ORS § 708a.470 — OR Code / Title 53 / Chapter 708a / Section 708a.470
708A.470 Multiple-party accounts
Status: in_force

(1) Sums that remain on deposit in an insured institution at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties as against the estate of the decedent. If two or more parties survive, each party’s respective ownership during the party’s lifetime must be in proportion to the party’s previous ownership interest under ORS 708A.465 (Ownership of multiple-party accounts) , augmented by an equal share for each surviving party of any interest the decedent may have owned in the account immediately before death. The right of survivorship continues between the surviving parties.

(2) If the account is a P.O.D. account:

(a) On the death of one of two or more original parties, subsection (1) of this section governs the rights to any sums that remain on deposit.

(b) On the death of the sole original party or the survivor of two or more original parties, any sums that remain on deposit belong to the P.O.D. payee or payees, if a P.O.D. payee or payees survive, or to the remaining P.O.D. payee or payees if one or more P.O.D. payees die before the original party. If two or more P.O.D. payees survive, a remaining P.O.D. payee does not have a right of survivorship after one of the P.O.D. payees dies unless the terms of the account or deposit agreement expressly provide for survivorship among remaining P.O.D. payees.

(3) If an account is a trust account:

(a) On the death of one of two or more trustees, subsection (1) of this section governs the rights to any sums that remain on deposit.

(b) On the death of the sole trustee or the survivor of two or more trustees, any sums that remain on deposit belong to the person or persons named as beneficiaries, if a beneficiary or beneficiaries survive, or to the remaining beneficiary if one or more beneficiaries die before the trustee, unless clear and convincing evidence exists of a contrary intent. If two or more beneficiaries survive, a remaining beneficiary does not have a right of survivorship after one of the beneficiaries dies unless the terms of the account or deposit agreement expressly provide for survivorship among remaining beneficiaries.

(4) Except as otherwise provided in this section, the death of any party to a multiple-party account does not affect the beneficial ownership of the account, other than to transfer the rights of the decedent as part of the decedent’s estate.

(5) A will may not change a right of survivorship that arises from the express terms of the account or under this section, a beneficiary designation in a trust account, or a P.O.D. payee designation.

(6) The rebuttable presumption under subsection (1) of this section may be overcome by evidence establishing that:

(a) The deceased party intended a different result; or

(b) The deceased party lacked capacity when the joint account was established.

(7) An insured institution is not liable, with respect to sums that remain on deposit at the death of a party to a joint account, for distributing the sums to a surviving party or parties in accordance with the account agreement unless, before distributing the sums to a surviving party or parties:

(a) The insured institution has received notice in writing of an adverse claim under ORS 708A.435 (Adverse claim to deposit) ; and

(b) The adverse claimant proceeds as required under ORS 708A.435 (Adverse claim to deposit) . [1997 c.631 §175; 2003 c.256 §1; 2015 c.244 §57]

Source: Section 708A.470 — Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 711.554 — OR Code / Title 53 / Chapter 711 / Section 711.554
711.554 Procedure for determination of claims
Status: in_force

(1) After the filing of objections under ORS 711.545 (Objection to approval of claims) or the filing of the notice and other papers under ORS 711.550 (Objection to rejection of claims) and upon the motion of any of the parties in interest, the supervising court, upon notice to all the parties, shall set the matter for trial.

(2) The trial shall be held in a summary manner upon the documents filed with the court. The person filing the statement of objection or the claimant whose claim was rejected has the burden of proof.

(3) An appeal from the decision of the supervising court to the appellate court may be taken by either party as from any other judgment of the supervising court. [1973 c.797 §277; 2003 c.576 §550]

Source: Section 711.554 — Procedure for determination of claims , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 713.290 — OR Code / Title 53 / Chapter 713 / Section 713.290
713.290 Requirements for deposits at office of extranational institution
Status: in_force

An extranational institution may not accept deposits at an office in this state in an amount less than $250,000, unless the Federal Deposit Insurance Corporation insures the insurable deposits of the office or the Federal Deposit Insurance Act and the regulations of the Federal Deposit Insurance Corporation do not require insurance. [1997 c.631 §289; 2011 c.263 §21]

Source: Section 713.290 — Requirements for deposits at office of extranational institution , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 711.590 — OR Code / Title 53 / Chapter 711 / Section 711.590
711.590 Disposition of unclaimed deposits
Status: in_force

(1) Two years after the date of the final order closing the liquidation of an institution, the Director of the Department of Consumer and Business Services may withdraw any unclaimed deposits or balances remaining to the credit of dividend accounts, representing the aggregate of undelivered checks or unpaid dividend funds in the possession of the Department of Consumer and Business Services, and report and pay the funds to the State Treasurer as unclaimed property under ORS 98.352 (Report of abandoned property) .

(2) The interest earned on the dividend accounts while they remain in the possession of the director shall be paid to the State Treasurer to be credited to the Consumer and Business Services Fund and no person entitled to the accounts has any claim to the interest. [Amended by 1959 c.138 §4; 1973 c.797 §288; 1993 c.694 §37; 2019 c.678 §74; 2021 c.424 §22]

Source: Section 711.590 — Disposition of unclaimed deposits; interest , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.635 — OR Code / Title 53 / Chapter 708a / Section 708a.635
708A.635 Written policies regarding reporting to and obtaining approval of board
Status: in_force

Institutions shall develop written policies regarding the types of matters that shall be reported to and approved by the institution’s board of directors. An officer, director or employee of an institution shall not conceal from or fail to report to the board of directors of the institution any such matter. [1997 c.631 §198]

Source: Section 708A.635 — Written policies regarding reporting to and obtaining approval of board; duty to report , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 708a.190 — OR Code / Title 53 / Chapter 708a / Section 708a.190
708A.190 Acceptance of drafts and bills of exchange
Status: in_force

(1) An Oregon commercial bank may accept drafts or bills of exchange drawn upon it having not more than six months’ sight to run, exclusive of days of grace, that grow out of transactions involving the importation or exportation of goods, or that grow out of the domestic shipment of goods, or that are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples.

(2) An Oregon commercial bank shall not accept drafts or bills of exchange or issue letters of credit, whether in a foreign or domestic transaction, for any one person to an amount equal at any one time in the aggregate to more than 20 percent of its capital, unless the Oregon commercial bank is fully secured either by attached documents or by some other actual security growing out of the same transaction as the acceptance or letter of credit.

(3) Except as provided in subsection (5) of this section, an Oregon commercial bank shall not accept bills or issue letters of credit, or be obligated for a participation share in bills, to an amount equal at any time in the aggregate to more than 150 percent of its capital. The aggregate of acceptances or bills, including obligations for a participation share in such acceptances, growing out of domestic transactions shall not exceed 50 percent of the aggregate of all acceptances, including obligations for a participation share in such acceptances, authorized for the Oregon commercial bank under this section.

(4) An Oregon commercial bank may accept drafts or bills of exchange drawn upon it having not more than six months’ sight to run, exclusive of days of grace, drawn under rules prescribed by the Director of the Department of Consumer and Business Services or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange, as required by the usages of trade in the respective countries, dependencies or insular possessions. An Oregon commercial bank shall not accept the drafts or bills of exchange for any one bank to any amount exceeding in the aggregate 20 percent of the capital of the accepting Oregon commercial bank, unless the draft or bill of exchange is accompanied by documents conveying or securing the title or by some other adequate security. An Oregon commercial bank shall not accept the drafts or bills of exchange in an amount exceeding at any time the aggregate of its capital.

(5) The director, under such conditions as the director may prescribe, may authorize, by rule or order, any Oregon commercial bank to accept bills and issue letters of credit, or be obligated for a participation share in bills, in an amount not exceeding at any time in the aggregate 200 percent of its capital. [1997 c.631 §134]

Source: Section 708A.190 — Acceptance of drafts and bills of exchange; issuance of letters of credit; obligation for participation share in bills; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 713.090 — OR Code / Title 53 / Chapter 713 / Section 713.090
713.090 Reports
Status: in_force

(1) An out-of-state bank or extranational institution that conducts banking business in this state shall file reports under oath with the Director of the Department of Consumer and Business Services in the form and giving the information the director requires.

(2) An out-of-state bank or extranational institution that conducts banking business in this state is subject to the fee provided in ORS 706.530 (Annual fees paid by banking institutions and non-Oregon institutions) and to examination and regulation in the manner provided in ORS 706.500 (Examination of banking institutions and non-Oregon institutions) .

(3) This section does not apply to a federal bank. [Amended by 1973 c.797 §317; 1975 c.725 §15; 1997 c.631 §293; 1999 c.59 §222; 2011 c.263 §5]

Source: Section 713.090 — Reports; fees; examination and regulation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 711.240 — OR Code / Title 53 / Chapter 711 / Section 711.240
711.240 Supervision and control by director
Status: in_force

The Director of the Department of Consumer and Business Services shall supervise and control an institution in voluntary liquidation until the final report is filed to the same extent the director supervises and controls any other institution. [Amended by 1973 c.797 §244]

Source: Section 711.240 — Supervision and control by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 714.105 — OR Code / Title 53 / Chapter 714 / Section 714.105
714.105 Establishment of branches by extranational institutions in this state
Status: in_force

(1) An extranational banking institution may occupy and maintain branches in this state as permitted by ORS chapter 713 and applicable federal law.

(2) An extranational banking institution may exercise powers and engage in activities at branches located in this state as permitted by ORS chapter 713 and applicable federal law. [1997 c.631 §325]

AUTOMATED TELLER MACHINES; NIGHT DEPOSIT FACILITIES

Source: Section 714.105 — Establishment of branches by extranational institutions in this state; powers and activities at branches , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 711.465 — OR Code / Title 53 / Chapter 711 / Section 711.465
711.465 Transfer of liquidation functions to Federal Deposit Insurance Corporation
Status: in_force

(1) Upon taking possession of the business and property of an insolvent Oregon stock bank, the deposits of which are to any extent insured by the Federal Deposit Insurance Corporation, if the Federal Deposit Insurance Corporation will accept the duty of liquidating the Oregon stock bank, the Director of the Department of Consumer and Business Services may appoint without bond the Federal Deposit Insurance Corporation to act as receiver for the Oregon stock bank. When so appointed the Federal Deposit Insurance Corporation shall exercise all the powers and perform all the duties of the director in connection with the liquidation of Oregon stock banks.

(2) Upon being notified in writing of the acceptance of the appointment, the director shall file a certificate evidencing the appointment of the Federal Deposit Insurance Corporation in the office of the director. Upon the filing of the certificate the possession of all the assets, business and property of the Oregon stock bank except those securities pledged under ORS 295.015 (Maintenance of securities by qualified depository) shall be transferred from the Oregon stock bank and the director to the Federal Deposit Insurance Corporation, and without the execution of any instruments of conveyance, assignment, transfer or indorsement the title to all such assets and property shall vest in the Federal Deposit Insurance Corporation. The director shall be relieved from all responsibility and liability in respect to the liquidation of the Oregon stock bank. [Amended by 1973 c.797 §259; 1983 c.296 §11; 1993 c.98 §25; 1997 c.631 §246]

Source: Section 711.465 — Transfer of liquidation functions to Federal Deposit Insurance Corporation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 707.010 — OR Code / Title 53 / Chapter 707 / Section 707.010
707.010 Certificate required to transact banking business
Status: in_force

A person that has not received from the Director of the Department of Consumer and Business Services a charter or a certificate of authority to conduct banking business may not:

(1) Advertise that the person is receiving or accepting money on deposit.

(2) Use a sign at the person’s place of business that indicates that the person:

(a) Is a banking institution or that the place of business is a place of business for a banking institution;

(b) Receives deposits or payments made on check; or

(c) Transacts any other form of banking business.

(3) Make use of or circulate any letterheads, blank notes, blank receipts, certificates, circulars or any written or printed paper that indicates that the business is the business of a banking institution.

(4) Transact business under any name that the director determines leads the public to believe that the person is transacting business as a banking institution or that the person is affiliated with a banking institution.

(5) Solicit or receive deposits or transact business in the manner of a banking institution or in such a manner as to lead the public to believe that the person is transacting business as a banking institution.

(6) This section does not apply to a national bank that was lawfully transacting banking business in this state on June 30, 2011, and has continuously transacted banking business in this state after June 30, 2011. [Amended by 1973 c.797 §51; 1997 c.631 §30; 2015 c.244 §15]

Source: Section 707.010 — Certificate required to transact banking business; exemption , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.080 — OR Code / Title 53 / Chapter 711 / Section 711.080
711.080 Conversion of financial institution into Oregon nonstock bank
Status: in_force

(1) A financial institution with its head office or any branches located in this state that follows the procedures prescribed by the supervisory authority having jurisdiction over the converting financial institution shall be granted a charter of an Oregon nonstock bank by the Director of the Department of Consumer and Business Services if the director finds that the converting financial institution meets the standards of the Bank Act for the organization of such an Oregon nonstock bank.

(2) An insured nonstock institution may apply to convert to an Oregon nonstock bank and obtain a charter by filing with the director:

(a) A certificate signed by the chief executive officer of the converting financial institution certifying that all necessary corporate actions in compliance with the provisions of the laws of the supervisory authority having jurisdiction over the converting financial institution have been taken; and

(b) The articles of incorporation for the operation of the insured nonstock institution as an Oregon nonstock bank, in accordance with the requirements of ORS 707.120 (Issuance of certificate of incorporation when filings conform to law) . [1997 c.631 §268]

Source: Section 711.080 — Conversion of financial institution into Oregon nonstock bank; application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 716.590 — OR Code / Title 53 / Chapter 716 / Section 716.590
716.590 Miscellaneous investments
Status: in_force

A savings bank may invest the funds mentioned in ORS 716.410 (Limitations on investments) in investments which do not qualify under any of the provisions of ORS 716.420 (Permitted investments) to 716.590 (Miscellaneous investments) , however an investment shall not be made under this section:

(1) If the amount of the investment exceeds one percent of the assets of the savings bank or 10 percent of the total amount of its guaranty fund, undivided profits and unallocated reserves, whichever is less;

(2) If the aggregate amount of all the investments exceeds or by the making of the investment will exceed five percent of its assets; or

(3) In the equity securities of any one issuer if the aggregate amount invested by the savings bank under this section together with the amount invested in the equity securities of the issuer under any other provision of law exceeds or by the making of the investment will exceed the limitations under subsections (1) and (2) of this section. [1973 c.797 §375c; 1981 c.192 §32]

Source: Section 716.590 — Miscellaneous investments; conditions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 706.650 — OR Code / Title 53 / Chapter 706 / Section 706.650
706.650 Delay or failure to furnish reports of condition
Status: in_force

If an Oregon operating institution delays or fails to furnish reports in the manner required under ORS 706.630 (Regular reports of condition) , the Oregon operating institution is subject to a penalty of $250 a day for each day while in default. The Oregon operating institution shall pay the penalty after receiving notice or demand for the amount of the penalty from the Director of the Department of Consumer and Business Services. If the Oregon operating institution does not pay the penalty upon demand by the director, the director shall proceed to collect the penalty in the manner prescribed by ORS 706.570 (Requirement that banking institution keep books and accounts) (3). If the director determines that the default was unavoidable, the director may waive the penalty. [Amended by 1973 c.797 §36; 1997 c.631 §14; 2015 c.244 §11]

Source: Section 706.650 — Delay or failure to furnish reports of condition; penalty , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 707.025 — OR Code / Title 53 / Chapter 707 / Section 707.025
707.025 Organization of banking institution for purpose of merging with, acquiring assets of or assuming liabilities of financial institution
Status: in_force

(1) One or more persons or a corporation may organize a banking institution under this section solely for the purpose of merging with, acquiring the assets of or assuming the liabilities of one or more existing financial institutions under ORS chapter 711 and, except as otherwise provided in this section, without authority to engage in or transact banking or trust business.

(2) Notwithstanding ORS 707.050 (Initial paid-in capital requirement) , 707.070 (Application for authority to organize banking institution) , 707.080 (Investigation and ruling on application) to 707.120 (Issuance of certificate of incorporation when filings conform to law) , 707.140 (Submission of organization information) , 707.170 (Effective date of charter) or 707.200 (Payments by subscribers of full amount of stock subscriptions) or other statutes that are specifically inconsistent with this section, a banking institution described in subsection (1) of this section must be organized as follows:

(a) A prospective incorporator or incorporators shall submit to the Director of the Department of Consumer and Business Services for filing articles of incorporation that the prospective incorporator or incorporators execute in duplicate, and such other information as the director may require, which may include the additional information required in an application under ORS 707.070 (Application for authority to organize banking institution) or 716.028 (Application for authority to organize) if the banking institution organized under this section is to survive the merger, will purchase assets or will assume liabilities, together with an organizational fee of $2,500.

(b) The articles of incorporation for the banking institution must specify:

(A) The name and address of each incorporator.

(B) The information required under ORS 707.110 (Execution and submission of articles of incorporation) (2)(a), (b) and (h) and (3).

(C) The term of the banking institution’s existence, which may be perpetual.

(D) The purpose of the banking institution, which must be limited to the purposes set forth in subsection (1) of this section. However, if the banking institution is to be the resulting bank in a merger, or the acquiring bank in an acquisition or assumption, the articles of incorporation may also contain all purposes allowed a banking institution under the Bank Act, provided the implementation of such purposes is conditioned upon consummation of the merger or the acquisition or assumption.

(E) The name and address of each director of the board of directors, which must be composed of not less than three directors.

(3) Unless the director finds that approving the articles would violate ORS 707.145 (Grounds for refusing authority to organize) or other applicable law, the director shall file the articles and issue a certificate of incorporation in accordance with ORS 707.120 (Issuance of certificate of incorporation when filings conform to law) , if:

(a) The director finds that the articles of incorporation conform to subsection (3) of this section; and

(b) The director finds that the banking institution, following any merger or assumption of liabilities, will meet the requirements of ORS 707.080 (Investigation and ruling on application) (1) and (2).

(4) After the director issues a certificate of incorporation, the corporate existence of the banking institution begins and the banking institution may issue stock.

(5) Intentionally left blank —Ed.

(a) After the director issues a certificate of incorporation, the new banking institution shall file a certified copy of the banking institution’s bylaws with the director within 90 days. If the director finds that the bylaws are consistent with the requirements of the Bank Act, the director shall issue a provisional charter to the banking institution.

