ORS § 716.460 — OR Code / Title 53 / Chapter 716 / Section 716.460
716.460 Investments in demand notes secured by deposit accounts
Status: in_force

A savings bank may invest the funds mentioned in ORS 716.410 (Limitations on investments) in promissory notes made payable on demand to the order of the savings bank, secured by the pledge and assignment of a time or savings account or any other kind of deposit account, including but not limited to an automatic savings to checking transfer account or a negotiable order of withdrawal account, if the account is fully or partially federally insured as collateral security for the payment of the notes. The loan shall not exceed 100 percent of the balance due the owner of the time or savings account. [Amended by 1961 c.239 §1; 1973 c.797 §370; 1981 c.192 §28]

Source: Section 716.460 — Investments in demand notes secured by deposit accounts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 707.268 — OR Code / Title 53 / Chapter 707 / Section 707.268
707.268 Restrictions on redemption of shares
Status: in_force

No redemption or purchase of shares shall be made by an institution or Oregon stock savings bank when it is insolvent or when such redemption or purchase would render it insolvent, or which would reduce the net assets below the aggregate amount payable to the shareholders with prior or equal rights to the assets of the institution or Oregon stock savings bank upon involuntary dissolution. [1989 c.324 §33; 1997 c.631 §70]

Source: Section 707.268 — Restrictions on redemption of shares , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.265 — OR Code / Title 53 / Chapter 708a / Section 708a.265
708A.265 Accepting stock of other institutions as collateral
Status: in_force

An Oregon commercial bank may not accept or hold as loan collateral in the aggregate more than 25 percent of the capital stock of any other insured stock institution. [1997 c.631 §141; 2015 c.244 §45]

Source: Section 708A.265 — Accepting stock of other institutions as collateral , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.252 — OR Code / Title 53 / Chapter 707 / Section 707.252
707.252 Filing of amended articles of incorporation
Status: in_force

Duplicate originals of the articles of amendment shall be delivered to the Director of the Department of Consumer and Business Services. If the director finds that the articles of amendment conform to law, the director shall, when all fees and charges have been paid as in this chapter prescribed:

(1) Indorse on each such duplicate originals the word “Filed” and the month, day and year of the filing thereof.

(2) File one of such duplicate originals in the office of the director.

(3) Return one duplicate original of the articles of amendment to the banking institution or its representative. [1989 c.324 §14; 1997 c.631 §63]

Source: Section 707.252 — Filing of amended articles of incorporation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.195 — OR Code / Title 53 / Chapter 707 / Section 707.195
707.195 Offering documents for sale of stock
Status: in_force

An institution’s or Oregon stock savings bank’s incorporators shall submit to the Director of the Department of Consumer and Business Services proposed offering documents for selling the institution’s or Oregon stock savings bank’s stock for the director’s review. Subscriptions for stock in the institution or Oregon stock savings bank may not be accepted before the date on which the director approves the offering documents. [1997 c.631 §46; 2015 c.244 §20]

Source: Section 707.195 — Offering documents for sale of stock; approval by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 716.830 — OR Code / Title 53 / Chapter 716 / Section 716.830
716.830 Payment of dividends
Status: in_force

(1) Every Oregon nonstock bank shall regulate the rate of dividends upon the amounts to the credit of its time depositors so that time depositors receive dividends on their deposits in accordance with the terms of their respective deposit agreements with the Oregon nonstock bank, after transferring:

(a) To the guaranty fund any amount considered by the directors to be expedient and for the security of the depositors; and

(b) To undivided profits, for the purpose of maintaining its rate of dividends, the amount considered by the directors as wise.

(2) An Oregon nonstock bank may classify its time depositors according to the character, amount or duration of their deposits with the Oregon nonstock bank, and may regulate its dividends so that each time depositor shall receive the same ratable portion of dividends as all others in the same class of time depositors.

