whose credit the deposit stands is made a party and served with summons; or

(b) Delivers to the credit union in a form, and with sureties acceptable to the credit union, a bond or an irrevocable letter of credit issued by a financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act) , indemnifying the credit union from any liability, damage or expenses on account of the payment of the adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands.

(2) This section does not apply when the person in whose name the account is carried is a fiduciary for the adverse claimant, and the affidavit of the adverse claimant states the facts constituting the fiduciary relationship and the facts showing reasonable cause of belief on the part of the claimant that the fiduciary is about to misappropriate the deposit.

(3) A credit union may, at its option, interplead a deposit that is subject to any adverse claim. [1999 c.185 §22]

Source: Section 723.468 — Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.676 — OR Code / Title 54 / Chapter 723 / Section 723.676
723.676 Liquidation
Status: in_force

(1) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section.

(2) The board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily and directing that the question of liquidation be submitted to the members.

(3) Within 10 days after the board of directors decides to submit the question of liquidation to the members, the president or chairperson of the board shall notify the Director of the Department of Consumer and Business Services thereof in writing setting forth the reasons for the proposed action. Within 10 days after the members act on the question of liquidation, the president or chairperson of the board shall notify the director in writing as to whether or not the members approved the proposed liquidation.

(4) As soon as the board of directors decides to submit the question of liquidation to the members, payment on shares, withdrawal of shares, making any transfer of shares to loans and interest, making investments of any kind and granting loans shall be suspended pending action by members on the proposal to liquidate. On approval by the members of such proposal, all such business transactions shall be permanently discontinued. Necessary expenses of operation shall, however, continue to be paid on authorization of the board of directors or liquidating agent during the period of liquidation.

(5) For a credit union to enter voluntary liquidation, approval by a majority of the members in writing or by a two-thirds majority of the members present at a regular or special meeting of the members is required. Where authorization for liquidation is to be obtained at a meeting of the members, notice in writing shall be given to each member by first class mail to the member’s last-known address at least 10 days prior to such meeting.

(6) A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets and doing all acts required in order to wind up its business and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted.

(7) The board of directors or the liquidating agent shall use the assets of the credit union to pay: First, expenses incidental to liquidating including any surety bond that may be required; and, second, any liability due nonmembers. Assets then remaining shall be distributed to the members proportionately to the shares and deposits held by each member as of the date dissolution was voted.

(8) As soon as the board of directors or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, they shall execute a certificate of dissolution on a form prescribed by the director and file the same, together with all pertinent books and records of the liquidating credit union, with the director, whereupon such credit union shall be dissolved. [1975 c.652 §70; 1999 c.185 §50]

Source: Section 723.676 — Liquidation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.586 — OR Code / Title 54 / Chapter 723 / Section 723.586
723.586 Group purchasing
Status: in_force

A credit union may enter into cooperative marketing arrangements to facilitate its members’ voluntary purchases of such goods and services as are in the interest of improving economic and social conditions of the members. Said investment shall not exceed one percent of the credit union’s assets. Notwithstanding any other provision of law, the taxable income from such activities which are conducted by the credit union shall be subject to tax pursuant to ORS 317.920 (Tax imposed on unrelated business income of certain exempt corporations) . [1975 c.652 §63; 1983 c.162 §56; 1999 c.185 §47]

Source: Section 723.586 — Group purchasing , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).