(b) A provisional charter expires one year after the director issues the provisional charter, but the director may extend the expiration period. If a merger or assumption of liabilities is not consummated before the provisional charter expires, the interim bank ceases to exist and the banking institution’s articles of incorporation and provisional charter are void.

(c) For purposes of ORS chapter 711, a provisional charter that the director issues under this section is a charter, where appropriate.

(d) If the merger or assumption of liabilities is consummated and the banking institution organized under this section survives the transaction, the director shall issue to the banking institution a charter to engage in banking business either as an Oregon commercial bank or as an Oregon stock savings bank.

(6) A banking institution organized solely for the purposes set forth in subsection (1) of this section for which the director has issued a charter may, with the director’s approval, have initial paid-in capital in an amount less than that required by ORS 707.050 (Initial paid-in capital requirement) before consummation of a proposed merger. [1979 c.88 §8; 1997 c.631 §32; 2005 c.192 §13; 2015 c.244 §16]

Source: Section 707.025 — Organization of banking institution for purpose of merging with, acquiring assets of or assuming liabilities of financial institution; procedure; conditions; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.020 — OR Code / Title 53 / Chapter 707 / Section 707.020
707.020 Violation of ORS 707.005 or 707.010
Status: in_force

(1) The Director of the Department of Consumer and Business Services may examine the accounts, books and papers of every person the director has reasonable cause to believe is violating any provision of ORS 707.005 (Organization required to engage in banking or trust business) or 707.010 (Certificate required to transact banking business) .

(2) When the director believes, from evidence satisfactory to the director, that any person is violating the provisions of ORS 707.005 (Organization required to engage in banking or trust business) or 707.010 (Certificate required to transact banking business) , the director may cause a complaint to be filed in the circuit court of the county in which the person conducts business to enjoin and restrain the person from continuing the violation. The court shall have jurisdiction of the proceeding and may make and enter an order or judgment awarding such preliminary or final injunctive relief as in its judgment is proper. [Amended by 1973 c.797 §52; 1997 c.631 §31]

Source: Section 707.020 — Violation of ORS 707.005 or 707.010; investigation; injunction , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.220 — OR Code / Title 53 / Chapter 707 / Section 707.220
707.220 Stock record
Status: in_force

(1) An institution or Oregon stock savings bank shall keep a stock ledger or register that shall show the name and mailing address of and the number of shares held by each stockholder of record. The institution or Oregon stock savings bank shall also maintain a record of transfers of stock, stating the time when made, the number of shares transferred and to whom transferred.

(2) The stock ledger or register shall be available for inspection and copying, during regular business hours at a reasonable location specified by the institution or Oregon stock savings bank, by a stockholder of the institution or Oregon stock savings bank upon at least five days’ prior written notice if:

(a) The stockholder’s demand for inspection is made in good faith and for a proper purpose;

(b) The stockholder described with reasonable particularity the stockholder’s purpose; and

(c) The stock ledger or register requested is directly connected to the stockholder’s purpose. [Amended by 1973 c.797 §69; 1997 c.631 §56]

Source: Section 707.220 — Stock record; contents; inspection , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.090 — OR Code / Title 53 / Chapter 707 / Section 707.090
707.090 Refusal to file articles of incorporation or grant charter after approval of application
Status: in_force

If, after approving the application for authority to organize, it appears to the Director of the Department of Consumer and Business Services that the articles of incorporation, the organization or proposed manner of conducting business do not comply with the terms of the application, the requirements of approval or the requirements of law, the director may refuse to file the articles of incorporation or to grant a charter. [Amended by 1973 c.797 §56; 1997 c.631 §41]

Source: Section 707.090 — Refusal to file articles of incorporation or grant charter after approval of application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.455 — OR Code / Title 53 / Chapter 708a / Section 708a.455
708A.455 Definitions for ORS 708A.455 to 708A.515
Status: in_force

As used in ORS 708A.455 (Definitions for ORS 708A.455 to 708A.515) to 708A.515 (Designation of agent for account) , unless the context requires otherwise:

(1) Intentionally left blank —Ed.

(a) “Account” means a contract of deposit of funds between a depositor and an insured institution.

(b) “Account” includes a checking account, savings account or certificate of deposit.

(2) “Beneficiary” means a person named in a trust account as one for whom a party to the account is named as trustee.

(3) “Joint account” means an account payable on request to one or more of two or more parties, with or without a right of survivorship.

(4) Intentionally left blank —Ed.

(a) “Multiple-party account” means a joint account, a P.O.D. account or a trust account.

(b) “Multiple-party account” does not include:

(A) Accounts established to deposit funds of a partnership, joint venture or other association for business purposes;

(B) Accounts that a person controls as the duly authorized agent or trustee for a corporation, limited liability company, unincorporated association, charitable or civic organization; or

(C) A regular fiduciary or trust account in which the relationship is established other than by deposit agreement.

(5) “Net contribution” of a party to a joint account as of any given time means:

(a) The sum of all deposits to the joint account made by or for the party, less all withdrawals made by or for the party that have not been paid to or applied to the use of any other party, plus a pro rata share of any interest or dividends included in the current balance; and

(b) Any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.

(6) “Party” means:

(a) A person that, by the terms of a multiple-party account, has a present right, subject to request, to payment from the account;

(b) A P.O.D. payee or beneficiary of a trust account if the account becomes payable to the payee or beneficiary by reason of the payee’s or beneficiary’s surviving the original party or trustee;

(c) A guardian, conservator, personal representative or assignee, including an attaching creditor, of a party; or

(d) A person identified as a trustee of an account for another whether or not a beneficiary is named, other than a named beneficiary, unless the named beneficiary has a present right of withdrawal.

(7) “Payment” means withdrawing, paying on check or otherwise paying sums on deposit at a party’s directive, a party’s pledging sums on deposit and any setoff, reduction or other disposition of all or part of an account in accordance with a pledge.

(8) “P.O.D. account” means an account payable on request to one person during the person’s lifetime and, on the person’s death, to one or more P.O.D. payees, or to one or more persons during the persons’ lifetimes and on the death of all of the persons to one or more P.O.D. payees.

(9) “P.O.D. payee” means a person designated on a P.O.D. account as a person to whom the account is payable on request after the death of another person.

(10) “Request” means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of an account, including special requirements concerning necessary signatures and regulations of the insured institution.

(11) “Sums on deposit” means the balance payable on a multiple-party account, including interest, dividends and any deposit life insurance proceeds added to the account by reason of a party’s death.

(12) Intentionally left blank —Ed.

(a) “Trust account” means an account in the name of one or more parties as trustee for one or more beneficiaries in which the relationship is established by the form of the account and the deposit agreement with the insured institution, and the trust has no subject other than the sums on deposit in the account whether or not the deposit agreement provides for payment to the beneficiary.

(b) “Trust account” does not include a regular trust account under a testamentary trust or a trust agreement that has significance apart from the account, or a fiduciary account arising from a fiduciary relationship such as attorney-client.

(13) “Withdrawal” means payment to a party or to a third person by check or otherwise at a party’s directive. [1997 c.631 §172; 2015 c.244 §53]

Source: Section 708A.455 — Definitions for ORS 708A.455 to 708A.515 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 711.635 — OR Code / Title 53 / Chapter 711 / Section 711.635
711.635 Receiving new deposits
Status: in_force

(1) While the Oregon stock bank is in the possession of the Director of the Department of Consumer and Business Services under ORS 711.625 (Taking possession of Oregon stock bank by director) , the Oregon stock bank may accept deposits but the deposits shall not be subject to any limitation as to payment or withdrawal.

(2) Deposits received after the director takes possession and the amounts released for payment to depositors under ORS 711.630 (Pro rata withdrawals by depositors) , shall be segregated and held and used solely to meet the deposit liability and the pro rata amount so released. They shall not be used to liquidate any indebtedness of the Oregon stock bank existing at the time the director took possession, or any subsequent indebtedness incurred in liquidating any indebtedness of the Oregon stock bank existing at the time the director took possession.

(3) Deposits received while the Oregon stock bank is in the possession of the director shall be kept on hand in cash, invested in direct obligations of the United States or deposited with an approved reserve depository. [1973 c.797 §296; 1997 c.631 §256]

Source: Section 711.635 — Receiving new deposits; segregation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.640 — OR Code / Title 53 / Chapter 708a / Section 708a.640
708A.640 Receiving illegal compensation
Status: in_force

(1) An officer, director, agent or employee of an institution shall not ask for, receive or agree to receive any money, property or thing of value or of personal advantage, for:

(a) Procuring or endeavoring to procure for any person any loan from, or the purchase or discount of any paper, note, draft, check or bill of exchange by, the institution.

(b) Permitting any person to overdraw any account with the institution.

(2) An officer, director, stockholder, employee or agent of an institution shall not abstract or willfully misapply any of the property of the institution, or willfully misapply its credit. [1997 c.631 §199]

Source: Section 708A.640 — Receiving illegal compensation; misapplication of property and credit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 709.335 — OR Code / Title 53 / Chapter 709 / Section 709.335
709.335 Digital signatures
Status: in_force

A trust company may conduct transactions using digital signatures and issue certificates for the purpose of verifying digital signatures. [1997 c.631 §234a; 1999 c.718 §3; 2001 c.535 §35; 2005 c.118 §5]

Source: Section 709.335 — Digital signatures , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 708a.340 — OR Code / Title 53 / Chapter 708a / Section 708a.340
708A.340 Obligations secured by documents covering livestock
Status: in_force

In addition to obligations permitted under ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank) , an Oregon commercial bank may make loans to and acquire other obligations of a person, not to exceed 15 percent of the Oregon commercial bank’s capital, secured by documents of title covering livestock if the principal amount of the obligation is not more than 80 percent of the market value of the livestock. Turkeys are considered livestock within the meaning of this section. [1997 c.631 §153]

Source: Section 708A.340 — Obligations secured by documents covering livestock , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 716.190 — OR Code / Title 53 / Chapter 716 / Section 716.190
716.190 Resignation of registered agent
Status: in_force

(1) A registered agent may resign as agent upon delivering a signed statement to the Director of the Department of Consumer and Business Services and giving notice in the form of a copy of the statement to the Oregon savings bank. The statement may include a statement that the registered office is also discontinued.

(2) Upon delivery of the signed statement, the director shall file the resignation statement. The copy of the statement given to the Oregon savings bank under subsection (1) of this section shall be addressed to the Oregon savings bank at its mailing address or principal office as shown by the records of the director.

(3) The agency appointment is terminated and the registered office discontinued, if so provided, on the 31st day after the date on which the statement was filed by the director unless, prior to that date, the Oregon savings bank appoints a successor registered agent as provided in ORS 716.187 (Changes in registered office or agent) , thereby terminating the capacity of such agent. [2005 c.192 §10]

Source: Section 716.190 — Resignation of registered agent; discontinuance of registered office , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 707.070 — OR Code / Title 53 / Chapter 707 / Section 707.070
707.070 Application for authority to organize banking institution
Status: in_force

Any number of persons, not less than five, desiring to organize a banking institution shall, as prospective incorporators, first submit an application to the Director of the Department of Consumer and Business Services for a permit to organize a banking institution. The applicants shall pay to the director at the time of their application a fee of $2,500, no part of which shall be refunded. The application shall be signed by one of the applicants and shall include the following information:

(1) The proposed location of the initial principal place of business.

(2) The class or classes of stock proposed to be issued, the proposed offering price per share and the aggregate dollar amount of the proposed initial paid-in capital.

(3) The corporate name.

(4) The names of the proposed senior officers and the initial directors, at least three of whom shall also be among the incorporators.

(5) The residence addresses and occupations of the proposed incorporators and directors.

(6) The proposed articles of incorporation meeting the requirements of ORS 707.110 (Execution and submission of articles of incorporation) .

(7) The number of shares of voting stock proposed to be subscribed for by the incorporators and each of the proposed directors and senior officers, and the names of any other persons who are expected to subscribe for, to own or to control more than 10 percent of the voting stock and the amount of stock for which each proposes to subscribe.

(8) Evidence satisfactory to the director of the character, financial responsibility and ability of the incorporators, directors and senior officers.

(9) Evidence satisfactory to the director, in the form of a business plan and such additional information as the director may require, demonstrating that the proposed banking institution is likely to be financially successful.

(10) The proposed operating policies of the banking institution.

(11) A statement as to whether the banking institution is to be a trust company, an Oregon commercial bank or an Oregon stock savings bank, and, if the proposed Oregon commercial bank or Oregon stock savings bank is applying for trust powers, a statement to that effect.

(12) Any other information that the director may require. [Amended by 1971 c.68 §3; 1973 c.797 §54; 1977 c.135 §13; 1979 c.88 §9; 1997 c.631 §36]

Source: Section 707.070 — Application for authority to organize banking institution; fee; contents , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 714.995 — OR Code / Title 53 / Chapter 714 / Section 714.995
714.995 Civil penalty
Status: in_force

Each day a banking institution operates a branch with respect to which the banking institution has not filed notice with the Director of the Department of Consumer and Business Services under ORS 714.025 (Notice required to establish branches in Oregon or outside of Oregon) , the banking institution is subject to a penalty of up to $1,000. The penalty shall be assessed and collected as prescribed in ORS 706.570 (Requirement that banking institution keep books and accounts) (3). [1997 c.631 §323; 2015 c.244 §89]

Source: Section 714.995 — Civil penalty , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 707.752 — OR Code / Title 53 / Chapter 707 / Section 707.752
707.752 Advance for expenses
Status: in_force

(1) A banking institution may pay for or reimburse the reasonable expenses incurred by a director who is a party to a proceeding in advance of final disposition of the proceeding if:

(a) The director furnishes the banking institution a written affirmation of the director’s good faith belief that the director has met the standard of conduct described in ORS 707.746 (Authority to indemnify directors) ; and

(b) The director furnishes the banking institution a written undertaking, executed personally or on the director’s behalf, to repay the advance if it is ultimately determined that the director did not meet the standard of conduct.

(2) The undertaking required by subsection (1)(b) of this section must be an unlimited general obligation of the director but need not be secured and may be accepted without reference to financial ability to make repayment.

(3) Any authorization of payments under this section may be made by provision in the articles of incorporation, or bylaws, by a resolution of the shareholders or board of directors or by contract. [1989 c.324 §20; 1997 c.631 §109]

Source: Section 707.752 — Advance for expenses , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.735 — OR Code / Title 53 / Chapter 707 / Section 707.735
707.735 Officers and directors to notify law enforcement officers of certain criminal violations
Status: in_force

(1) If an officer or director of a banking institution has reason to believe that a person has violated any provision of law that has resulted or could result in loss to the banking institution and for which criminal prosecution is provided, the officer or director shall give the information relative to the violation to the appropriate federal, state or local law enforcement officer having jurisdiction of the violation, and to the Director of the Department of Consumer and Business Services.

(2) If the matter is referred to a district attorney or to the Attorney General, such officer promptly shall investigate the violation and institute such action against the person as the information and investigation requires or justifies. The cost of the investigation and action shall be paid by the county or state in the manner in which other criminal actions are paid. [1979 c.88 §7; 1997 c.631 §104]

Source: Section 707.735 — Officers and directors to notify law enforcement officers of certain criminal violations; investigations; costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.065 — OR Code / Title 53 / Chapter 711 / Section 711.065
711.065 Conversion of Oregon stock bank into insured stock institution
Status: in_force

(1) An Oregon stock bank may convert into an insured stock institution subject to the prior approval of the supervisory authority having jurisdiction over the proposed resulting insured stock institution.

(2) Upon completion of the conversion of an Oregon stock bank, its charter shall terminate, except for the purposes specified in ORS 711.190 (Effect of merger or conversion of Oregon bank) . [1997 c.631 §265]

Source: Section 711.065 — Conversion of Oregon stock bank into insured stock institution , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 713.160 — OR Code / Title 53 / Chapter 713 / Section 713.160
713.160 Conduct of banking business under certificate of authority
Status: in_force

After the Director of the Department of Consumer and Business Services issues a certificate of authority, the out-of-state bank or extranational institution is authorized to conduct banking business in this state, subject, however, to the right of this state to suspend or revoke the authority as provided in ORS 713.230 (Revocation of certificate of authority) . [1989 c.324 §61; 1997 c.631 §297; 2011 c.263 §9]

Source: Section 713.160 — Conduct of banking business under certificate of authority , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 708a.990 — OR Code / Title 53 / Chapter 708a / Section 708a.990
708A.990 Civil penalties
Status: in_force

(1) An institution that violates ORS 708A.560 (Real and personal property used in institution’s business) shall forfeit a civil penalty in an amount the Director of the Department of Consumer and Business Services determines that is not more than $50,000.

(2) An Oregon commercial bank that violates ORS 708A.420 (Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate) shall forfeit a civil penalty in an amount the director determines that is not more than $10,000. In addition, the director may revoke the Oregon commercial bank’s charter.

(3) All money forfeited under subsections (1) and (2) of this section shall be paid to the State Treasurer for deposit in the Consumer and Business Services Fund.

(4) The director may recover a civil penalty as provided in ORS 706.980 (Civil penalties) . [1997 c.631 §201; 2015 c.244 §74]

Source: Section 708A.990 — Civil penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 716.450 — OR Code / Title 53 / Chapter 716 / Section 716.450
716.450 Investments in certain obligations
Status: in_force

An Oregon savings bank may invest the funds mentioned in ORS 716.410 (Limitations on investments) :

(1) In the notes of any person, with a pledge as collateral of securities or personal property which are eligible for investment under ORS 716.410 (Limitations on investments) to 716.590 (Miscellaneous investments) and have an actual cash market value at least 25 percent greater than the amount of the loan.

(2) In the obligations of any person secured by an assignment of a life insurance policy, having a cash surrender value of not less than 100 percent of the amount of the obligations, plus an amount equal to one annual premium on the insurance policy.

(3) In loans, secured or unsecured, insured or guaranteed in part or in full by the United States or any instrumentality thereof, or by this state or instrumentality thereof, or for which a conditional guarantee has been issued. The limitations prescribed by ORS 716.552 (Investments in notes or bonds secured by real estate mortgages or trust deeds) to 716.574 (Purchase of real estate sale contract as loan) shall not apply to loans made under this subsection, but the aggregate amount of loans made under this subsection and ORS 716.552 (Investments in notes or bonds secured by real estate mortgages or trust deeds) shall not exceed 85 percent of the assets of any Oregon savings bank.