(3) Dividends may be apportioned upon unimpaired contributions to the initial guaranty fund and to the expense fund, and may be credited and paid to the contributors. If the guaranty fund of any Oregon nonstock bank is sufficiently large to permit the return of the contributions, the contributors may receive dividends on the contributions not exceeding the highest rate paid to depositors.

(4) An Oregon nonstock bank may issue certificates of deposit and agree to pay dividends on the amounts deposited at a rate specified in the certificate for the entire term of the certificate.

(5) An Oregon nonstock bank shall not:

(a) Declare, credit or pay any dividend except as authorized by a vote of a majority of the board of directors and recorded in its minutes according to the ayes and noes upon each vote.

(b) Pay any dividend other than the regular monthly, quarterly, semiannual or annual dividend, or the dividends prescribed in this subsection.

(c) Declare, credit or pay dividends on any amount to the credit of a depositor for a longer period than it has been credited, but deposits made not later than the 10th business day of any month, or withdrawn upon one of the last three business days of the month ending any quarterly or semiannual dividend period, may have dividends declared upon them for the whole of the period or month when they were so deposited or withdrawn. If authorized in the bylaws, accounts closed between dividend periods may be credited with dividends at the rate of the last dividend, computed from the last dividend period to the date when closed.

(6) A notice posted in an Oregon nonstock bank of a change in the rate of dividends is equivalent to a personal notice. [Amended by 1963 c.409 §1; 1969 c.211 §7; 1971 c.219 §11; 1973 c.797 §390; 1975 c.544 §49; 1983 c.37 §29; 1997 c.631 §356]

Source: Section 716.830 — Payment of dividends; classification of depositors; certificates of deposit; notice of change of rate , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 708a.605 — OR Code / Title 53 / Chapter 708a / Section 708a.605
708A.605 Separate accounts for foreign branches
Status: in_force

An institution shall maintain the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office. At the end of each year, the profit or loss accrued at each branch shall be transferred to the general ledger as a separate item. [1997 c.631 §196]

Source: Section 708A.605 — Separate accounts for foreign branches , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.764 — OR Code / Title 53 / Chapter 707 / Section 707.764
707.764 Application of ORS 707.744 to 707.762
Status: in_force

(1) The indemnification and provisions for advancement of expenses provided by ORS 707.744 (Definitions for ORS 707.744 to 707.764) to 707.762 (Insurance) shall not be deemed exclusive of any other rights to which directors, officers, employees or agents may be entitled under the banking institution’s articles of incorporation or bylaws, any agreement, general or specific action of its board of directors, vote of shareholders or otherwise, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person. Specifically and not by way of limitation, a banking institution shall have the power to make or agree to make any further indemnification, including advancement of expenses, of:

(a) Any director as authorized by the articles of incorporation, any bylaws approved, adopted or ratified by the shareholders or any resolution or agreement approved, adopted or ratified, before or after such indemnification or agreement is made, by the shareholders, provided that no such indemnification shall indemnify any director from or on account of acts or omissions for which liability could not be eliminated under ORS 707.110 (Execution and submission of articles of incorporation) (5)(c); and

(b) Any officer, employee or agent who is not a director as authorized by its articles of incorporation or bylaws, general or specific action of its board of directors or agreement. Unless the articles of incorporation, or any such bylaws, agreement or resolution provide otherwise, any determination as to any further indemnity under this paragraph shall be made in accordance with ORS 707.756 (Determination and authorization of indemnification) .

(2) If articles of incorporation limit indemnification or advance of expenses, any indemnification and advance of expenses are valid only to the extent consistent with the articles of incorporation.