(4) In loans secured as specified under ORS 708A.345 (Obligations secured by government obligations or shares of mutual fund or unit trust) .

(5) In commercial paper with a maturity of 180 days or less, subject to a limitation of one percent of the total assets of the Oregon savings bank for each obligor.

(6) In unsecured loans, retail installment contracts, leases and loans secured by security interests in personal property and by mortgages and deeds of trust covering real estate, that are not otherwise eligible for investment by an Oregon savings bank when the obligations are for home or property repairs, alterations, appliances, improvements or additions, home furnishing, for installation of underground utilities, for educational purposes, for manufactured dwellings used or to be used for permanent or semipermanent housing or for any other nonbusiness purpose, if:

(a) The application for the loan states that the proceeds are to be used for one of the purposes listed in this subsection.

(b) The loans evidenced by a note or other evidence of obligation made pursuant to this subsection to any one individual do not exceed one percent of the assets of the Oregon savings bank and the aggregate amount of such loans do not exceed 20 percent of the assets of the Oregon savings bank.

(c) In the case of leases, the lease conforms to ORS 708A.180 (Acquisition of personal property for leasing purposes) and 708A.560 (Real and personal property used in institution’s business) .

(7) In secured or unsecured commercial, corporate, business and agricultural loans or leases of personal property, not to exceed 25 percent of the assets of the Oregon savings bank and not to exceed one percent of its assets to any one person. Leases shall conform to ORS 708A.180 (Acquisition of personal property for leasing purposes) and 708A.560 (Real and personal property used in institution’s business) .

(8) Subsection (5) of this section shall not be construed to permit an Oregon savings bank to make loans on or for inventory of articles held for sale as merchandise, except manufactured dwellings. [Amended by 1963 c.393 §1; 1969 c.211 §2; 1971 c.219 §3; 1973 c.797 §369; 1975 c.544 §47; 1977 c.135 §33; 1979 c.88 §28; 1981 c.192 §27; 1983 c.37 §28; 1985 c.786 §54; 1987 c.528 §3; 1993 c.52 §1; 1997 c.631 §348]

Source: Section 716.450 — Investments in certain obligations , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 707.623 — OR Code / Title 53 / Chapter 707 / Section 707.623
707.623 Modification of quorum or voting requirements
Status: in_force

(1) The articles of incorporation may provide for a lesser or greater quorum requirement for shareholders, or voting groups of shareholders, than is provided for by this chapter, but in no event shall a quorum for shareholders, or any voting group of shareholders, consist of less than one-third of the votes entitled to be cast on any matter by the shareholders or voting group of shareholders. The articles of incorporation may provide for a greater voting requirement for shareholders, or voting groups of shareholders, than is provided for by this chapter.

(2) An amendment to the articles of incorporation that adds a greater quorum or voting requirement must meet the quorum requirement and be adopted by the vote and voting groups required to take action under the quorum and voting requirements then in effect. An amendment to the articles of incorporation that changes or deletes a greater quorum or voting requirement must meet the quorum requirement and be adopted by the vote and voting groups required to take action immediately prior to the change or deletion. [1989 c.324 §48; 1997 c.631 §87]

Source: Section 707.623 — Modification of quorum or voting requirements , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 709.535 — OR Code / Title 53 / Chapter 709 / Section 709.535
709.535 Sale of assets or transfer of liabilities
Status: in_force

(1) Subject to the provisions of this section, and subject to the approval of the Director of the Department of Consumer and Business Services, an Oregon trust company may sell all or any portion of the Oregon trust company’s assets or transfer all or any portion of the Oregon trust company’s liabilities to another trust company outside the ordinary course of business. The parties to the sale or transfer shall document the sale or transfer with an acquisition transaction agreement. The board of directors of each party to the transaction must approve the agreement.

(2) If an Oregon trust company proposes to transfer all or substantially all of the Oregon trust company’s assets, liabilities or both outside the ordinary course of business, the Oregon trust company shall send notice of the acquisition transaction to each of the Oregon trust company’s stockholders within 30 days after the board of directors approves the acquisition transaction. The notice shall set forth the substantive provisions of ORS 711.175 (Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion) , 711.180 (Rights of stockholder dissenting to merger, share exchange, transfer of assets or liabilities or conversion) and 711.185 (Stockholder withdrawal of demand for payment for shares made under ORS 711.180) . To be effective, each selling Oregon trust company that is a party to the acquisition transaction shall have the acquisition transaction approved by a two-thirds vote of the outstanding stock of each class of voting shares at a meeting called to consider the acquisition transaction.

(3) The Director of the Department of Consumer and Business Services shall approve an acquisition transaction that is subject to this section if the director finds that the acquisition transaction:

(a) Conforms with the provisions of the Bank Act;

(b) Will not be detrimental to the safety and soundness of an Oregon trust company that is a party to the acquisition transaction;

(c) Is not contrary to the public interest; and

(d) Is permitted by the supervisory authority, if any, that has jurisdiction over the acquiring trust company, if the acquiring trust company is not an Oregon trust company.

(4) If the director disapproves an acquisition transaction that is subject to this section, the director shall state any objections in writing and give the parties to the acquisition transaction an opportunity to take action to obviate the objections.

(5) Any party to an acquisition transaction agreement may appeal the director’s decision as provided in ORS 183.415 (Notice of right to hearing) to 183.500 (Appeals) . [1997 c.631 §233; 2007 c.71 §229; 2015 c.244 §80]

Source: Section 709.535 — Sale of assets or transfer of liabilities; approval by stockholders and director; appeal , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 707.110 — OR Code / Title 53 / Chapter 707 / Section 707.110
707.110 Execution and submission of articles of incorporation
Status: in_force

(1) Any number of individuals, not less than five, may by articles of incorporation establish an institution or Oregon stock savings bank. The individuals shall execute the articles of incorporation in duplicate, and shall submit the articles of incorporation to the Director of the Department of Consumer and Business Services.

(2) The articles of incorporation must:

(a) Specify the name of the institution or Oregon stock savings bank.

(b) Specify the initial principal place where the institution or Oregon stock savings bank will transact business, designated by legal description or street and number in the city or town.

(c) Specify the address, including street and number, and mailing address, if different, of the institution’s or Oregon stock savings bank’s initial registered office and the name of the initial registered agent at the registered office.

(d) List the names of the prospective incorporators.

(e) Specify the term of the institution’s or Oregon stock savings bank’s existence, which may be perpetual.

(f) Specify the purpose for which the institution or Oregon stock savings bank is formed.

(g) State that a board of directors of not less than five individuals will govern the business of the institution or Oregon stock savings bank.

(h) State the preemptive rights that stockholders will have, if the stockholders will have preemptive rights.

(3) In addition to the requirements set forth in subsection (2) of this section, the articles of incorporation:

(a) Must prescribe the classes of shares and the number of shares of each class that the institution or Oregon stock savings bank may issue. If the institution or Oregon stock savings bank may issue more than one class of shares, the articles of incorporation must prescribe a distinguishing designation for each class, and before the institution or Oregon stock savings bank issues shares of a class, the articles of incorporation must describe the preferences, limitations and relative rights of the class. All shares of a class must have preferences, limitations and relative rights identical to those of other shares of the same class except to the extent otherwise permitted by ORS 707.262 (Share options) .

(b) Must authorize one or more classes of shares that together have unlimited voting rights, and one or more classes of shares, which may be the same class or classes as those with voting rights, that together are entitled to receive the net assets of the institution or Oregon stock savings bank upon dissolution.

(c) May authorize one or more classes of shares that:

(A) Have special, conditional or limited voting rights, or no voting rights, except to the extent prohibited by this chapter;

(B) Are redeemable or convertible as specified in the articles of incorporation:

(i) At the option of the institution or Oregon stock savings bank, the shareholder or another person or upon the occurrence of a designated event;

(ii) For cash, indebtedness, securities or other property; or

(iii) In a designated amount or in an amount determined in accordance with a designated formula or by reference to extrinsic data or events;

(C) Entitle the holders to distributions calculated in any manner, including dividends that may be cumulative, noncumulative or partially cumulative; or

(D) Have preference over any other class of shares with respect to distributions, including dividends and distributions upon the dissolution of the institution or Oregon stock savings bank.

(4) The description of the designations, preferences, limitations and relative rights of share classes in subsection (3)(c) of this section is not exhaustive.

(5) The articles of incorporation also may contain any lawful provisions that:

(a) Regulate the business or conduct of affairs of the institution or Oregon stock savings bank;

(b) Define, limit and regulate the powers of the directors; or

(c) Eliminate or limit the personal liability of a director to the institution or Oregon stock savings bank or the shareholders of the institution or Oregon stock savings bank for monetary damages for conduct as a director, except that the provisions may not eliminate or limit the liability of a director for any act or omission that occurs before the date on which the provision becomes effective, and except that the provision may not eliminate or limit the liability of a director for:

(A) Any breach of the director’s duty of loyalty to the institution or Oregon stock savings bank or the shareholders of the institution or Oregon stock savings bank;

(B) Acts or omissions that are not in good faith or that involve intentional misconduct or a knowing violation of law;

(C) Any unlawful distribution under the Bank Act; or

(D) Any transaction from which the director derived an improper personal benefit. [Amended by 1973 c.797 §58; 1987 c.197 §1a; 1989 c.324 §3; 1997 c.631 §43; 2005 c.192 §6; 2015 c.244 §18]

Source: Section 707.110 — Execution and submission of articles of incorporation; contents , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 717.255 — OR Code / Title 53 / Chapter 717 / Section 717.255
717.255 Examination of licensee
Status: in_force

(1) The Director of the Department of Consumer and Business Services may conduct an annual on-site examination of a licensee upon reasonable notice to the licensee. The examination may be conducted at the principal place of business of the licensee. Upon reasonable notice, the director may also conduct an examination of any location of the licensee and its authorized delegates. The on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of other states. In lieu of an annual on-site examination, the director may accept the examination report of an agency of another state or a report prepared by an independent accountancy organization. Reports so accepted are considered for all purposes as an official report of the director.

(2) The director may conduct an on-site examination of a licensee or any authorized delegate without prior notice to the licensee or authorized delegate if the director has a reasonable basis to believe that the licensee or authorized delegate is in violation of any provision of ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) . The examination may be conducted at the principal place of business of the licensee or authorized delegate.

(3) The director shall have authority to examine under oath all persons whose testimony the director may require in order to conduct the examination.

(4) Each licensee examined under this section shall pay $60 per hour for each examiner, plus costs of an examination, to the director. The director may maintain an action for the recovery of such costs in any court of competent jurisdiction. [1999 c.571 §13; 2001 c.104 §284]

Source: Section 717.255 — Examination of licensee; notice; costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 709.150 — OR Code / Title 53 / Chapter 709 / Section 709.150
709.150 General powers of trust companies
Status: in_force

A trust company may:

(1) Act as a fiscal or transfer agent of the United States or of any state, county, municipality, political subdivision or corporation, and in that capacity:

(a) Receive and disburse money;

(b) Transfer, register and countersign certificates of stock, bonds or other evidence of indebtedness;

(c) Authenticate and certify bonds and certificates of indebtedness; and

(d) Act as attorney-in-fact or agent of a person for any lawful purpose.

(2) Lease, hold, purchase and convey any real property necessary or convenient in transacting trust business.

(3) Receive deposits of moneys, securities and other personal property in trust from any person and loan trust funds that are secured by real or personal property.

(4) Act as trustee under any mortgage or bonds and accept and execute any lawful municipal or corporate trusts.

(5) Be appointed by a court and act as a fiduciary.

(6) Accept and execute any lawful trust.

(7) Rent receptacles for safe deposits of personal property and receive personal property upon deposit for safekeeping.

(8) Purchase, invest in and sell bills of exchange, bonds and mortgages, and other evidences of indebtedness.

(9) Discount and negotiate promissory notes, drafts, bills of exchange and other evidences of debt in managing trust properties, accept for payment at a future date drafts drawn upon the trust company and issue letters of credit authorizing holders to draw drafts upon the trust company or the trust company’s correspondents at sight or on time, not exceeding one year.

(10) Exercise all other powers given to trust companies under the Bank Act. [Amended by 1961 c.344 §106; 1973 c.797 §194; 1973 c.823 §141; 1974 c.36 §24; 1997 c.631 §210; 2015 c.244 §76]

Source: Section 709.150 — General powers of trust companies , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 707.613 — OR Code / Title 53 / Chapter 707 / Section 707.613
707.613 Shareholder waiver of notice
Status: in_force

(1) A shareholder may, at any time, waive any notice required by this chapter, the articles of incorporation or bylaws. The waiver must be in writing, be signed by the shareholder entitled to the notice and be delivered to the institution or Oregon stock savings bank for inclusion in the corporate records.

(2) Attendance at a meeting by a shareholder waives objection to:

(a) Lack of notice or defective notice of the meeting, unless the shareholder at the beginning of the meeting objects to the holding of the meeting or the transacting of business at the meeting; and

(b) Consideration of a particular matter at the meeting that is not within the purpose or purposes described in the meeting notice, unless the shareholder objects to considering the matter when it is presented. [1989 c.324 §51; 1997 c.631 §81]

Source: Section 707.613 — Shareholder waiver of notice; effect of attendance at meeting , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.250 — OR Code / Title 53 / Chapter 711 / Section 711.250
711.250 Engaging in banking or trust business prohibited after liquidation, transfer of deposit liabilities or ceasing to do business for one year
Status: in_force

(1) An institution may not engage in banking business or transact trust business if the institution:

(a) Goes into voluntary liquidation;

(b) Is closed because of insolvency;

(c) Sells all or substantially all of its assets to another institution that takes over and assumes all or substantially all of its deposit liabilities; or

(d) Does not engage in banking business or transact trust business for a period of one year.

(2) An institution shall, within one year after it ceases to do a banking business or trust business, amend its articles of incorporation by eliminating the power to engage in a banking business or trust business or it is dissolved and shall not be reinstated and shall surrender its charter. For the purpose of winding up its affairs, the institution may continue as a body corporate for a period of five years from the date it stops doing a banking business or trust business, and as such:

(a) The dissolution of the institution shall not take away or impair any remedy available to or against such institution, its directors, officers or shareholders for any right or claim existing or any liability incurred prior to such dissolution if an action or other proceeding thereon is commenced within five years after the date of issuance of a certificate of dissolution or filing of a judgment of dissolution. Any other action or proceeding by or against the institution may be prosecuted or defended by the institution in its corporate name. The shareholders, directors and officers shall have power to take such corporate or other action as shall be appropriate to protect such remedy, right or claim. If such institution was dissolved by the expiration of its period of duration, such institution may amend its articles of incorporation at any time during such period of five years so as to extend its period of duration.

(b) Whenever any such institution is the owner of real or personal property, or claims any interest or lien whatsoever in any real or personal property, such institution shall continue to exist during such five-year period for the purpose of conveying, transferring and releasing such real or personal property or interest or lien therein. Such institution shall continue, after the expiration of such five-year period, to exist as a body corporate for the purpose of being made a party to and being sued in any action, suit or proceeding against it involving the title to any such real or personal property or any interest therein, and not otherwise. Any such action, suit or proceeding may be instituted and maintained against any such institution as might have been had prior to the expiration of said five-year period. This section shall not be construed as affecting or suspending any statute of limitations applicable to any suit, action or proceeding instituted under this section.

(c) For the purpose of service of any process, notice or demand within the prescribed time following such dissolution, the Director of the Department of Consumer and Business Services shall be an agent of the dissolved institution upon whom service may be made. [Amended by 1959 c.54 §1; 1973 c.797 §245; 1987 c.197 §7; 1989 c.324 §54; 1997 c.631 §241; 2003 c.576 §549]

INSOLVENCY; LIQUIDATION BY DIRECTOR

Source: Section 711.250 — Engaging in banking or trust business prohibited after liquidation, transfer of deposit liabilities or ceasing to do business for one year; dissolution , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 709.060 — OR Code / Title 53 / Chapter 709 / Section 709.060
709.060 Primary liability of deposit
Status: in_force

The deposit mentioned in ORS 709.030 (Approval to transact trust business) is primarily liable for the malfeasance of a trust company as a fiduciary and is not liable for any debt or other obligation of the company until such malfeasance liability has been discharged. [Amended by 1973 c.797 §186; 1997 c.631 §206]

Source: Section 709.060 — Primary liability of deposit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 716.410 — OR Code / Title 53 / Chapter 716 / Section 716.410
716.410 Limitations on investments
Status: in_force

A savings bank may invest its assets only as provided by ORS 716.420 (Permitted investments) to 716.590 (Miscellaneous investments) . [Amended by 1973 c.797 §366; 1979 c.88 §27]

Source: Section 716.410 — Limitations on investments , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 716.600 — OR Code / Title 53 / Chapter 716 / Section 716.600
716.600 Relationship to powers of federal savings banks
Status: in_force

(1) Notwithstanding any provision contained in ORS chapters 706 to 715, except as limited by articles of incorporation of an Oregon savings bank:

(a) Oregon savings banks are authorized to engage in those activities in which federal savings banks may engage and may acquire and retain those investments that federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to federal savings banks.

(b) Oregon savings banks shall have all powers necessary or convenient to effect any or all of the purposes for which the Oregon savings bank is organized or to perform any or all of the acts expressly or impliedly authorized or required under ORS chapter 706 or this chapter.

(c) Subsidiaries of Oregon savings banks are authorized to engage in those activities in which subsidiaries of federal savings banks may engage and may acquire and retain those investments that subsidiaries of federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to subsidiaries of federal savings banks.

(d) Activities and investments referred to in paragraphs (a) to (c) of this subsection that require notice to or approval of the Director of the Office of Thrift Supervision shall not require such notice or approval but shall require notice to or approval of the Director of the Department of Consumer and Business Services. For purposes of this section, references in federal statutes, regulations and other authorities that prescribe permissible activities and investments of federal savings banks and subsidiaries of federal savings banks shall be considered whenever practicable to refer to comparable provisions of Oregon law. The Director of the Department of Consumer and Business Services may approve an activity or investment that requires director approval subject to such conditions as the director deems appropriate.

(2) The purpose of this section is to grant Oregon savings banks and their subsidiaries investment and activity powers and authorities equivalent to that permitted federal savings banks under federal law. [1973 c.797 §379; 1987 c.197 §9; 1989 c.324 §73; 1997 c.631 §350]

Source: Section 716.600 — Relationship to powers of federal savings banks , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 707.200 — OR Code / Title 53 / Chapter 707 / Section 707.200
707.200 Payments by subscribers of full amount of stock subscriptions
Status: in_force

Before a charter for a newly organized institution or Oregon stock savings bank is issued, the subscribers to the stock of the institution or Oregon stock savings bank shall pay in the full amount of the subscribers’ stock subscriptions, which must total an aggregate amount that is not less than the initial paid-in capital that the Director of the Department of Consumer and Business Services approved. The subscribers shall pay the amount by deposit with an escrow agent that is acceptable to the director for release upon the issuance of a charter. The subscribers shall pay in cash or by exchange of real property and improvements on real property. The director must approve the real property and improvements as provided in ORS 707.050 (Initial paid-in capital requirement) , but in the absence of fraud in the transaction, the judgment of the board of directors as to the adequacy of the real property and improvements as consideration for the stock being purchased is conclusive. An institution or Oregon stock savings bank may not issue any share of stock until the charter for the institution or Oregon stock savings bank has been issued. [Amended by 1973 c.797 §66; 1983 c.296 §2; 1985 c.786 §26; 1987 c.216 §3; 1997 c.631 §54; 2015 c.244 §21]

Source: Section 707.200 — Payments by subscribers of full amount of stock subscriptions; escrow , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 716.135 — OR Code / Title 53 / Chapter 716 / Section 716.135
716.135 Amendment of articles of incorporation
Status: in_force

(1) An Oregon nonstock bank may amend its articles of incorporation, from time to time, in any and as many respects as may be desired, so long as its articles of incorporation as amended contain only such provisions as might be lawfully contained in original articles of incorporation at the time of making such amendment.

(2) In particular, and without limitation upon such general power of amendment, an Oregon nonstock bank may amend its articles of incorporation, from time to time, so as:

(a) To change its corporate name.

(b) To change its period of duration.

(c) To change, enlarge or diminish its corporate purposes. [1979 c.88 §18; 1997 c.631 §341]

Source: Section 716.135 — Amendment of articles of incorporation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 716.180 — OR Code / Title 53 / Chapter 716 / Section 716.180
716.180 Bylaws
Status: reserved

The initial bylaws of an Oregon savings bank shall be adopted by its board of directors. The power to alter, amend or repeal the bylaws or adopt new bylaws shall be vested in the board of directors unless, in the case of an Oregon stock savings bank, such power is reserved to the stockholders by the articles of incorporation or bylaws. The bylaws may contain any provisions for the regulation and management of the affairs of the Oregon savings bank as are not inconsistent with law or the articles of incorporation. [1997 c.631 §364]

Source: Section 716.180 — Bylaws , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 708a.145 — OR Code / Title 53 / Chapter 708a / Section 708a.145
708A.145 Authorized services of bank service corporations
Status: in_force

(1) A bank service corporation may perform any of the following services for financial institutions:

(a) Check and deposit sorting and posting;

(b) Computing and posting interest and other credits and charges;

(c) Preparing and mailing checks, statements, notices and similar items; or

(d) Any other clerical, bookkeeping, accounting, statistical or similar functions.

(2) In addition to the services that a bank service corporation may perform for financial institutions under subsection (1) of this section, a bank service corporation:

(a) May perform for any person any service that any shareholders of the bank service corporation or any holding company or subsidiary of the shareholder may lawfully perform, except that a bank service corporation may not engage in the business of banking.

(b) Is subject to the limitations with respect to selling insurance that apply to depository institutions under ORS 746.213 (Definitions for ORS 746.213 to 746.219) to 746.219 (Investigatory powers) . For the purpose of this paragraph, “depository institution” has the meaning given that term in ORS 746.213 (Definitions for ORS 746.213 to 746.219) .

(3) A banking institution may not cause to be performed, by contract or otherwise, any of the services described in subsection (1) of this section for the banking institution, whether on or off the banking institution’s premises, unless both the banking institution and the person that performs the services give a satisfactory assurance to the Director of the Department of Consumer and Business Services that the director may regulate and examine the performance of the services to the same extent as if the banking institution performed the services on the banking institution’s own premises.

(4) The director may regulate and examine the performance of the services described in subsection (1) of this section for financial institutions, and may regulate and examine a bank service corporation’s performance of the services described in subsection (2) of this section. [1997 c.631 §124; 2003 c.363 §8; 2015 c.244 §36]

Source: Section 708A.145 — Authorized services of bank service corporations; sale of insurance; regulation of services , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 714.300 — OR Code / Title 53 / Chapter 714 / Section 714.300
714.300 Issuance of safety information to customers of ATMs and night deposit facilities
Status: in_force

The issuers of access devices shall furnish customers receiving the devices with notices of basic safety precautions which customers should employ while using an ATM or night deposit facility. This information shall be furnished by personally delivering or by mailing the information to each customer whose mailing address as to the account to which the access device relates is in this state. This information shall be furnished with respect to access devices issued after July 1, 1994, at or before the time the customer is furnished with the customer’s access device. With respect to a customer to whom an access device has been issued on or before July 1, 1994, the information shall be delivered or mailed to the customer on or before December 31, 1994. Only one notice need be furnished per household, and if access devices are furnished to more than one customer for a single account or set of accounts or on the basis of a single application or other request for the access devices, only a single notice need be furnished in satisfaction of the notification responsibilities as to all those customers. The information may be included with other disclosures related to the access device furnished to the customer, such as with any initial or periodic disclosure statement furnished pursuant to the Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.). [1993 c.381 §14; 2021 c.97 §81]

Source: Section 714.300 — Issuance of safety information to customers of ATMs and night deposit facilities , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 706.795 — OR Code / Title 53 / Chapter 706 / Section 706.795
706.795 Rules authorizing banking institutions to exercise powers of certain financial institutions
Status: in_force

Notwithstanding any other provision of law, the Director of the Department of Consumer and Business Services may, in accordance with ORS 183.310 (Definitions for chapter) , 183.315 (Application of provisions of chapter to certain agencies) , 183.330 (Description of organization) , 183.335 (Notice) and 183.341 (Model rules of procedure) to 183.410 (Agency determination of applicability of rule or statute to petitioner) , make rules that authorize banking institutions to exercise any of the powers conferred upon any financial institution that is conducting banking business or trust business in this state, if the director finds that the exercise of the power:

(1) Serves the public convenience and advantage; and

(2) Promotes or maintains fair competition between banking institutions and other financial institutions. [Formerly 706.555; 1997 c.631 §23; 2015 c.244 §14]

Source: Section 706.795 — Rules authorizing banking institutions to exercise powers of certain financial institutions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 713.300 — OR Code / Title 53 / Chapter 713 / Section 713.300
713.300 Out-of-state bank, extranational institution or foreign association
Status: in_force

(1) For purposes of this section, “foreign association” means a corporation organized to transact savings and loan business under federal law or under the laws of another state or territory of the United States, the home state or territory of which is a state or territory other than Oregon.

(2) Subject to subsection (3) of this section, an out-of-state bank, extranational institution or foreign association, without being authorized to transact banking business or savings and loan business in this state, may take, acquire, hold and enforce notes secured by mortgages or trust deeds and make commitments to purchase the notes. The out-of-state bank, extranational institution or foreign association may foreclose the mortgages or trust deeds in the courts of this state, acquire the mortgaged property, hold, own and operate the property for a period not exceeding five years and dispose of the property. The activities that this subsection authorizes an out-of-state bank, extranational institution or foreign association to engage in do not constitute transacting business in this state for the purposes of ORS chapter 60.

(3) Before an out-of-state bank, extranational institution or foreign association engages in an activity described in subsection (2) of this section, the out-of-state bank, extranational institution or foreign association shall first file with the Department of Consumer and Business Services a notice that states that the out-of-state bank, extranational institution or foreign association intends to engage in one or more of the activities described in subsection (2) of this section. The out-of-state bank, extranational institution or foreign association shall pay an initial filing fee of $200 and an annual fee of $200. The notice must include the address of the principal place of business of the out-of-state bank, extranational institution or foreign association.

(4) An out-of-state bank, extranational institution or foreign association that is authorized to transact banking business in this state under ORS 713.160 (Conduct of banking business under certificate of authority) need not comply with subsection (3) of this section.

(5) An out-of-state bank, extranational institution or foreign association that indirectly engages in the activities described in subsection (2) of this section because of a beneficial interest in a pool of notes secured by mortgages or trust deeds need not comply with subsection (3) of this section. [1999 c.30 §4; 2009 c.541 §32; 2015 c.244 §87; 2017 c.209 §1]

Source: Section 713.300 — Out-of-state bank, extranational institution or foreign association; activities that do not constitute transacting business in this state; filing notice with director; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 711.535 — OR Code / Title 53 / Chapter 711 / Section 711.535
711.535 Verification and filing of claims
Status: in_force

(1) All claims shall be verified and filed with the Director of the Department of Consumer and Business Services. If a claimant asserts a preference other than the preference given in ORS 711.520 (Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation) to depositors, the claim shall include a demand for preference and a statement of the grounds upon which preference is claimed.

(2) Any claim for preference shall be filed with the director and the supervising court, before the expiration of the time fixed under ORS 711.530 (Notice to creditors to present claims) in the notice to creditors. If a claim for preference is not filed within the designated time, it is barred. [Amended by 1973 c.797 §273]

Source: Section 711.535 — Verification and filing of claims; demand for preference , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.195 — OR Code / Title 53 / Chapter 708a / Section 708a.195
708A.195 Disposition of real and personal property
Status: in_force

(1) An institution shall promptly dispose of real and personal property that the institution may not own or hold under the Bank Act.

(2) An institution shall sell or exchange real estate that the institution acquires in accordance with ORS 708A.175 (Right to purchase, hold and dispose of real and personal property) (3) and (4) for other real estate within 10 years after title has vested in the real estate, unless the Director of the Department of Consumer and Business Services extends the time. Title vests for purposes of this section on the date the institution receives a deed to the real estate. An institution may not exchange real estate for other real estate without the director’s prior written consent. An institution may hold real estate the institution takes in exchange for other real estate for a period of time that the director fixes, not to exceed 10 years from the date of the exchange.

(3) An institution shall promptly dispose of personal property the institution acquires under ORS 708A.175 (Right to purchase, hold and dispose of real and personal property) (3). [1997 c.631 §135; 2011 c.478 §2; 2015 c.244 §41]

Source: Section 708A.195 — Disposition of real and personal property , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.675 — OR Code / Title 53 / Chapter 707 / Section 707.675
707.675 Report of loans and investments
Status: in_force

The board of directors shall designate an officer of the banking institution to prepare and submit to the board at every meeting or to a committee of not less than three members of the board of directors a report, in such detail as the board may direct, of the loans and investments made during the preceding month or since the last report, and information concerning loans to officers, directors and employees. The board of directors shall examine the report and make it a part of the record of the meeting by recording the report in full in the minutes. [1973 c.797 §90; 1995 c.316 §3; 1997 c.631 §96]

Source: Section 707.675 — Report of loans and investments , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.180 — OR Code / Title 53 / Chapter 708a / Section 708a.180
708A.180 Acquisition of personal property for leasing purposes
Status: in_force

An Oregon commercial bank may acquire and lease personal property at the request of a lessee that wishes to lease the personal property upon terms that require paying rents. Rents may include residual values, the payment of which a responsible third party guarantees. [1997 c.631 §132; 2015 c.244 §40]

Source: Section 708A.180 — Acquisition of personal property for leasing purposes , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 706.790 — OR Code / Title 53 / Chapter 706 / Section 706.790
706.790 Rules
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 purpose of carrying out the Bank Act.

(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 Oregon operating institution. [Formerly 706.460; 1997 c.631 §22]

Source: Section 706.790 — Rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 717.300 — OR Code / Title 53 / Chapter 717 / Section 717.300
717.300 Subpoena authority
Status: in_force

(1) For purposes of an investigation or proceeding under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) , the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses and 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. 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).

(2) If a person fails to comply with a subpoena issued pursuant to this section or a party or witness refuses to testify on any matter, the judge of the circuit court of any county, on the application of the director, shall compel obedience by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from the court or a refusal to testify. [1999 c.571 §23]

Source: Section 717.300 — Subpoena authority , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 708a.375 — OR Code / Title 53 / Chapter 708a / Section 708a.375
708A.375 Obligations of guarantors
Status: in_force

In addition to obligations permitted by ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank) , an Oregon commercial bank may acquire obligations of a person, in the form of a guaranty or otherwise, without regard to amount, on account of obligations previously contracted in good faith or to reduce the risk of loss. Any such obligations shall, however, be subject to ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank) in determining whether the Oregon commercial bank may make additional loans to or acquire other obligations of the person. [1997 c.631 §160]

Source: Section 708A.375 — Obligations of guarantors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.665 — OR Code / Title 53 / Chapter 707 / Section 707.665
707.665 General standards for officers
Status: in_force

(1) An officer with discretionary authority shall discharge the duties of an officer under that authority:

(a) In good faith;

(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and

(c) In a manner the officer reasonably believes is in the best interests of the institution or Oregon stock savings bank.

(2) In discharging the duties of an officer, an officer may rely on information, opinions, reports or statements, including financial statements and other financial data, that are prepared or presented by:

(a) One or more officers or employees of the institution or Oregon stock savings bank whom the officer reasonably believes are reliable and competent in the matters presented; or

(b) Legal counsel, public accountants or other persons as to matters the officer reasonably believes are within the person’s professional or expert competence.

(3) An officer is not acting in good faith if the officer has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted. [1997 c.631 §94; 2015 c.244 §31]

Source: Section 707.665 — General standards for officers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.186 — OR Code / Title 53 / Chapter 707 / Section 707.186
707.186 Resignation of registered agent
Status: in_force

(1) A registered agent may resign as agent upon delivering a signed statement to the Director of the Department of Consumer and Business Services and giving notice in the form of a copy of the statement to the institution or Oregon stock savings bank. The statement may include a statement that the registered office is also discontinued.

(2) Upon delivery of the signed statement, the director shall file the resignation statement. The copy of the statement given to the institution or Oregon stock savings bank under subsection (1) of this section shall be addressed to the institution or Oregon stock savings bank at its mailing address or principal office as shown by the records of the director.

(3) The agency appointment is terminated and the registered office discontinued, if so provided, on the 31st day after the date on which the statement was filed by the director unless, prior to that date, the institution or Oregon stock savings bank appoints a successor registered agent as provided in ORS 707.184 (Changes in registered office or agent) , thereby terminating the capacity of such agent. [2005 c.192 §4]

Source: Section 707.186 — Resignation of registered agent; discontinuance of registered office , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.435 — OR Code / Title 53 / Chapter 711 / Section 711.435
711.435 Resumption of business of institution placed in control of director
Status: in_force

(1) If the Director of the Department of Consumer and Business Services determines upon taking charge of an institution that it is only temporarily short of available funds and that its assets are sufficient to pay its liabilities, leaving its stockholders’ equity unimpaired, or the stockholders will arrange to make good its stockholders’ equity, if impaired, the director may permit the officers and directors of the institution to arrange with its depositors and creditors for an extension of time for payment of the depositors and creditors.

(2) When the director is satisfied that the stockholders’ equity of the institution has been brought into conformance with the Bank Act, the institution is solvent and has funds on hand with which to meet the demands made on it in the ordinary course of business, and the institution has arranged with its depositors and creditors for an extension of time to enable the institution to realize on its assets to meet the obligations, the director may within 60 days after taking charge of the institution permit it to resume business.

(3) The institution shall pay, at the actual per diem cost, for the service of the director and the employees of the director in taking charge of and looking after the affairs of the institution during the time it was under control of the director. The money so received shall be deposited with the State Treasurer to be credited to the Consumer and Business Services Fund. [Amended by 1973 c.797 §255; 1997 c.631 §245]

Source: Section 711.435 — Resumption of business of institution placed in control of director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 706.723 — OR Code / Title 53 / Chapter 706 / Section 706.723
706.723 Confidential documents
Status: in_force

(1) Notwithstanding any other provision of law:

(a) Reports and records described in ORS 706.720 (Reports filed with director) (3) and compliance review documents are confidential as provided in ORS 705.137 (Information that is confidential or not subject to disclosure) and are not discoverable or admissible as evidence in any civil action or administrative proceeding.

(b) Reports and records described in ORS 706.720 (Reports filed with director) (3) and compliance review documents delivered to a state, federal or foreign governmental or regulatory agency remain confidential as provided in ORS 705.137 (Information that is confidential or not subject to disclosure) and are not discoverable or admissible in any civil action or administrative proceeding.

(c) A person that serves on a compliance review committee or acts at the request of a compliance review committee may not testify in any civil action as to:

(A) The contents or conclusions of a compliance review document; or

(B) The actions that a compliance review committee takes.

(2) This section does not limit the discovery or admissibility in any civil action or administrative proceeding of any documents that are not reports or records described in ORS 706.720 (Reports filed with director) (3) or compliance review documents.

(3) Upon motion by any party, a court shall determine a claim of confidentiality under this section after an in camera review of the materials or information claimed to be confidential. If the court determines that part, but not all, of the materials or information is confidential under this section, the court shall ensure that only the materials or information that is not confidential is disclosed.

(4) The provisions of this section do not affect the ability of a person to claim any privilege that may be provided by law, including but not limited to a claim of privilege under ORS 40.225 (Rule 503. Law practitioner-client privilege) .

(5) For the purposes of this section:

(a) “Compliance review committee” means a person or persons that a board of directors or the managers of a financial institution assign to test, review or evaluate the conduct of the financial institution, the transactions of the financial institution or the potential transactions of the financial institution for the purpose of monitoring, improving and enforcing compliance with:

(A) Safe, sound and fair lending practices;

(B) Financial reporting to state or federal regulatory agencies;

(C) The financial institution’s own policies and procedures; or

(D) Federal or state statutory or regulatory requirements relating to financial institutions.