(3) ORS 707.744 (Definitions for ORS 707.744 to 707.764) to 707.762 (Insurance) do not limit a banking institution’s power to pay or reimburse expenses incurred by a director in connection with the director’s appearance as a witness in a proceeding at a time when the director has not been made a named defendant or respondent to a proceeding. [1989 c.324 §25; 1997 c.631 §114]

Source: Section 707.764 — Application of ORS 707.744 to 707.762 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 716.805 — OR Code / Title 53 / Chapter 716 / Section 716.805
716.805 Determining earnings
Status: in_force

Earnings of a savings bank shall be calculated on an accrual basis according to generally accepted accounting principles. [1973 c.797 §389]

Source: Section 716.805 — Determining earnings , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 708a.655 — OR Code / Title 53 / Chapter 708a / Section 708a.655
708A.655 Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box
Status: in_force

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

(11) Any examination of the contents of a box under this section shall be conducted in the presence of at least one employee of the Oregon operating institution. [1999 c.506 §2; 2001 c.10 §1; 2003 c.395 §21; 2011 c.422 §4; 2013 c.366 §82; 2019 c.165 §26; 2019 c.678 §70; 2023 c.17 §25]

Source: Section 708A.655 — Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 708a.140 — OR Code / Title 53 / Chapter 708a / Section 708a.140
708A.140 Discrimination by bank service corporation prohibited against nonstockholding depository institution
Status: in_force

A bank service corporation shall not unreasonably discriminate in the provision of any services authorized under ORS 708A.130 (Definition for ORS 708A.135 to 708A.145) to 708A.145 (Authorized services of bank service corporations) against any financial institution that does not own stock in the bank service corporation on the basis of the fact that the nonstockholding financial institution is in competition with a financial institution that owns stock in the bank service corporation, except that:

(1) It shall not be considered unreasonable discrimination for a bank service corporation, at its option, to either:

(a) Provide services to nonstockholding financial institutions only at a price that fully reflects all of the costs of offering those services, including the cost of capital and a reasonable return thereon; or

(b) If an Oregon commercial bank is authorized under ORS 708A.135 (Investment in bank service corporation) to invest in a bank service corporation, the bank service corporation may require that the Oregon commercial bank invest in the stock of the bank service corporation, in which case the bank service corporation shall provide services to the Oregon commercial bank on the same basis as for other stockholder financial institutions of the bank service corporation.

(2) A bank service corporation may refuse to provide services to a nonstockholding financial institution if comparable services are available from another source at competitive overall costs, or if the providing of services would be beyond the practical capacity of the bank service corporation. [1997 c.631 §123]

Source: Section 708A.140 — Discrimination by bank service corporation prohibited against nonstockholding depository institution; permitted conduct , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 708a.485 — OR Code / Title 53 / Chapter 708a / Section 708a.485
708A.485 Payment of deposit in multiple-party account to one or more parties
Status: in_force

An insured institution may enter into a multiple-party account to the same extent that the insured institution may enter into a single-party account. The insured institution may pay any multiple-party account, on request, to any one or more of the parties. An insured institution need not inquire as to the source of funds the insured institution receives for deposit to a multiple-party account, or as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions. [1997 c.631 §178; 2015 c.244 §59]

Source: Section 708A.485 — Payment of deposit in multiple-party account to one or more parties; institution not required to determine source or use of funds in account , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.617 — OR Code / Title 53 / Chapter 707 / Section 707.617
707.617 Shareholders list for meeting
Status: in_force

(1) The officer or agent having charge of the stock transfer books for shares of an institution or Oregon stock savings bank shall make, at least 10 days prior to each meeting of shareholders, a complete list of the shareholders entitled to vote at such meeting or any adjournment thereof. The list shall be arranged in alphabetical order, with the address of and the number of shares held by each shareholder and, for a period of 10 days prior to such meeting, shall be kept on file at the registered office of the institution or Oregon stock savings bank and shall be subject to inspection by any shareholder at any time during usual business hours. Such list also shall be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any shareholder during the whole time of the meeting. The original stock transfer books shall be prima facie evidence as to which shareholders are entitled to examine such list or transfer books or to vote at any meeting of shareholders.

(2) Failure to comply with the requirements of this section shall not affect the validity of any action taken at such meeting. [1989 c.324 §45; 1997 c.631 §83]

Source: Section 707.617 — Shareholders list for meeting , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 709.540 — OR Code / Title 53 / Chapter 709 / Section 709.540
709.540 Rights of stockholder of trust company party to merger, share exchange or acquisition
Status: in_force

A stockholder of an Oregon trust company that is a party to a merger, share exchange or acquisition transaction shall have the rights granted stockholders of Oregon stock banks under 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) . [1997 c.631 §234]

Source: Section 709.540 — Rights of stockholder of trust company party to merger, share exchange or acquisition , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 709.220 — OR Code / Title 53 / Chapter 709 / Section 709.220
709.220 Handling of funds awaiting investment or distribution
Status: in_force

(1) Funds placed or held in trust by a trust company awaiting investment or distribution shall not be held uninvested or undistributed for a longer period than is reasonable for the proper management of the account, shall be carried in a separate account and shall not be used by the trust company, bank or extranational institution in the conduct of its business or in the conduct of the business of any of its affiliates, except that such funds may be deposited in the commercial or savings or other department of the trust company, bank or extranational institution if the trust company, bank or extranational institution first obtains and sets aside in its trust department:

(a) Bonds or other securities eligible for the investment of trust funds;

(b) A surety bond;

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

(d) A combination of the securities, letters of credit and surety bond.

(2) The surety bond shall be issued by a surety company authorized to transact business in this state and approved by the Director of the Department of Consumer and Business Services. The bond or letter of credit shall provide that the principal and surety or letter of credit issuer shall indemnify the several owners of the funds held in trust against loss due to the failure of the trust company, bank or extranational institution.

(3) Notwithstanding the provisions of ORS 708A.415 (Securing deposits by surety bond, letter of credit or insurance) , the securities, the surety bond, the letter of credit or the securities, the surety bond and the letters of credit together shall be in an amount equal to the portion of the trust funds not insured by the United States Government or any agency or instrumentality of the United States.

(4) If the trust company, bank or extranational institution fails, the owners of the funds held in trust for investment or distribution have a lien on the bonds or other securities set apart, or a right of action on the surety bond and upon the letter of credit, in addition to their claim against the estate of the trust company, bank or extranational institution. [Amended by 1957 c.82 §2; 1973 c.797 §200; 1975 c.544 §29d; 1983 c.296 §5a; 1987 c.216 §5; 1991 c.331 §115; 1997 c.631 §216]

Source: Section 709.220 — Handling of funds awaiting investment or distribution; security for use of funds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 707.272 — OR Code / Title 53 / Chapter 707 / Section 707.272
707.272 Paid-in capital
Status: reserved

(1) The paid-in capital of an institution or Oregon stock savings bank may be increased from time to time by resolution of the board of directors directing that all or a part of the retained earnings of the institution or Oregon stock savings bank be transferred to paid-in capital.

(2) An institution or Oregon stock savings bank may, by resolution of its board of directors and with the approval of the Director of the Department of Consumer and Business Services, apply part of its paid-in capital to the reduction or elimination of any deficit in retained earnings arising from losses.

(3) An institution or Oregon stock savings bank may, by resolution of its board of directors, create a reserve or reserves out of its retained earnings for any proper purpose or purposes and may abolish any such reserve in the same manner. Retained earnings of the institution or Oregon stock savings bank to the extent so reserved shall not be available for the payment of dividends or other distributions by the institution or Oregon stock savings bank except as expressly permitted by the Bank Act.

(4) An institution or Oregon stock savings bank may redeem shares of its stock only with the prior approval of the director. A class or series of shares may be designated redeemable upon certain terms and conditions in advance of its issuance with the prior approval of the director, in which event no further approval shall be required to redeem the shares in accordance with the terms and conditions approved.