(b) “Compliance review document” means any document prepared for or created by a compliance review committee. [1997 c.81 §2; 2001 c.377 §22; 2015 c.244 §13]

Source: Section 706.723 — Confidential documents; review by court , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 711.175 — OR Code / Title 53 / Chapter 711 / Section 711.175
711.175 Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion
Status: in_force

(1) A stockholder of an Oregon stock bank or Oregon trust company may dissent from the following:

(a) A plan of merger pursuant to which the Oregon stock bank or Oregon trust company is not the resulting insured institution;

(b) A plan of merger pursuant to which the Oregon stock bank or Oregon trust company is the resulting insured stock institution and the number of its voting shares outstanding immediately after the merger, plus the number of shares issuable as a result of the merger, either by the conversion of securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the merger, will exceed by more than 20 percent the total number of voting shares of the resulting insured stock institution outstanding immediately before the merger;

(c) A plan of share exchange pursuant to which the Oregon stock bank or Oregon trust company in which the stockholder owns shares is acquired;

(d) An acquisition transaction requiring the stockholder’s approval pursuant to ORS 711.170 (Sale of assets and transfer of liabilities by Oregon bank) (5); and

(e) A plan of conversion pursuant to which the Oregon stock bank or Oregon trust company is to be converted to a limited liability company.

(2) To perfect a stockholder’s right to dissent to a transaction described in subsection (1) of this section, the stockholder must send or deliver a notice of dissent to the Oregon stock bank or Oregon trust company prior to or at the meeting of the stockholders at which the transaction is submitted to a vote, or the stockholder must vote against the transaction.

(3) A stockholder may not dissent as to less than all the shares registered in the name of the stockholder, except a stockholder holding, as a fiduciary or nominee, shares registered in the stockholder’s name for the benefit of more than one beneficiary, may dissent as to less than all of the shares registered in the fiduciary or nominee’s name if any dissent as to the shares held for a beneficiary is made as to all the shares held by the fiduciary for that beneficiary or nominee. The fiduciary’s rights shall be determined as if the shares to which the fiduciary has dissented and the other shares are registered in the names of different stockholders. [1997 c.631 §280; 2005 c.134 §9]

Source: Section 711.175 — Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 716.070 — OR Code / Title 53 / Chapter 716 / Section 716.070
716.070 Expense fund
Status: in_force

(1) The incorporators of an Oregon nonstock bank shall create an expense fund by depositing to the credit of the Oregon nonstock bank in cash an amount determined by the Director of the Department of Consumer and Business Services. They shall also enter into an agreement or undertaking with the director as trustee for the depositors with the Oregon nonstock bank to make further contributions in cash to the expense fund of the Oregon nonstock bank as may be necessary to pay the operating expenses until the Oregon nonstock bank can pay them from its earnings, in addition to the dividends as declared and credited to its depositors. The agreement or undertaking shall fix the liability of the incorporators jointly and severally for a reasonable amount as approved or determined by the director. In addition to the undertaking of the incorporators, the director may require a surety bond executed by an entity authorized to transact, within this state, the business of surety, or an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act) . The agreement or undertaking and letter of credit or surety bond shall be filed in the office of the director.

(2) The amounts contributed to the expense fund of the Oregon nonstock bank by the incorporators is not a liability of the Oregon nonstock bank except as provided in ORS 716.800 (Repayment of contributions made to expense fund and guaranty fund) . [Amended by 1973 c.797 §353; 1991 c.331 §117; 1997 c.631 §337]

Source: Section 716.070 — Expense fund , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 707.050 — OR Code / Title 53 / Chapter 707 / Section 707.050
707.050 Initial paid-in capital requirement
Status: in_force

(1) Every institution or Oregon stock savings bank shall have at the time of issuance of its charter, initial paid-in capital of not less than $1,500,000. The Director of the Department of Consumer and Business Services may require a lesser or greater amount of initial paid-in capital for a particular institution or Oregon stock savings bank if the director determines that the lesser or greater amount is sufficient or is necessary for safe and sound operation of the institution or Oregon stock savings bank.

(2) The initial paid-in capital of an institution or Oregon stock savings bank must be paid either in cash or by exchange of real property and improvements thereon. The real property and improvements must be approved by the director as meeting all applicable requirements of law and all other conditions and standards that the director adopts by rule, including but not limited to a proper appraisal by a qualified appraiser. [Amended by 1963 c.195 §3; 1973 c.797 §53; 1985 c.786 §24; 1997 c.631 §33]

Source: Section 707.050 — Initial paid-in capital requirement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 716.210 — OR Code / Title 53 / Chapter 716 / Section 716.210
716.210 Number and qualifications of directors
Status: in_force

(1) The board of directors of an Oregon savings bank shall manage and control the affairs of the Oregon savings bank. The board shall consist of not fewer than five members.

(2) A person shall not be a director of an Oregon savings bank if the person:

(a) Has been adjudicated a bankrupt, taken the benefit of any insolvency law or made a general assignment for the benefit of creditors within the 10 years immediately prior to the person’s election as a director.

(b) Has allowed a judgment recovered against the person for a sum of money to remain unsatisfied of record or unsecured on appeal for a period of more than three months. [Amended by 1961 c.278 §1; 1971 c.219 §1; 1973 c.797 §360; 1983 c.37 §26; 1985 c.786 §47; 1997 c.631 §345]

Source: Section 716.210 — Number and qualifications of directors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 708a.325 — OR Code / Title 53 / Chapter 708a / Section 708a.325
708A.325 Installment consumer paper
Status: in_force

(1) In addition to obligations permitted under ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank) , an Oregon commercial bank may acquire obligations of a person, not to exceed 25 percent of the Oregon commercial bank’s capital, as an indorser or guarantor of negotiable or nonnegotiable installment consumer paper that carries a full or partial recourse indorsement or unconditional guarantee by the person transferring the obligation and conforms to rules prescribed by the Director of the Department of Consumer and Business Services.

(2) The 25 percent limitation of subsection (1) of this section does not apply to the extent the Oregon commercial bank relies primarily on the obligors on the consumer paper for the payment of the consumer paper, the Oregon commercial bank has reasonably adequate knowledge of the financial condition of the obligors on the consumer paper and an officer of the Oregon commercial bank certifies in writing that the creditworthiness of the obligors on the consumer paper has been evaluated. The certificate shall be retained as part of the records of the Oregon commercial bank. [1997 c.631 §150]

Source: Section 708A.325 — Installment consumer paper , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 709.040 — OR Code / Title 53 / Chapter 709 / Section 709.040
709.040 Securities eligible for deposit
Status: in_force

The securities mentioned in ORS 709.030 (Approval to transact trust business) may only be of the following classes:

(1) Interest-bearing bonds, notes or obligations of the United States including those of its agencies and instrumentalities, or bonds, notes or obligations for which the faith of the United States is pledged for the payment of the principal and interest.

(2) Bonds or other obligations of the State of Oregon, any county of this state or any incorporated city, town or school or port district of this state having a population of not less than 2,000 as shown by the last federal census, or bonds of any other state, any county, incorporated city, town or school or port district therein having a population of not less than 25,000, as shown by the last federal census, if:

(a) The bonds or obligations are issued in compliance with the constitution and laws of the applicable state;

(b) The bonds or obligations are a general obligation of the state, city, town or school or port district issuing the bonds; and

(c) There has been no default in payment of either principal or interest on any of the general obligations of the state, county, incorporated city, town or school or port district for a period of five years preceding the date of the deposit.

(3) Notes or bonds secured by first liens upon improved real estate in this state or any other state if the obligation, plus taxes not due and bonded indebtedness for public improvements not due, do not exceed 50 percent of the reasonable market value of the real estate. The trust company shall file in support of a real estate obligation, such appraisal, evidence of merchantable title and insurance as may be required by the Director of the Department of Consumer and Business Services. [Amended by 1973 c.797 §184; 1997 c.631 §204]

Source: Section 709.040 — Securities eligible for deposit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 709.350 — OR Code / Title 53 / Chapter 709 / Section 709.350
709.350 Successor trustee upon liquidation or receivership
Status: in_force

(1) If a trust company goes into voluntary or involuntary liquidation or receivership, the appointment of a successor trustee for the trust shall be handled by the court hearing the liquidation proceedings upon petition by the Director of the Department of Consumer and Business Services, the trust company, any interested person or, in the case of a federal bank or extranational institution, by its receiver or liquidating agent.

(2) Upon the filing of the petition, the court shall order all persons interested in any trust to designate and take all necessary steps to appoint a successor trustee within a time fixed in the order, or to show cause why a successor trustee should not be appointed by the court. The order may be general in its terms and need not designate the trusts involved or the nature, purpose or extent of the trusts, or give the name of any of the beneficiaries or interested persons.

(3) In a trust where those interested in the trust fail to cause a successor trustee to be appointed prior to the time fixed in the order, the court shall appoint a successor trustee.

(4) The successor trustee shall succeed to all the rights, powers, and obligations of the trust company in liquidation, except claims or liabilities arising out of the management of trusts prior to the date of transfer.

(5) A copy of the order provided for in subsection (2) of this section shall be published once a week for four successive weeks in a newspaper of general circulation to be designated by the court and published in the county in which the liquidation proceedings of the trust company are carried on. If there is no newspaper published in the county, or if the court conducting the liquidation proceedings is located outside this state, publication shall be made in a newspaper of general circulation in the State of Oregon designated by the court. Proof of publication shall be made in the same manner as proof of publication of summons is made.

(6) The filing of the petition and the making and entering of the order and the publishing of a copy of the order, gives the court full jurisdiction of the trusts and all parties interested in the trusts. A court having jurisdiction shall require the director to mail, by registered mail or by certified mail with return receipt, postage prepaid, a copy of the order to each living trustor of all private trusts in which the trust company is trustee or to the then directly participating beneficiaries of all private trusts in which there is no living trustor. The notice shall be mailed to the last-known address of each trustor or participating beneficiary as shown by the records of the trust company. Proof of mailing shall be in such form as the court may require. Failure to mail the notice or the nonreceipt of the notice by any trustor or participating beneficiary shall not affect the jurisdiction of the court or invalidate any order or judgment made in the proceedings.

(7) It is unnecessary to require the appearance of minors or other incompetents by guardians ad litem or otherwise.

(8) The provisions of subsections (2) to (6) of this section shall apply only to trust companies that are organized under the laws of this state and to trust companies that are the trust departments of banks having their principal places of business in this state. If any other trust company goes into voluntary or involuntary liquidation or receivership, the proceedings shall be governed by the laws of the state or country in which the proceedings are initiated. The director and any other interested person may participate in the proceedings. Any successor trustee appointed pursuant to the proceedings shall succeed to all the rights, powers and obligations of the trust company, except claims or liabilities arising out of the management of trusts prior to the date of transfer. [Amended by 1973 c.797 §208; 1991 c.249 §64; 1997 c.631 §220; 2003 c.576 §547]

Source: Section 709.350 — Successor trustee upon liquidation or receivership; appointment and qualification; petition by director; applicability of state laws , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 711.415 — OR Code / Title 53 / Chapter 711 / Section 711.415
711.415 Receiving deposits in excess of insurance while insolvent
Status: in_force

A director, officer or employee of an Oregon stock bank shall not receive or permit to be received any deposit in excess of the insurance that the Oregon stock bank holds for its deposits under ORS 708A.405 (Deposits) , if the director, officer or employee knows that the Oregon stock bank is insolvent. [Amended by 1973 c.797 §253; 1985 c.786 §41; 1997 c.631 §243]

Source: Section 711.415 — Receiving deposits in excess of insurance while insolvent , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 707.184 — OR Code / Title 53 / Chapter 707 / Section 707.184
707.184 Changes in registered office or agent
Status: in_force

(1) An institution or Oregon stock savings bank may change the institution’s or Oregon stock savings bank’s registered office or registered agent by delivering to the Director of the Department of Consumer and Business Services for filing a statement of change that sets forth:

(a) The name of the institution or Oregon stock savings bank;

(b) The address, including street and number, of a new registered office, if the institution or Oregon stock savings bank changes the registered office;

(c) The name of a new registered agent and a statement that attests that the new registered agent has consented to the appointment, if the institution or Oregon stock savings bank changes the registered agent; and

(d) A statement that attests that after the change or changes are made, the street addresses of the institution’s or Oregon stock savings bank’s registered office and the business office of the institution’s or Oregon stock savings bank’s registered agent will be identical.

(2) If a registered agent changes the street address of the registered agent’s business office, the registered agent shall change the street address of the registered office of the institution or Oregon stock savings bank for which the agent is the registered agent by notifying the chief executive officer of the institution or Oregon stock savings bank of the change in writing, either electronically or by certified mail, and electronically delivering to the director a signed statement that complies with the requirements of subsection (1) of this section and recites that the registered agent has notified the institution or Oregon stock savings bank of the change.

(3) The director’s filing the statement terminates the existing registered office or registered agent, or both, on the effective date of the filing and establishes the newly appointed registered office or registered agent, or both, as the registered office or registered agent of the institution or Oregon stock savings bank. [2005 c.192 §3; 2015 c.244 §19]

Source: Section 707.184 — Changes in registered office or agent , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 716.630 — OR Code / Title 53 / Chapter 716 / Section 716.630
716.630 Real estate held for use as place of business
Status: in_force

(1) The cost of the land and buildings to be used by an Oregon nonstock bank for the transaction of its business shall not exceed:

(a) 50 percent of the guaranty fund and undivided profits account of the Oregon nonstock bank; or

(b) 50 percent of the capital, as defined in ORS 708A.290 (“Capital” defined for ORS 708A.290 to 708A.375) , of the Oregon stock savings bank.

(2) The Director of the Department of Consumer and Business Services may approve an amount in excess of the limitation prescribed under subsection (1) of this section if the director finds that an excess amount is reasonably necessary for the operation of the business and does not adversely affect the public interest. [Amended by 1971 c.219 §8; 1973 c.797 §382; 1997 c.631 §352]

Source: Section 716.630 — Real estate held for use as place of business , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 715.019 — OR Code / Title 53 / Chapter 715 / Section 715.019
715.019 Mutual financial holding companies
Status: in_force

(1) An Oregon nonstock bank may, pursuant to rules adopted by the Director of the Department of Consumer and Business Services, reorganize so that the resulting entities are an Oregon stock savings bank, controlled by a mutual financial holding company or a mutual bank holding company. For purposes of this section, a “mutual financial holding company or a mutual bank holding company” is a financial holding company or a bank holding company that does not issue capital stock. The mutual financial holding company shall be mutually owned by the depositors of the reorganizing Oregon nonstock bank and shareholders of other companies under the control of the mutual financial holding company. The mutual bank holding company shall be mutually owned by the depositors of the reorganizing Oregon nonstock bank.

(2) A mutual bank holding company may acquire or invest in the stock of one or more stock savings banks.

(3) A mutual bank holding company may merge with or acquire another mutual bank holding company.

(4) A mutual bank holding company formed under this section shall be subject to the provisions of this chapter.

(5) The director is authorized to adopt rules to carry out the provisions of this section. [1997 c.631 §330a; 2001 c.377 §32]

Source: Section 715.019 — Mutual financial holding companies; mutual bank holding companies; authority; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors715.­html (accessed May 26, 2025).
ORS § 708a.260 — OR Code / Title 53 / Chapter 708a / Section 708a.260
708A.260 Accepting own stock as collateral
Status: in_force

An Oregon commercial bank may not accept the Oregon commercial bank’s own capital stock as collateral unless taking the Oregon commercial bank’s own stock as collateral is necessary to prevent loss upon an indebtedness previously contracted in good faith. If the indebtedness is not paid in full within six months after the date on which the Oregon commercial bank took the stock as collateral, the Oregon commercial bank shall sell the stock promptly. [1997 c.631 §140; 2015 c.244 §44]

Source: Section 708A.260 — Accepting own stock as collateral , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 716.574 — OR Code / Title 53 / Chapter 716 / Section 716.574
716.574 Purchase of real estate sale contract as loan
Status: in_force

(1) The purchase of a bona fide contract covering a sale of real estate is a loan on real estate within the meaning of ORS 716.552 (Investments in notes or bonds secured by real estate mortgages or trust deeds) to 716.574 (Purchase of real estate sale contract as loan) .

(2) A savings bank may acquire contracts covering a sale of real estate if all other requirements of ORS 716.552 (Investments in notes or bonds secured by real estate mortgages or trust deeds) to 716.574 (Purchase of real estate sale contract as loan) are satisfied. [1973 c.797 §371i; 1985 c.554 §12]

Source: Section 716.574 — Purchase of real estate sale contract as loan; authority to acquire contracts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 714.069 — OR Code / Title 53 / Chapter 714 / Section 714.069
714.069 Activities and powers at branches outside this state
Status: in_force

(1) A banking institution may exercise the same powers and engage in the same activities at a branch or branches located in states outside this state as are permitted the banking institution within this state.

(2) A banking institution may exercise the same powers and engage in the same activities at a branch or branches located in foreign countries and dependencies or insular possessions of the United States as are permitted the banking institution within this state and in addition may exercise such additional powers as are permitted to such branches under 12 C.F.R. 211.3(b), 12 C.F.R. 347.3(c) and other applicable federal law. This subsection shall not be construed to permit a banking institution that opens, occupies or maintains one or more branches in a foreign country or dependency or insular possession of the United States to use the branch or branches or engage in any activities within this state that are not permitted to the banking institution under the laws of this state. [1997 c.631 §320]

Source: Section 714.069 — Activities and powers at branches outside this state , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 709.015 — OR Code / Title 53 / Chapter 709 / Section 709.015
709.015 Organization as limited liability company
Status: in_force

(1) As an alternative to being organized as a corporation pursuant to the provisions of ORS chapter 707 and this chapter, an Oregon trust company may be organized as a limited liability company.

(2) With respect to any Oregon trust company that is organized as a limited liability company, as used in the Bank Act:

(a) “Articles of incorporation” means the Oregon trust company’s articles of organization, as defined in ORS 63.001 (Definitions) .

(b) “Bylaws” means the Oregon trust company’s operating agreement, as defined in ORS 63.001 (Definitions) .

(c) “Certificate of incorporation” means a certificate of organization issued to the Oregon trust company.

(d) “Corporation” means a limited liability company, as defined in ORS 63.001 (Definitions) .

(e) “Director,” “directors” or “board of directors” means the Oregon trust company’s manager or managers, as defined in ORS 63.001 (Definitions) .

(f) “Dividends” means distributions, as defined in ORS 63.001 (Definitions) , declared or paid by the Oregon trust company.

(g) “Incorporator” means the Oregon trust company’s organizer, as defined in ORS 63.001 (Definitions) .