(5) The director may refuse to approve a reduction in paid-in capital under subsection (2) of this section or redemption of shares under subsection (4) of this section if the director determines that the remaining paid-in capital of the institution or Oregon stock savings bank would be inadequate for the safe and sound operation of the institution or Oregon stock savings bank.

(6) The director may by rule or order waive the requirement for prior approval of redemptions of shares. [1989 c.324 §35; 1997 c.631 §72]

Source: Section 707.272 — Paid-in capital; use; retained earnings reserve; approval of director for redemption of shares; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 716.080 — OR Code / Title 53 / Chapter 716 / Section 716.080
716.080 Issuance of charter
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall examine the condition of an Oregon nonstock bank when the Oregon nonstock bank files with or submits to the director:

(a) A copy of its articles of incorporation, as required by ORS 716.040 (Articles of incorporation) ;

(b) A list of incorporators, showing name, address, sums paid into the guaranty and expense fund, sworn to by the president or cashier;

(c) The sworn statement of an officer that all requirements of law have been complied with; and

(d) A list of the directors and officers elected.

(2) If, upon examination, the director determines that the Oregon nonstock bank has complied with the applicable requirements of ORS 716.028 (Application for authority to organize) to 716.070 (Expense fund) , the director shall issue to the Oregon nonstock bank a charter to do business as an Oregon nonstock bank under this chapter. [Amended by 1973 c.797 §354; 1987 c.216 §6; 1997 c.631 §338]

Source: Section 716.080 — Issuance of charter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 716.160 — OR Code / Title 53 / Chapter 716 / Section 716.160
716.160 Restated articles of incorporation
Status: in_force

(1) An Oregon nonstock bank may by action taken in the same manner as required for amendment of its articles of incorporation adopt restated articles of incorporation. The restated articles of incorporation may contain any changes in the articles of incorporation that could be made by amendment regularly adopted. Adoption of restated articles of incorporation containing any such changes shall have the effect of amending the existing articles of incorporation to conform to the restated articles of incorporation. Restated articles of incorporation shall contain a statement that they supersede the theretofore existing articles of incorporation and amendments thereto.

(2) Restated articles of incorporation shall contain all the statements required by this chapter to be included in original articles of incorporation except that no statement shall be made with respect to the number, names and addresses of directors constituting the initial board of directors or the name of each incorporator, or the sums each incorporator contributed to the initial guaranty fund.

(3) Restated articles of incorporation when executed and filed in the manner prescribed by this chapter for articles of amendment shall supersede the theretofore existing articles of incorporation and amendments thereto. The Director of the Department of Consumer and Business Services shall upon request certify a copy of the articles of incorporation, or the articles of incorporation as restated, or any amendments to either thereof.

(4) The restated articles of incorporation, when submitted for filing, shall be accompanied by a statement, executed in duplicate by the Oregon nonstock bank by an authorized officer, setting forth:

(a) The name of the Oregon nonstock bank.

(b) The date of the adoption of the restated articles of incorporation by the directors. [1979 c.88 §23; 1997 c.631 §344]

Source: Section 716.160 — Restated articles of incorporation; procedure; contents , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 716.588 — OR Code / Title 53 / Chapter 716 / Section 716.588
716.588 Investments in certain corporate capital stocks
Status: in_force

(1) A savings bank may invest the funds mentioned in ORS 716.410 (Limitations on investments) in the capital stock of a corporation organized under the laws of this state if:

(a) All of the capital stock of the corporation is owned by one or more savings banks organized under the laws of this state;

(b) The activities of the corporation are performed directly or through one or more wholly owned subsidiaries, and consist only of one or more of the following:

(A) Originating, purchasing, selling and servicing education loans and loans and participations in loans secured by first liens upon real estate and manufactured dwellings, including brokerage and warehousing of loans;

(B) Making any investment which would be an authorized investment of a savings bank organized under the laws of this state;

(C) Performing services for savings banks organized under the laws of this state; or

(D) Making investments in unimproved real estate for the purpose of prompt development and subdivision;

(c) The aggregate outstanding investment in the capital stock, obligations, or other securities of service corporations and subsidiaries thereof, including all loans, secured and unsecured, to the service corporations or any subsidiaries thereof and to joint ventures of the service corporation or subsidiaries, whether or not the savings bank is a stockholder in the service corporation, do not exceed three percent of the savings bank’s assets. For the purpose of this subsection the term “aggregate outstanding investment” means the sum of the amounts paid for the acquisition of capital stock or securities and amounts invested in obligations of service corporations, less amounts received from the sale of capital stock or securities of service corporations and amounts paid to the savings bank to retire obligations of service corporations; and

(d) The corporation executes and files with the Director of the Department of Consumer and Business Services a written agreement in the form prescribed by the Director that the corporation will permit and pay the cost of examinations and audits by the director as the director considers necessary.

(2) If one of the savings banks holds more than 40 percent of the stock, the corporation, including any subsidiary, shall not incur or have outstanding at any time debts in excess of the following limitations:

(a) In the case of an unsecured debt other than to a holder of its capital stock, the lesser of an amount equal to one percent of the assets of the holder or holders of its capital stock or to the investment in the stock, obligations or other securities of the corporation by the holder or holders of its capital stock, excluding secured debts owed by the corporation to the holder or holders; and

(b) In the case of a secured debt, other than to a holder of its capital stock, the lesser of an amount equal to four percent of the assets of the holder or holders of its capital stock or four times the investment in the stock obligations or other securities of the corporation by the holder or holders of its capital stock excluding secured debts owed by the corporation to the holder or holders. [1973 c.797 §375b; 1981 c.192 §31; 1987 c.911 §15; 1999 c.59 §224; 2005 c.80 §5]

Source: Section 716.588 — Investments in certain corporate capital stocks; conditions; restrictions on corporate indebtedness , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 708a.120 — OR Code / Title 53 / Chapter 708a / Section 708a.120
708A.120 Investment in stock of other entity
Status: in_force

(1) An institution may not invest any of the institution’s assets in the capital stock of any other corporation or in a membership interest in any limited liability company, except:

(a) In the capital stock of the Federal Reserve Bank.

(b) In stock or a membership interest the institution acquired or purchased to save a loss on a preexisting debt. The institution shall sell the stock or membership interest within two years of the date the institution acquired or purchased the stock or membership interest. The Director of the Department of Consumer and Business Services may extend the time if the director finds that an extension will not be detrimental to the public interest and will not contravene any other law.

(c) In the capital stock or a membership interest of any safe deposit company that does an exclusive safe deposit business on premises the institution owns or leases upon 30 days’ advance notice to the director subject to the same limitations applicable to a national bank.

(d) In the capital stock or a membership interest of an agricultural and livestock finance company, subject to the same limitations applicable to national banks and to the approval of the director.

(e) In the capital stock or a membership interest, eligible for purchase by national banks, of a small business investment company, but the aggregate investment in the stock or membership interest may not exceed two percent of the institution’s capital.

(f) In the common stock of any federally chartered corporation that is chartered for the purpose of providing secondary markets for the sale of mortgages by institutions.

(g) In the stock of the Federal Home Loan Bank.

(h) In the capital stock of a corporation exclusively engaged in a trust business or a banker’s bank, subject to the same limitations applicable to national banks.

(i) In the capital stock of a bank service corporation, as provided in ORS 708A.130 (Definition for ORS 708A.135 to 708A.145) to 708A.145 (Authorized services of bank service corporations) .

(j) In the capital stock of a community development corporation, as provided in ORS 708A.150 (Community development corporations) .