(h) “Share” or “stock” means a membership interest in the Oregon trust company, as defined in ORS 63.001 (Definitions) .

(i) “Stockholder,” “stockholders,” “shareholder” or “shareholders” means the Oregon trust company’s member or members, as defined in ORS 63.001 (Definitions) .

(3) An Oregon trust company organized as a limited liability company shall be organized under the authority of the Director of the Department of Consumer and Business Services under this chapter and ORS chapter 707. Except as set forth in subsection (4) of this section, with respect to all other aspects of its operation and existence, an Oregon trust company that is organized as a limited liability company is subject to the provisions of ORS chapter 63, to the extent that ORS chapter 63 does not conflict with the Bank Act. In the event of any conflict between the Bank Act and ORS chapter 63, the Bank Act controls.

(4) Intentionally left blank —Ed.

(a) Notwithstanding any provision of ORS chapter 63, the articles of organization of an Oregon trust company that is organized as a limited liability company shall:

(A) State that the existence of the Oregon trust company is perpetual; and

(B) Provide that the Oregon trust company is to be managed by a board of not fewer than five managers.

(b) Notwithstanding any provision of ORS chapter 63, an Oregon trust company that is organized as a limited liability company shall be managed exclusively by its board of managers in substantially the same manner as an Oregon trust company that is organized as a corporation is managed by its board of directors. The board of managers of an Oregon trust company that is organized as a limited liability company has substantially the same rights, powers, privileges, duties and responsibilities as the board of directors of an Oregon trust company that is organized as a corporation and is subject to the provisions of ORS chapter 707 and this chapter pertaining to directors.

(c) Notwithstanding any provision of ORS chapter 63, membership interests in an Oregon trust company that is organized as a limited liability company are freely transferable, and consent of the Oregon trust company or its members or managers is not required for a person to acquire or transfer a membership interest in the Oregon trust company. Immediately upon the completion of the transfer of the membership interest to a person, the person becomes a member, and has all the rights of a member.

(d) ORS 63.621 (Dissolution) (2) to (4) do not apply to an Oregon trust company organized as a limited liability company.

(5) The articles of organization of an Oregon trust company that is organized as a limited liability company shall require that liquidation of the Oregon trust company conform with the requirements of the Bank Act.

(6) An Oregon trust company that is organized as a limited liability company shall have the officers described in ORS 707.700 (Selection and control of officers by directors) . The officers shall be elected by the board of managers of the Oregon trust company and shall be subject to the provisions of this chapter and ORS chapter 707.

(7) Each Oregon trust company that is organized as a limited liability company shall have a written operating agreement containing any provisions for the affairs of the Oregon trust company as may be agreed upon by its members and that are consistent with the Bank Act.

(8) Any number of persons, not fewer than five, may act as organizers of an Oregon trust company that is organized as a limited liability company. [2005 c.134 §4]

Source: Section 709.015 — Organization as limited liability company , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 711.095 — OR Code / Title 53 / Chapter 711 / Section 711.095
711.095 Approval of plan of conversion
Status: in_force

(1) A plan of conversion for an Oregon bank or Oregon trust company shall be approved as follows:

(a) In the case of the conversion of an Oregon bank or Oregon trust company that was organized as a corporation under ORS chapter 707 or 709 to a limited liability company, the conversion shall be approved by:

(A) A simple majority of the full board of directors of the converting Oregon bank or Oregon trust company, unless the articles of incorporation or bylaws of the converting Oregon bank or Oregon trust company require a greater percentage; and

(B) A vote of a simple majority of the outstanding stock of each class of voting shares at a meeting called to consider the conversion, unless the articles of incorporation or bylaws of the converting Oregon bank or Oregon trust company require a greater percentage.

(b) In the case of the conversion of an Oregon bank or Oregon trust company that was organized as a limited liability company under ORS 707.007 (Organization of Oregon bank as limited liability company) or 709.015 (Organization as limited liability company) to a corporation, the conversion shall be approved by:

(A) A simple majority of the full board of managers of the converting Oregon bank or Oregon trust company, unless the articles of organization or operating agreement of the converting Oregon bank or Oregon trust company require a greater percentage; and

(B) A vote of the holders of a simple majority of outstanding membership interests in the converting Oregon bank or Oregon trust company, at a meeting called to consider the conversion, unless the articles of organization or operating agreement of the converting Oregon bank or Oregon trust company require a greater percentage.

(2) Following approval of the plan of conversion by the board and the owners under subsection (1) of this section, the converting Oregon bank or Oregon trust company shall submit the plan of conversion to the Director of the Department of Consumer and Business Services for approval. The converting Oregon bank or Oregon trust company shall also submit a nonrefundable application fee of $3,000 and certified copies of the resolutions adopted by the board and by the owners of the Oregon bank or Oregon trust company showing approval of the plan of conversion. The director shall approve the plan of conversion if the director finds that the plan of conversion has been approved by the board and the owners of the converting institution in accordance with subsection (1) of this section and that:

(a) In the case of the conversion of an Oregon bank or Oregon trust company from a corporation to a limited liability company, the converting institution meets the requirements of ORS 707.007 (Organization of Oregon bank as limited liability company) or 709.015 (Organization as limited liability company) for the organization of an Oregon bank or Oregon trust company as a limited liability company; or

(b) In the case of the conversion of an Oregon bank or Oregon trust company from a limited liability company to a corporation, the converting institution meets the requirements of the Bank Act for the organization of an Oregon bank or Oregon trust company as a corporation. [2005 c.134 §7]

Source: Section 711.095 — Approval of plan of conversion; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.005 — OR Code / Title 53 / Chapter 708a / Section 708a.005
708A.005 Powers of institutions
Status: in_force

(1) Except as otherwise limited in the Bank Act or the articles of incorporation of an institution, an institution shall have:

(a) Perpetual duration and succession in its corporate name, unless a limited period of duration is stated in its articles of incorporation;

(b) The power to do all things necessary or convenient to carry out its business and affairs including, without limitation, the power to:

(A) Sue and be sued and complain and defend in its corporate name;

(B) Have a corporate seal, which may be altered at will, and use it or a facsimile thereof by impressing, affixing or reproducing it in any other manner;

(C) Make contracts, incur liabilities, borrow money, issue its notes, bonds and other obligations that may be convertible into other securities of the institution or include the option to purchase other securities of the institution;

(D) Conduct its business, locate offices and exercise the powers granted by the Bank Act within or without this state;

(E) Elect or appoint directors, officers, employees and agents of the institution;

(F) Make and amend bylaws not inconsistent with its articles of incorporation or with the laws of this state for managing the business and regulating the affairs of the institution;

(G) Make donations for the public welfare or for charitable, scientific or educational purposes;

(H) Transact any business permitted by the Bank Act; and

(I) Pay pensions and establish pension plans, and share option plans and benefit or incentive plans for any or all of its current or former directors, officers, employees and agents;

(c) The powers granted to institutions by the Bank Act;

(d) The power to be licensed as an insurance producer as required by ORS 744.053 (Requirements to be licensed as insurance producer for class of insurance) to transact one or more of the classes of insurance described in ORS 744.062 (Issuance of insurance producer license) except for title insurance; and

(e) All powers necessary or convenient to effect any or all of the purposes for which the institution is organized or to perform any or all of the acts expressly or impliedly authorized or required under the Bank Act.

(2) With respect to any exercise of the power granted under subsection (1)(d) of this section, other than the licensing of the institution to transact types of limited class insurance, as that term is defined in ORS 744.052 (Definitions for ORS 744.052 to 744.089) , designated by the Director of the Department of Consumer and Business Services:

(a) The conduct by the institution of insurance producer activities shall be subject to the approval of the director. The director shall base consideration for approval on the condition of the institution, the adequacy of a formal business plan for the insurance activities and the existence of satisfactory management for the insurance activity.

(b) The director may revoke or restrict the ongoing authority of the institution to engage in the insurance producer activity if the condition of the institution substantially deteriorates or if the insurance activities are adversely affecting the institution.

(c) The institution shall file a written report with the director no later than March 31 of each year disclosing the insurance activities of the institution. The required contents of the report shall be established by the director by rule. Reports filed with the director under this paragraph shall be available for public inspection in the office of the director.

(3) An institution licensed as an insurance producer, as that term is defined in ORS 731.104 (“Insurance producer.”) , shall not in any manner use customer information obtained from another insurance producer to promote, develop or solicit insurance business for the institution unless the other insurance producer consents to such use of the customer information. [1997 c.631 §116; 1997 c.831 §1a; 2001 c.191 §51; 2003 c.363 §6; 2003 c.364 §58a]

Source: Section 708A.005 — Powers of institutions; insurance transactions; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 709.110 — OR Code / Title 53 / Chapter 709 / Section 709.110
709.110 Deposit of documents with notes or bonds
Status: in_force

All mortgages or deeds of trust and all insurance policies, abstracts of title, certificates of title or title insurance policies and appraisements required by the Director of the Department of Consumer and Business Services under ORS 709.040 (Securities eligible for deposit) (3) shall be deposited with the notes or bonds. When less than the whole of a bond issue is deposited, the director shall not require the deposit of the abstract of title, certificates of title or title insurance policies and appraisements, but may require a certificate from the trustee of the mortgage or bond issue that the documents have been deposited with the trustee. [Amended by 1973 c.797 §189]

Source: Section 709.110 — Deposit of documents with notes or bonds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 707.242 — OR Code / Title 53 / Chapter 707 / Section 707.242
707.242 Bylaws
Status: reserved

The initial bylaws of an institution shall be adopted by its board of directors. The power to alter, amend or repeal the bylaws or adopt new bylaws shall be vested in the board of directors unless reserved to the shareholders by the articles of incorporation or by bylaws. The bylaws may contain any provisions for the regulation and management of the affairs of the institution not inconsistent with law or the articles of incorporation. [1989 c.324 §9; 1997 c.631 §58]

Source: Section 707.242 — Bylaws , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.410 — OR Code / Title 53 / Chapter 708a / Section 708a.410
708A.410 Savings accounts
Status: in_force

(1) Within the limits established under applicable federal statutes and regulations, an Oregon commercial bank that receives savings accounts shall prescribe by the Oregon commercial bank’s bylaws or by contract with the Oregon commercial bank’s depositors, the time and conditions on which the Oregon commercial bank repays depositors or makes a repayment to the depositors’ order.

(2) An Oregon commercial bank may require 30 days’ notice to withdraw any sum up to $5,000, 90 days’ notice to withdraw any sum over $5,000 and not over $50,000, and 180 days’ notice to withdraw any sum over $50,000. The bank may limit, in the aggregate, withdrawals during a specified time period to the amount designated for the time period.

(3) Intentionally left blank —Ed.

(a) Except for negotiable orders of withdrawal and similar deposit accounts, withdrawal from which is subject to check, negotiable order of withdrawal or similar instrument, and except for inadvertent overdrafts, an Oregon commercial bank may not knowingly permit a depositor to overdraw the depositor’s savings account.

(b) As used in paragraph (a) of this subsection, “inadvertent overdraft” means an overdraft that:

(A) The Oregon commercial bank does not expressly permit or provide for in bylaws or a deposit contract;

(B) Results from events or circumstances beyond the Oregon commercial bank’s reasonable control; and

(C) Is eliminated within 14 days after the Oregon commercial bank becomes aware of the overdraft. [1997 c.631 §163; 2013 c.104 §4; 2015 c.244 §46]

Source: Section 708A.410 — Savings accounts; conditions for withdrawal; interest rate; inadvertent overdraft , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 709.170 — OR Code / Title 53 / Chapter 709 / Section 709.170
709.170 Establishment of and investment in common trust funds
Status: in_force

(1) “Common trust fund” as used in this section, means any fund maintained by a trust company exclusively for the collective investment and reinvestment of moneys contributed thereto by the trust company or an affiliated trust company as a fiduciary. For the purposes of this section, two or more trust companies are affiliated if they are members of the same affiliated group, within the meaning of section 1504 of the Internal Revenue Code.

(2) A trust company may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, to an affiliated trust company as fiduciary, or to itself or an affiliated trust company and others as cofiduciaries. A trust company may, as a fiduciary or cofiduciary, invest funds that it lawfully holds for investment, in interests in the common trust fund or a common trust fund of an affiliated trust company, if the investment is not prohibited by the instrument, judgment or order creating the fiduciary relationship, and if, in the case of cofiduciaries, the trust company procures the consent of its cofiduciary or cofiduciaries to the investment.

(3) The Director of the Department of Consumer and Business Services, in accordance with ORS chapter 183, may adopt rules necessary to control the establishment and operation of common trust funds and to protect the investors. A trust company except a national bank that is qualified to conduct a trust business pursuant to the laws of the United States shall, in the operation of the common trust fund, comply with the rules.

(4) Unless ordered by a court a trust company operating common trust funds is not required to render a court accounting with respect to the funds, but it may, upon application to the circuit court of the county in which it has its principal office in this state, obtain a settlement of its common trust fund accounts on conditions specified by the court. When application for the settlement is presented to a circuit court for approval, the circuit court shall assign a time and place for hearing and order notice thereof by:

(a) Publication once a week for three successive publications, the first publication to be not less than 20 days prior to the date of hearing, of a notice in a newspaper having a general circulation in the county in which the trust company operating the common trust fund has its principal office;

(b) Mailing, not less than 14 days prior to the date of the hearing, a copy of the notice to all beneficiaries of the trusts participating in the common trust fund whose names are known to the trust company from the records kept by it in the regular course of business in the administration of the trust, directed to them at the addresses shown by the records; and

(c) Such further notice, if any, as the court may order. [Amended by 1953 c.258 §2; 1959 c.91 §1; 1963 c.56 §1; 1973 c.797 §196; 1973 c.823 §142; 1974 c.36 §25; 1983 c.367 §3; 1985 c.762 §41; 1997 c.631 §212; 2003 c.576 §546]

Source: Section 709.170 — Establishment of and investment in common trust funds; rules; accounting , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 706.720 — OR Code / Title 53 / Chapter 706 / Section 706.720
706.720 Reports filed with director
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall receive and file in the Department of Consumer and Business Services all reports required by the Bank Act.

(2) Except as provided in subsection (3) of this section and ORS 706.730 (Depositor and debtor information confidential) , the records of the Department of Consumer and Business Services that pertain to the administration of the Bank Act are available for public inspection unless the director determines in a particular instance that an Oregon operating institution or the directors, stockholders, officers, employees and customers of the Oregon operating institution have an interest in keeping the records confidential that outweighs the public interest in disclosing the records, or that the records are exempt from disclosure under ORS 192.338 (Exempt and nonexempt public record to be separated) , 192.345 (Public records conditionally exempt from disclosure) and 192.355 (Public records exempt from disclosure) . A determination by the director under this subsection is subject to review under ORS 192.311 (Definitions for ORS 192.311 to 192.478) to 192.478 (Exemption for Judicial Department) .

(3) Except as provided in subsections (4) and (5) of this section, the following records of the department are exempt from disclosure or production and must be treated as confidential as provided in ORS 705.137 (Information that is confidential or not subject to disclosure) :

(a) Examination reports and work papers, directives, orders and correspondence that relate to examination reports.

(b) Financial statements of and investigatory information concerning persons subject to investigation by the director under ORS 707.070 (Application for authority to organize banking institution) , 707.080 (Investigation and ruling on application) , 707.110 (Execution and submission of articles of incorporation) , 707.140 (Submission of organization information) , 707.145 (Grounds for refusing authority to organize) , 707.155 (Authority to require additional investigatory information) or 707.705 (Investigation of new director, president and chief executive officer) .

(c) Proprietary information.

(d) Reviews of financial statements submitted to the director.

(e) Reports filed under ORS 706.655 (Records of extensions of credit by banking institutions) .

(f) Stockholder lists.

(g) Correspondence, reports or other information obtained from or provided to the Financial Crimes Enforcement Network established by order of the United States Secretary of the Treasury.

(4) Notwithstanding subsection (3) of this section, the director may disclose a record that is specified in this subsection and that pertains to an Oregon operating institution that has been liquidated under ORS 711.400 (Supervision of liquidation by circuit court) to 711.615 (Court filing fees) if the director determines in a particular instance that the public interest in disclosure of the record outweighs the interests of the Oregon operating institution or of the directors, stockholders, officers, employees or customers of the Oregon operating institution in keeping the record confidential. The director may not in any circumstances, however, disclose a record or a portion of a record that contains proprietary information or information that relates to a person’s financial activities or affairs unless the director concludes that the activities or affairs were a direct and substantial contributing factor in the failure of the Oregon operating institution. This subsection applies to the following records of the department:

(a) Examination reports and work papers, directives, orders and correspondence relating to examination reports;

(b) Investigatory information concerning persons subject to investigation by the director under ORS 707.070 (Application for authority to organize banking institution) , 707.080 (Investigation and ruling on application) , 707.110 (Execution and submission of articles of incorporation) , 707.140 (Submission of organization information) , 707.145 (Grounds for refusing authority to organize) , 707.155 (Authority to require additional investigatory information) or 707.705 (Investigation of new director, president and chief executive officer) ;

(c) Reviews of financial statements; and

(d) Reports filed under ORS 706.655 (Records of extensions of credit by banking institutions) .

(5) Notwithstanding ORS 40.270 (Rule 509. Public officer privilege) , an officer of the department may be examined concerning records that are exempt from disclosure under subsection (2) or (3) of this section and ORS 706.730 (Depositor and debtor information confidential) . The records are subject to production if the court before which a civil or criminal action is pending finds that the examination and production is essential for establishing a claim or defense. In making a finding under this subsection, if the court views the records, the court shall do so in camera.

(6) A civil penalty the director imposes under the Bank Act is subject to public inspection after the 20th day after the director imposes the civil penalty.

(7) All records of the department that pertain to the condition of Oregon operating institutions may be furnished to:

(a) The Federal Reserve Bank and examiners from the Federal Reserve Bank.

(b) The Comptroller of the Currency of the United States and national bank examiners.

(c) The Federal Deposit Insurance Corporation and examiners from the Federal Deposit Insurance Corporation.

(d) The Federal Home Loan Bank of which the operating institution is a member or to which the operating institution has applied for membership.

(e) The State Treasurer, if the Oregon operating institution is or has applied to become a depository of public fund deposits.

(f) A supervisory authority that regulates financial institutions, financial holding companies or bank holding companies.

(g) The respective Oregon operating institution, or the financial holding company or bank holding company that controls an Oregon operating institution.

(8) The director shall prescribe and furnish to interested persons the forms for all reports required by the Bank Act.

(9) If the director is requested to disclose any record subject to this section and the record contains both material that is exempt from disclosure under this section or any other provision of law and material that is not exempt from disclosure, the director shall separate the exempt and nonexempt material and shall disclose only the nonexempt material. [Amended by 1973 c.797 §43; 1975 c.515 §6; 1983 c.37 §3; 1983 c.367 §2; 1985 c.762 §33a; 1985 c.786 §14; 1987 c.373 §50a; 1993 c.318 §8; 1995 c.314 §2; 1997 c.631 §18; 1999 c.107 §2; 2001 c.377 §21; 2007 c.871 §30; 2009 c.541 §31; 2015 c.244 §12]

Source: Section 706.720 — Reports filed with director; public inspection of records; exemptions; confidentiality; forms , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 708a.320 — OR Code / Title 53 / Chapter 708a / Section 708a.320
708A.320 Obligations secured by shipping documents
Status: in_force

In addition to obligations permitted under ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank) , an Oregon commercial bank may make loans to or acquire other obligations of a person without regard to amount, provided the obligations are fully secured by shipping documents conveying or securing title to goods or commodities in process of shipment. [1997 c.631 §149]

Source: Section 708A.320 — Obligations secured by shipping documents , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 711.180 — OR Code / Title 53 / Chapter 711 / Section 711.180
711.180 Rights of stockholder dissenting to merger, share exchange, transfer of assets or liabilities or conversion
Status: in_force

(1) Any stockholder of an Oregon stock bank or Oregon trust company who dissented to a transaction listed under ORS 711.175 (Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion) (1) and who desires to receive the value in cash of those shares, shall make written demand upon the Oregon stock bank, Oregon trust company or its successor and accompany the demand with the surrender of the share certificates, properly indorsed within 30 days after the stockholders’ meeting at which a vote to approve the transaction involving an Oregon stock bank or Oregon trust company was taken. Any stockholder failing to make written demand within the 30-day period shall be bound by the terms of the proposed plan of merger, plan of share exchange, plan of conversion or acquisition transaction agreement.

(2) Within 30 days after a transaction listed under ORS 711.175 (Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion) (1) is effected, the Oregon stock bank, Oregon trust company or its successor shall give written notice thereof to each dissenting stockholder who has made demand under this section at the address of the stockholder on the stock record books of the Oregon stock bank or Oregon trust company, and shall make a written offer to each such stockholder to pay for the shares at a specified price in cash determined by the Oregon stock bank, Oregon trust company or its successor to be the fair value of the shares as of the effective date of the transaction. The notice and offer shall be accompanied by a statement of condition of the Oregon stock bank or Oregon trust company, the shares of which the dissenting stockholder held, as of the latest available date and not more than four months prior to the consummation of the transaction, and a statement of income of the Oregon stock bank or Oregon trust company for the period ending on the date of the statement of condition.

(3) Any stockholder who accepts the offer of the Oregon stock bank, Oregon trust company or its successor within 30 days following the date on which notice of the offer was mailed or delivered to dissenting stockholders shall be paid the price per share offered, in cash, within 30 days following the date on which the stockholder communicates acceptance in writing to the Oregon stock bank, Oregon trust company or its successor. Upon payment, the dissenting stockholder shall cease to have any interest in the shares previously held by the stockholder.

(4) If, within 30 days after notice of the offer, one or more dissenting stockholders do not accept the offer of the Oregon stock bank, Oregon trust company or its successor or if no offer is made, then the value of the shares of the dissenting stockholders who have not accepted the offer shall be ascertained, as of the effective date of the transaction, by an independent, qualified appraiser chosen by the Director of the Department of Consumer and Business Services. The valuation determined by the appraiser shall govern and the appraiser’s valuation of the shares shall not be appealable except for one or more of the reasons set forth in ORS 36.705 (Vacating award) (1)(a) to (d) for vacation of an arbitrator’s award, and for one of the grounds for modification or correction of an arbitrator’s award under ORS 36.710 (Modification or correction of award) . Any appeal must be made within 30 days after the date of the appraiser’s valuation and is subject to ORS 183.415 (Notice of right to hearing) to 183.500 (Appeals) . The Oregon stock bank, Oregon trust company or its successor shall pay the dissenting shareholders the appraised value of the shares within 30 days after the date the appraiser sends the Oregon stock bank, Oregon trust company or its successor written notice of the appraiser’s valuation.

(5) The director shall assess the reasonable costs and expenses of the appraisal proceeding equally to the Oregon stock bank, Oregon trust company or its successor and to the dissenting shareholders, as a group, if the amount offered by the Oregon stock bank, Oregon trust company or its successor is between 85 percent and 115 percent of the appraised value of the shares. The director shall assess the reasonable costs and expenses of the appraisal proceeding and the reasonable costs and expenses, including attorney fees and costs, of the Oregon stock bank, Oregon trust company or its successor to the dissenting stockholders, as a group, if the amount offered by the Oregon stock bank, Oregon trust company or its successor is 115 percent or more of the appraised value of the shares. The director shall assess the reasonable costs and expenses of the appraisal proceeding and the reasonable costs and expenses, including attorney fees and costs, of the dissenting shareholders, as a group, to the Oregon stock bank, Oregon trust company or its successor if the amount offered by the Oregon stock bank, Oregon trust company or its successor is 85 percent or less of the appraised value of the shares. The director’s decision regarding assessment of fees and costs may be appealed as provided in ORS 183.415 (Notice of right to hearing) to 183.500 (Appeals) .

(6) Amounts required to be paid by the Oregon stock bank, Oregon trust company or its successors, or the dissenting shareholders under this section shall be paid within 30 days after the director’s assessment of any fees or costs becomes final or, if the director’s decision is appealed, within 30 days after a final determination of the fees and costs is made.

(7) The director may require, as a condition of approving a transaction listed in ORS 711.175 (Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion) (1), the replacement of all or a portion of the stockholders’ equity of an Oregon stock bank or Oregon trust company expended in payment to dissenting stockholders under this section.

(8) A stockholder may not receive the fair value of the stockholder’s shares under this section:

(a) If the plan of merger provides that all stockholders of the Oregon stock bank receive common stock of a holding company pursuant to a merger with an interim banking institution chartered under ORS 707.025 (Organization of banking institution for purpose of merging with, acquiring assets of or assuming liabilities of financial institution) , the stockholder’s Oregon stock bank or Oregon trust company and the interim banking institution are the only parties to the merger and the stockholders’ relative interests in the holding company are in substantially the same proportions as the stockholders’ relative interests in the Oregon stock bank or Oregon trust company, except for nominal changes in the stockholders’ interests resulting from elimination of fractional shares;

(b) If the shares held by the dissenting stockholder immediately before the effective date of a transaction listed in ORS 711.175 (Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion) (1) are listed on any national securities exchange or are listed for trading on the National Association of Securities Dealers Automated Quotation stock market on either the national market or smallcap market; or

(c) If the plan of stock exchange provides that all stockholders of the Oregon stock bank or Oregon trust company receive stock of a holding company pursuant to the plan of stock exchange with the result that the stockholders’ relative interests in the holding company are in substantially the same proportions as the stockholders’ relative interests in the Oregon stock bank or Oregon trust company, except for nominal changes in stockholders’ interests resulting from elimination of fractional interests. [Formerly 711.045; 2003 c.598 §53; 2005 c.134 §10]

Source: Section 711.180 — Rights of stockholder dissenting to merger, share exchange, transfer of assets or liabilities or conversion; demand required; notice and offer to pay for shares; costs of appraisal of shares; when rights not applicable , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.420 — OR Code / Title 53 / Chapter 708a / Section 708a.420
708A.420 Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate
Status: in_force

(1) If an Oregon commercial bank changes the terms, service charges or conditions for withdrawal of any deposit account, the Oregon commercial bank shall notify the depositor in writing before the change is effective. If an Oregon commercial bank decreases the interest rate on any deposit account, other than an account that by its terms provides for a floating, variable or indexed rate of interest, the Oregon commercial bank shall notify the depositor in writing before the change is effective. With respect to deposit accounts for which the terms provide for a floating, variable or indexed rate of interest, the Oregon commercial bank need not give notice to the depositor concerning changes in the interest rate other than by means of account statements the Oregon commercial bank provides to the depositor in the ordinary course, not less than once each calendar quarter. For accounts that two or more depositors hold, the Oregon commercial bank may give or send the notice to any of the depositors. An Oregon commercial bank may notify a depositor under this section:

(a) In person;

(b) By sending the notice by regular mail to the last address shown in the Oregon commercial bank’s deposit account records; or

(c) By sending the notice electronically in accordance with an agreement the depositor has with the Oregon commercial bank, provided that the Oregon commercial bank complies with all laws and regulations that apply to electronic consumer notices.

(2) The provisions of subsection (1) of this section do not apply to any change in the interest rate payable upon an account as described in ORS 86.245 (Interest on security protection deposits) . [1997 c.631 §165; 2015 c.244 §47]

Source: Section 708A.420 — Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate; exception , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 708a.488 — OR Code / Title 53 / Chapter 708a / Section 708a.488
708A.488 Withdrawal or payment conditioned on advance notice
Status: in_force

If an insured institution conditions withdrawal or payment on advance notice, for purposes of ORS 708A.455 (Definitions for ORS 708A.455 to 708A.515) to 708A.515 (Designation of agent for account) , a request for withdrawal or payment is immediately effective and a notice of intent to withdraw is a request for withdrawal. [2015 c.244 §55]

Note: 708A.488 (Withdrawal or payment conditioned on advance notice) was added to and made a part of 708A.455 (Definitions for ORS 708A.455 to 708A.515) to 708A.515 (Designation of agent for account) by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 708A.488 — Withdrawal or payment conditioned on advance notice , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 716.028 — OR Code / Title 53 / Chapter 716 / Section 716.028
716.028 Application for authority to organize
Status: in_force

Any number of persons, not less than five, desiring to organize an Oregon savings bank shall, as prospective incorporators, first file an application with the Director of the Department of Consumer and Business Services for authority to organize an Oregon savings bank. The applicants shall pay to the director at the time of their application a fee of $2,500, no part of which will be refunded. The application shall be signed by one of the applicants. The following information and documents shall be included in or with the application:

(1) The corporate name.

(2) The proposed location of the initial principal place of business.

(3) The name, occupation, residence and post-office address of each prospective incorporator.

(4) The proposed articles of incorporation. The following apply:

(a) If the Oregon savings bank is to be organized as an Oregon stock savings bank, the articles of incorporation shall conform to the provisions set forth in ORS 707.110 (Execution and submission of articles of incorporation) ; and

(b) If the Oregon savings bank is to be organized as an Oregon nonstock bank, the articles of incorporation shall conform to the provisions set forth in ORS 716.040 (Articles of incorporation) .

(5) The names and residence addresses of the proposed senior officers and the names, occupations and residence addresses of proposed initial directors.

(6) If the Oregon savings bank is being organized as an Oregon stock savings bank, the number of shares of voting stock proposed to be subscribed for by the incorporators and each of the proposed directors and senior officers, and the names of any other persons who are expected to subscribe for, to own or to control more than 10 percent of the voting stock and the amount of stock for which each proposes to subscribe.

(7) Evidence satisfactory to the director of the character, financial responsibility and ability of the prospective incorporators, directors and senior officers.

(8) Evidence satisfactory to the director, in the form of a business plan and such additional information as the director may require, demonstrating that the proposed Oregon savings bank is likely to be financially successful.

(9) The proposed operating policies of the Oregon savings bank.

(10) Any other information that the director may require. [1973 c.797 §346; 1977 c.135 §58; 1979 c.88 §25; 1997 c.631 §332; 2003 c.14 §444]

Source: Section 716.028 — Application for authority to organize; fee; contents , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 709.030 — OR Code / Title 53 / Chapter 709 / Section 709.030
709.030 Approval to transact trust business
Status: in_force

(1) Except as provided in subsection (4) of this section, no person other than a trust company shall transact a trust business in this state. Except as provided in subsection (4) of this section, before a person transacts any trust business in this state, the person shall obtain the approval of the Director of the Department of Consumer and Business Services if required under ORS 709.005 (Certificate of authority to transact trust business) and shall deposit with the director, as security and as a pledge for the faithful conduct of its trust business:

(a) Cash or interest-bearing securities that have a ready market value;

(b) A surety bond issued by a surety company authorized to transact business in this state and in a form approved by the director, under which the principal and surety indemnify the several owners of the fund held in trust against loss due to the failure of the trust company;

(c) An irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act) ; or

(d) Any combination of cash, letters of credit, interest-bearing securities and surety bond.

(2) If the cash and securities held in trust amount to less than $1 million, the deposit, bond, letters of credit or combination thereof shall be $50,000. If the cash and securities held in trust amount to at least $1 million but do not exceed $1.5 million, the deposit, bond, letters of credit or combination thereof shall be $100,000. For each $500,000 or fraction thereof in excess of $1.5 million held in trust, the deposit, bond, or letters of credit or combination thereof shall be increased an additional $25,000, except a trust company shall not be required to increase the deposit, bond, letters of credit or combination thereof to an amount in excess of $1 million.

(3) The securities shall be deposited with the director and held by the director as trustee for the beneficiaries of the trust funds held by the trust company.

(4) A person shall not be required to be a trust company if the person:

(a) Does not and will not regularly transact trust business in the ordinary course of the person’s business;

(b) Acts in a manner authorized by law and in the scope of authority as an agent of a trust company;

(c) Is an attorney rendering a service customarily performed by an attorney;

(d) Is acting as trustee under a deed of trust;

(e) Is a licensed real estate broker or principal real estate broker rendering a service customarily performed by a broker;

(f) Is a licensed escrow agent rendering a service customarily performed by an escrow agent; or

(g) Is exempt from the provisions of subsection (1) of this section by rule of the director. [Amended by 1957 c.82 §1; 1967 c.139 §1; 1973 c.797 §183a; 1979 c.88 §12; 1981 c.192 §14; 1985 c.800 §1; 1991 c.331 §114; 1997 c.631 §203; 2001 c.300 §81; 2007 c.71 §228]

Source: Section 709.030 — Approval to transact trust business; exceptions; deposit of cash, securities, letter of credit or surety bond with director; amount , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 709.390 — OR Code / Title 53 / Chapter 709 / Section 709.390
709.390 Discontinuance of trust business
Status: in_force

(1) If a trust company discontinues its trust business, the Director of the Department of Consumer and Business Services shall file in the circuit court for the county in which the principal place of business of the trust company is located a verified petition:

(a) Stating that the trust company is closing, dissolving or transferring its trust business or is in process of voluntary or involuntary liquidation.

(b) Requesting that claims, if any, against the deposit made under ORS 709.030 (Approval to transact trust business) by the trust company with the director be determined.

(2) Notwithstanding the provisions of subsection (1) of this section, if proceedings for the liquidation of the trust company have been commenced in a court located in a county or state other than the county in this state in which the trust company has its principal place of business, the director shall file the verified petition described in subsection (1) of this section in the court where the proceedings have been commenced. [Amended by 1957 c.115 §1; 1973 c.797 §209; 1997 c.631 §221]

Source: Section 709.390 — Discontinuance of trust business; determination of claims against deposit of securities , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 707.612 — OR Code / Title 53 / Chapter 707 / Section 707.612
707.612 Action without meeting
Status: in_force

Any action required by this chapter to be taken at a meeting of the shareholders or directors of an institution or Oregon stock savings bank or any other action that may be taken at a meeting of the shareholders or directors or of a committee may be taken without a meeting if all of the shareholders or directors or all of the members of the committee entitled to vote with respect to the action sign a consent in writing that sets forth the action to be taken. The consent must be delivered to the institution or Oregon stock savings bank for inclusion in the minutes or for filing with the corporate records. The action is effective on the date on which the last signature is placed on the consent or consents or at such earlier or later time as is set forth in the consent. A consent has the same force and effect as a unanimous vote of the shareholders, directors or committee members and any articles or document filed under this chapter may state that the consent has the force and effect of a unanimous vote. If not otherwise determined in accordance with ORS 707.615 (Record date) , the record date for determining shareholders entitled to take action by consent without a meeting is the date the first shareholder signs the consent. [1989 c.324 §52; 1997 c.631 §80; 2015 c.244 §28]

Source: Section 707.612 — Action without meeting , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.197 — OR Code / Title 53 / Chapter 711 / Section 711.197
711.197 Conditions for resulting Oregon bank to conform with state law
Status: in_force

If, pursuant to a merger or conversion of a financial institution, the resulting or converting financial institution is an Oregon bank and has assets or liabilities in this state that do not conform to the requirements of applicable law or carries on business activities that are not permitted for the resulting or converting financial institution, the Director of the Department of Consumer and Business Services may:

(1) Permit the resulting or converting financial institution to retain the nonconforming assets or liabilities or to continue the otherwise unpermitted activities for such periods and subject to such conditions and limitations as the director determines, by rule or order, will not be injurious to the safety and soundness of the resulting or converting financial institution; or

(2) Grant the resulting or converting financial institution a reasonable time to conform with applicable law. [Formerly 711.055]

Source: Section 711.197 — Conditions for resulting Oregon bank to conform with state law , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 711.665 — OR Code / Title 53 / Chapter 711 / Section 711.665
711.665 Suspension or restriction of liability payment not evidence of insolvency
Status: in_force

An order of the Director of the Department of Consumer and Business Services under ORS 711.620 (Suspending or restricting payment of liabilities) to 711.670 (Compliance with ORS 711.620 to 711.670 as defense to depositor’s action) or the taking possession of the assets and properties of an Oregon stock bank by the director under ORS 711.620 (Suspending or restricting payment of liabilities) to 711.670 (Compliance with ORS 711.620 to 711.670 as defense to depositor’s action) is not an act of insolvency of the Oregon stock bank and does not raise any presumption of insolvency. [1973 c.797 §302; 1997 c.631 §262]

Source: Section 711.665 — Suspension or restriction of liability payment not evidence of insolvency , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.255 — OR Code / Title 53 / Chapter 708a / Section 708a.255
708A.255 Interest rates on loans or uses of money
Status: in_force

(1) Except as otherwise provided in this section, the rate of interest or the amount of other charges that a financial institution may contract for and receive for a loan or use of money is not subject to limitation.