(k) If a trust company is not engaged in a banking business and if the director first approves the investment, the trust company may invest an amount that does not exceed 20 percent of the capital of the trust company:

(A) In the capital stock or a membership interest of a subsidiary investment company of a type defined in the Investment Company Act of 1940, as amended; or

(B) In a company one of the purposes of which is to act as a federal covered investment adviser or a state investment adviser, as defined in ORS 59.015 (Definitions for Oregon Securities Law) , with all the powers a federal covered investment adviser or a state investment adviser customarily exercises.

(L) In adjustable rate preferred stock of the Student Loan Marketing Association established in 20 U.S.C. 1087-2, except that the aggregate investment in the stock may not exceed 15 percent of the institution’s capital.

(m) In the capital stock or a membership interest of a company acquired for the purpose of strengthening the institution’s capital structure or eliminating undesirable assets, as provided in ORS 708A.125 (Stock in corporations acquired to strengthen capital or eliminate undesirable assets) .

(n) In the capital stock or a membership interest of a bank, limited liability company or corporation that is engaged in international or foreign banking or foreign banking in a dependency or insular possession of the United States, as provided in ORS 708A.155 (Investment in foreign banks) .

(o) In the capital stock of a corporation, or a membership interest in a limited liability company, that was created to establish ATMs, as provided in ORS 708A.160 (Corporation or limited liability company created to establish ATMs) .

(2) An institution may invest the institution’s assets in shares of any mutual fund, the assets of which are invested solely in obligations of the type described in and limited under ORS 708A.115 (Investment in government obligations) .

(3) An institution may, subject to the director’s approval, acquire or continue to hold the fully paid stock of a corporation or a membership interest in a limited liability company, one of the purposes of which is to assist the institution in handling real estate, claims, judgments or other assets or in holding title to the assets.

(4) An institution may acquire or continue to hold the fully paid stock of a corporation or a membership interest in a limited liability company, the purpose of which is to permit the institution to engage in any business in which a financial holding company, a bank holding company or a nonbank subsidiary of a financial holding company or a bank holding company is authorized to engage. This subsection does not apply unless the institution is the owner of at least 80 percent of the common stock of the subsidiary corporation or the membership interests of the limited liability company, except qualifying shares of directors or qualifying membership interests of members.

(5) An institution may, subject to the director’s approval and to rules the director adopts, acquire and continue to hold at least 80 percent of the fully paid stock of a corporation, or at least 80 percent of the membership interests of a limited liability company, that is engaged in any business in which an institution is authorized to engage. Except as otherwise permitted by statute or rule, the investment limitations applicable to the institution apply to the subsidiary.

(6) An institution may, subject to the director’s approval and under rules the director adopts, acquire and continue to hold all the fully paid stock of a subsidiary corporation, or all of the membership interests of a limited liability company, that is engaged in the business of purchasing the stock of the institution for purposes of holding that stock and making a market for that stock, if not more than 20 percent of the net profit of the banking institution is disbursed to the subsidiary or the limited liability company in any one fiscal year. Except as otherwise permitted by statute or rule, the investment limitations applicable to the institution apply to the subsidiary or the limited liability company. Acquisitions under this subsection may not exceed 15 percent of the institution’s capital.

(7) An institution may acquire and hold all or part of the stock of a corporation, or the membership interests of a limited liability company, that is or may be licensed after the acquisition 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) , subject to the following requirements:

(a) Acquiring and holding the stock or the membership interests are subject to the director’s approval. 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 corporation or the limited liability company.

(b) The director may revoke or restrict the ongoing authority of the institution to hold stock in the corporation or membership interests in the limited liability company if the condition of the institution substantially deteriorates or if the insurance activities are adversely affecting the institution.

(c) For each calendar year during which an institution owns all or part of a corporation, or a limited liability company, that is licensed as an insurance producer as required by ORS 744.053 (Requirements to be licensed as insurance producer for class of insurance) , the institution shall file a written report with the director. The report must be filed not later than March 31 of the following year and shall disclose the insurance activities of the corporation or the limited liability company. The director shall establish the required contents of the report by rule. The reports filed with the director under this paragraph must be available for public inspection in the director’s office.