(2) If a borrower repays before maturity a loan that an Oregon commercial bank made, the Oregon commercial bank shall refund or credit to the borrower as provided in this subsection the unearned portion of the charges, if any. The amount of the refund may not be less than the total interest contracted for to maturity, less the greater of:

(a) Ten percent of the amount financed, or $75, whichever is less; or

(b) The interest earned to the installment due date nearest the date of prepayment, computed by applying the simple interest rate of the loan to the actual principal balances outstanding, for the periods of time the balances were actually outstanding. For purposes of computations under this paragraph, the installment due date that precedes the date of prepayment is nearest if prepayment occurs 15 days or less after that installment date. If prepayment occurs more than 15 days after the preceding installment due date, the next succeeding installment due date is nearest the date of prepayment. In determining the simple interest rate, an Oregon commercial bank may apply to the scheduled payments the actuarial method, by which each scheduled payment is applied first to accrued and unpaid interest and any amount remaining is applied to reduce the principal balance.

(3) Any installment of an installment loan or payment under an open-end credit arrangement that the borrower does not pay when due continues to bear interest until paid. In addition, if the borrower does not pay the installment or payment when due, the installment or payment may bear a late charge in an amount to which the Oregon commercial bank and the borrower agree. Except for loans secured by real property, an Oregon commercial bank may impose a late charge only if:

(a) The Oregon commercial bank does not receive the installment or payment within 10 days after the due date or, if the open-end credit arrangement is a credit card account, the Oregon commercial bank does not receive the payment on or before the due date;

(b) The loan agreement or open-end credit arrangement provides for a late charge upon delinquent installments or payments; and

(c) The Oregon commercial bank provides a monthly billing, coupon or notice that discloses the date on which installments or payments are due and states that the Oregon commercial bank may impose a late charge if:

(A) The Oregon commercial bank does not receive payment within 10 days after the date on which the installment or payment is due; or

(B) In the case of an open-end credit arrangement that is a credit card account, the Oregon commercial bank does not receive payment on or before the date on which the payment is due. If the Oregon commercial bank and the borrower have provided in the note or other written loan agreement that the borrower will make payments on the loan by means of automatic deductions from a deposit account that the borrower maintains, this paragraph does not require the Oregon commercial bank to provide the borrower with a monthly billing, coupon or notice on any occasion in which insufficient funds are in the borrower’s account to cover the amount of a loan payment on the date the loan payment becomes due and within the periods described in paragraph (a) of this subsection. [1997 c.631 §139; 1997 c.631 §139a; 2001 c.440 §1; 2015 c.244 §43]

Source: Section 708A.255 — Interest rates on loans or uses of money; late charges , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 709.460 — OR Code / Title 53 / Chapter 709 / Section 709.460
709.460 Application of ORS 709.390 to 709.450 to merger or consolidation
Status: in_force

(1) ORS 709.390 (Discontinuance of trust business) to 709.450 (Sale and disposition of securities to pay expenses, costs and claims) do not apply to a merger or consolidation of a trust company with another trust company authorized to conduct a trust business whereby the security deposits and the trust business of the retiring trust company are acquired by the resulting trust company.

(2) Immediately following the completion of a merger or consolidation described in subsection (1) of this section, the Director of the Department of Consumer and Business Services, upon written application of the resulting trust company, shall return to the resulting trust company that portion of the combined security deposits of the trust companies involved in the merger or consolidation which exceeds the deposit required by ORS 709.030 (Approval to transact trust business) for the combined cash and securities held in trust by the resulting trust company following the merger or consolidation. [Amended by 1957 c.115 §2; 1973 c.797 §216; 1997 c.631 §227]

CONVERSION, MERGER AND ACQUISITION

Source: Section 709.460 — Application of ORS 709.390 to 709.450 to merger or consolidation; return of security deposit after merger or consolidation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 709.050 — OR Code / Title 53 / Chapter 709 / Section 709.050
709.050 Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates
Status: in_force

A trust company authorized to do a trust business in this state which is required to make any deposit of securities with any public official in order to do business in this state may deposit:

(1) Notes or bonds secured by mortgages or deeds of trust, payment of which are guaranteed by policies of mortgage insurance; and

(2) Mortgage participation certificates issued by a mortgage insurance company authorized to do business in this state in accordance with ORS 742.282 (Limitations on issuance of mortgage insurance) and 742.284 (Insured obligations as legal investments and securities for deposit) . [Amended by 1967 c.359 §703; 1973 c.797 §185; 1997 c.631 §205]

Source: Section 709.050 — Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 711.480 — OR Code / Title 53 / Chapter 711 / Section 711.480
711.480 Sale of assets
Status: in_force

(1) Upon order of the supervising court, the Director of the Department of Consumer and Business Services may:

(a) Sell or compromise any bad or doubtful debts, including the individual liability of any stockholder of the institution.

(b) Sell all or any of the real estate and personal property of the institution on terms directed by the supervising court.

(2) The director, upon compliance with the terms of the sale of property, shall execute and deliver to the purchaser of the property the necessary deeds or instruments to evidence the passing of the title. If the real estate is situated outside the county in which the principal office of the institution is located, a certified copy of the order authorizing and ratifying the sale shall be filed in the office of the clerk of the county in which the property is situated. [Amended by 1973 c.797 §262]

Source: Section 711.480 — Sale of assets , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.565 — OR Code / Title 53 / Chapter 708a / Section 708a.565
708A.565 Certain stock
Status: in_force

An institution shall carry on the institution’s books, at a value that does not exceed 15 percent of the stockholders’ equity in the institution, any investments in stock of or membership interests in a company that engages in activities in which a financial holding company, a bank holding company or a nonbanking subsidiary of a financial holding company or bank holding company could engage under ORS 708A.120 (Investment in stock of other entity) (4). [1997 c.631 §188; 1999 c.59 §217; 2001 c.377 §49; 2015 c.244 §67]

Source: Section 708A.565 — Certain stock , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.244 — OR Code / Title 53 / Chapter 707 / Section 707.244
707.244 Amendment of articles of incorporation
Status: in_force

(1) An institution or Oregon stock savings bank may amend its articles of incorporation, from time to time, in any and as many respects as may be desired, so long as its articles of incorporation, as amended, contain only such provisions as might be lawfully contained in the original articles of incorporation at the time of making such amendment.

(2) In particular, and without limitation upon such general power of amendment, an institution or Oregon stock savings bank may amend its articles of incorporation, from time to time, so as:

(a) To change its corporate name.

(b) To change its period of duration.

(c) To change, enlarge or diminish its corporate purposes.

(d) To increase or decrease the aggregate number of shares, or shares of any class, which the institution or Oregon stock savings bank has authority to issue.

(e) To exchange, classify, reclassify or cancel all or any part of its shares, whether issued or unissued.

(f) To change the designation of all or any part of its shares, whether issued or unissued, and to change the preferences, limitations and relative rights in respect to all or any part of its shares, whether issued or unissued.

(g) To change the shares of any class, whether issued or unissued, into a different number of shares of the same class or into the same or a different number of shares of other classes.

(h) To create new classes of shares with rights and preferences either prior and superior or subordinate and inferior to the shares of any class then authorized, whether issued or unissued.

(i) To cancel or otherwise affect the right of the holders of the shares of any class to receive dividends which have accrued but have not been declared.

(j) To divide any class of shares, whether issued or unissued, into series and fix and determine the designations of such series and the variations in the relative rights and preferences as between the shares of such series.

(k) To authorize the board of directors to establish, out of authorized but unissued shares, series of any class of shares and fix and determine the relative rights and preferences of the shares of any series so established.

(L) To authorize the board of directors to fix and determine the relative rights and preferences of the authorized but unissued shares of series theretofore established in respect to which either the relative rights and preferences have not been fixed and determined or the relative rights and preferences theretofore fixed and determined are to be changed.

(m) To revoke, diminish or enlarge the authority of the board of directors to establish series out of authorized but unissued shares of any class and fix and determine the relative rights and preferences of the shares of any series so established.

(n) To limit, deny or grant to shareholders of any class the preemptive right to acquire additional or treasury shares of the institution or Oregon stock savings bank, whether then or thereafter authorized. [1989 c.324 §10; 1997 c.631 §59]

Source: Section 707.244 — Amendment of articles of incorporation; purposes for amendment , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.646 — OR Code / Title 53 / Chapter 707 / Section 707.646
707.646 Staggered terms for directors
Status: in_force

(1) If there are six or more directors, the articles of incorporation or the bylaws may provide for staggering their terms by dividing the total number of directors into two or three groups, with each group to be as nearly equal in number as possible. In that event, the terms of directors in the first group expire at the first annual meeting after their election; the terms of the second group expire at the second annual meeting after their election; and the terms of the third group, if any, expire at the third annual meeting after their election. Thereafter, directors shall be chosen for a term of two years or three years, as the case may be, to succeed those whose terms expire.

(2) If the institution or Oregon stock savings bank has cumulative voting, terms of directors may be staggered only if authorized by the articles of incorporation, and no class shall have fewer than three members. [1989 c.324 §26; 1997 c.631 §91]

Source: Section 707.646 — Staggered terms for directors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.125 — OR Code / Title 53 / Chapter 711 / Section 711.125
711.125 Merger of Oregon stock bank with insured stock institution
Status: in_force

(1) Subject to the provisions and requirements of ORS 711.130 (Approval of plan of merger or share exchange involving Oregon stock bank) to 711.145 (Effective date of merger or share exchange involving Oregon stock bank) and 713.270 (Maintaining out-of-state bank branch in this state) , any Oregon stock bank may merge with any insured stock institution if the merger is permitted by the supervisory authority having jurisdiction over the resulting insured stock institution.

(2) Subject to the provisions and requirements of ORS 711.130 (Approval of plan of merger or share exchange involving Oregon stock bank) to 711.145 (Effective date of merger or share exchange involving Oregon stock bank) and 713.270 (Maintaining out-of-state bank branch in this state) , ORS chapter 715 and applicable federal law, a company may acquire all of the outstanding shares of one or more classes or series of stock of an Oregon stock bank through a share exchange. [1997 c.631 §270]

Source: Section 711.125 — Merger of Oregon stock bank with insured stock institution; company acquiring shares of Oregon stock bank through share exchange , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.165 — OR Code / Title 53 / Chapter 708a / Section 708a.165
708A.165 Membership in Federal Reserve System
Status: in_force

(1) An Oregon commercial bank may subscribe to the capital stock and become a member of a Federal Reserve Bank.

(2) An Oregon commercial bank that is a member of a Federal Reserve Bank is subject to supervision and examination under the laws of this state. The Federal Reserve Board may also examine the Oregon commercial bank. The authorities of this state that have supervisory authority over an Oregon commercial bank may disclose to the Federal Reserve Board, or to examiners that the Federal Reserve Board appoints, all information the authorities of this state have about the affairs of any Oregon commercial bank that has become, or desires to become, a member of a Federal Reserve Bank.

(3) An Oregon commercial bank that is a member bank and the directors, principal officers and stockholders of the Oregon commercial bank are subject to all liabilities and duties that the laws of this state impose upon directors, officers and stockholders of Oregon commercial banks. [1997 c.631 §128; 2015 c.244 §39]

Source: Section 708A.165 — Membership in Federal Reserve System; member bank, officers, directors and shareholders subject to duties and liabilities imposed by laws of this state , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 708a.475 — OR Code / Title 53 / Chapter 708a / Section 708a.475
708A.475 Rights of survivorship based on form of account
Status: in_force

The provisions of ORS 708A.470 (Multiple-party accounts) as to rights of survivorship are determined by the form of the account at the death of a party. Subject to satisfaction of the requirements of the insured institution, the form of an account may be altered by written order given by a party to the insured institution if the party signs the order and the insured institution receives the order during the party’s lifetime, and if the party does not countermand the order with another written order during the party’s lifetime. [1997 c.631 §176; 2015 c.244 §58]

Source: Section 708A.475 — Rights of survivorship based on form of account; alteration of form of account , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.642 — OR Code / Title 53 / Chapter 707 / Section 707.642
707.642 Organizational meeting of directors
Status: in_force

After the issuance of the certificate of incorporation, an organizational meeting of the board of directors named in the articles of incorporation shall be held, either within or without this state, at the call of a majority of the incorporators, for the purpose of adopting bylaws, electing officers and transacting such other business as may come before the meeting. The incorporators who called the meeting shall give at least three days’ notice thereof by mail to each director so named, which notice shall state the time, place and purpose of the meeting. [1989 c.324 §27; 1997 c.631 §89]

Source: Section 707.642 — Organizational meeting of directors; notice , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.290 — OR Code / Title 53 / Chapter 708a / Section 708a.290
708A.290 “Capital” defined for ORS 708A.290 to 708A.375
Status: in_force

As used in ORS 708A.290 (“Capital” defined for ORS 708A.290 to 708A.375) to 708A.375 (Obligations of guarantors) , the term “capital,” when referring to an Oregon commercial bank, means tier 1 and tier 2 capital, as applicable and as reported in the bank’s Consolidated Report of Condition and Income (Call Report) filed under 12 U.S.C. 1817(a)(3), as of the quarter-end preceding the quarter in which a loan or other obligation is approved, plus the balance of the Allowance for Loan and Lease Losses or Adjusted Allowance for Credit Losses as of the same quarter-end not included in tier 2 capital. [1997 c.631 §143; 2021 c.197 §2]

Source: Section 708A.290 — “Capital” defined for ORS 708A.290 to 708A.375 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 706.520 — OR Code / Title 53 / Chapter 706 / Section 706.520
706.520 Request by directors or stockholders for examination
Status: in_force

When requested in writing by the board of directors of a banking institution or stockholders owning a majority of the capital stock of an institution or an Oregon stock savings bank, the Director of the Department of Consumer and Business Services may make or cause to be made an examination into the affairs and conditions of the banking institution or Oregon stock savings bank. The banking institution or Oregon stock savings bank shall pay the actual costs of the examination as provided in ORS 706.544 (Costs for special examination or other actions taken) . [Amended by 1973 c.797 §23; 1985 c.762 §26; 1985 c.786 §8; 1997 c.631 §4; 1999 c.59 §214]

Source: Section 706.520 — Request by directors or stockholders for examination; costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 707.266 — OR Code / Title 53 / Chapter 707 / Section 707.266
707.266 Expenses of organization or issue of shares
Status: in_force

The reasonable charges and expenses of organization or reorganization of an institution or Oregon stock savings bank, and the reasonable expenses of and compensation for the sale or underwriting of its shares, may be paid or allowed by such institution or Oregon stock savings bank out of the consideration received by it in payment for its shares without rendering such shares not fully paid and nonassessable. [1989 c.324 §31; 1997 c.631 §69]

Source: Section 707.266 — Expenses of organization or issue of shares , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 717.285 — OR Code / Title 53 / Chapter 717 / Section 717.285
717.285 Limit on responsibility of licensee
Status: in_force

(1) The responsibility of a licensee to any person for a money transmission conducted on that person’s behalf by the licensee or the licensee’s authorized delegate shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased plus statutory interest.

(2) In addition to any amounts under subsection (1) of this section, the court may award a prevailing party reasonable costs and attorney fees. [1999 c.571 §19]

Source: Section 717.285 — Limit on responsibility of licensee; costs and attorney fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 717.225 — OR Code / Title 53 / Chapter 717 / Section 717.225
717.225 Security devices
Status: in_force

(1) Each license application shall be accompanied by a security device in the amount of $25,000. If the applicant proposes to engage in business under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) at more than one location through authorized delegates or otherwise, the amount of the security device shall increase by $5,000 per location, not to exceed a maximum of $150,000. The security device shall be in a form satisfactory to the Director of the Department of Consumer and Business Services and shall run to the State of Oregon for the benefit of any claimants against the licensee to secure the faithful performance of the obligations of the licensee with respect to the receipt, handling, transmission and payment of money in connection with the sale and issuance of payment instruments or transmission of money. The aggregate liability on any security device shall not exceed the principal sum of the security device. Claimants against the licensee may bring suit directly on the security device or the director may bring suit on behalf of such claimants, either in one action or in successive actions.

(2) In lieu of the requirements of subsection (1) of this section, a licensee may deposit with the director, or with insured institutions as defined in ORS 706.008 (Additional definitions for Bank Act) located in this state and designated by the licensee and approved by the director, securities in an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of the security device applicable under subsection (1) of this section or portion thereof. The securities shall be held to secure the same obligations as would the security device. The depositor shall be entitled to receive all interest and dividends on the securities and may, with the approval of the director, substitute other securities for those deposited. The director, in writing, for good cause shown, may require the depositor to substitute other securities for those deposited. As used in this subsection, “securities” includes interest-bearing stocks and bonds, notes, debentures or other obligations of the United States Government or any agency or instrumentality of the United States Government, or guaranteed by the United States Government, or of this state, or of a city, county, district or instrumentality of this state, or guaranteed by this state.

(3) The security device shall remain in effect until cancellation, which may occur only after 30 days’ written notice to the director. Cancellation shall not affect any liability incurred or accrued during the 30-day period.

(4) The security device shall remain in place for no longer than five years after the licensee ceases money transmission operations in this state. However, notwithstanding this provision, the director may permit the security device to be reduced or eliminated prior to that time to the extent that the amount of the licensee’s payment instruments outstanding in this state are reduced. The director may also permit a licensee to substitute a letter of credit or such other form of security device acceptable to the director for the security device in place at the time the licensee ceases money transmission operations in this state.

(5) In the event of bankruptcy of the licensee, the security device shall be considered by operation of law to be held in trust for the benefit of purchasers and holders of the licensee’s outstanding payment instruments. [1999 c.571 §7]

Source: Section 717.225 — Security devices , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 708a.500 — OR Code / Title 53 / Chapter 708a / Section 708a.500
708A.500 Trust account
Status: in_force

An insured institution may pay any trust account, on request, to any trustee. Unless the insured institution has received written notice that the beneficiary has a vested interest that does not depend upon the beneficiary’s surviving the trustee, the insured institution may pay the personal representative or heirs of a deceased trustee if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as trustee or beneficiary. The insured institution may pay, on request, the beneficiary upon presentation to the insured institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees. [1997 c.631 §181; 2015 c.244 §62]

Source: Section 708A.500 — Trust account; payment to any trustee; payment to others , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).