(d) The corporation or limited liability company may not in any manner use customer information that the institution obtained from another insurance producer to promote, develop or solicit insurance business for the corporation or the limited liability company unless the other insurance producer consents to such use of the customer information.

(e) The corporation or the limited liability company is subject to the limitations 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) . [1997 c.631 §119; 1997 c.772 §31b; 1997 c.831 §2a; 2001 c.191 §52; 2001 c.377 §47; 2003 c.363 §7; 2003 c.364 §59a; 2005 c.80 §4; 2005 c.194 §1; 2013 c.104 §3]

Source: Section 708A.120 — Investment in stock of other entity; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 711.560 — OR Code / Title 53 / Chapter 711 / Section 711.560
711.560 Costs and disbursements in claim proceedings
Status: in_force

A party to the proceedings upon any hearing provided for in ORS 711.554 (Procedure for determination of claims) shall not recover costs or disbursements from any other party. [Amended by 1973 c.797 §278]

Source: Section 711.560 — Costs and disbursements in claim proceedings , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 717.250 — OR Code / Title 53 / Chapter 717 / Section 717.250
717.250 Notice of change or acquisition of control of licensee
Status: in_force

(1) Within 15 days of a change or acquisition of control of a licensee, the licensee shall provide notice of the change to the Director of the Department of Consumer and Business Services in writing and in a form the director may prescribe by rule. The notice shall be accompanied by such information, data and records as the director may require by rule.

(2) Notwithstanding subsection (1) of this section, the director may waive the notice requirement if the director determines that the change in control does not pose any risk to the interests of the public. [1999 c.571 §12]

Source: Section 717.250 — Notice of change or acquisition of control of licensee; waiver; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 715.055 — OR Code / Title 53 / Chapter 715 / Section 715.055
715.055 Submission of reports filed with Federal Reserve Board
Status: in_force

(1) A financial holding company or a bank holding company of an Oregon stock bank shall submit to the Director of the Department of Consumer and Business Services, in a form and format specified by the director, a copy of specified reports that the financial holding company or the bank holding company is required to submit to the Federal Reserve Board. The financial holding company or bank holding company shall submit the copies to the director within the time periods required by applicable federal law and regulation for filing the originals with the Federal Reserve Board.

(2) The director may call for additional information from a financial holding company or a bank holding company, in a form and format that the director may prescribe by rule or order, if the director considers the additional information necessary in order to obtain full knowledge of the condition of the Oregon stock bank that the financial holding company or the bank holding company controls. The financial holding company or the bank holding company shall submit the additional information to the director within the time period prescribed by the director.

(3) If a financial holding company or a bank holding company fails to submit a report or additional information as required by this section, the financial holding company or the bank holding company shall pay to the director a penalty of up to $1,000 for each day the financial holding company or bank holding company fails to comply. If the financial holding company or the bank holding company delays or refuses to pay the penalty upon demand by the director, the director may maintain an action in the director’s name against the delinquent financial holding company or bank holding company for the recovery of the penalty. [1973 c.797 §341; 1997 c.631 §327; 2001 c.377 §34; 2009 c.541 §36]

Source: Section 715.055 — Submission of reports filed with Federal Reserve Board; additional information; rules; penalty for failure to submit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors715.­html (accessed May 26, 2025).
ORS § 716.145 — OR Code / Title 53 / Chapter 716 / Section 716.145
716.145 Form and content of articles of amendment
Status: in_force

The articles of amendment shall be executed in duplicate by the Oregon nonstock bank by its president or a vice president and by its cashier, its secretary or an assistant secretary, and shall set forth:

(1) The name of the Oregon nonstock bank.

(2) If the amendment alters or changes any provision of the original or amended articles of incorporation, an identification by reference or description of the affected provision and a statement of its text as it is amended to read. If the amendment strikes or deletes any provision of the original or amended articles of incorporation, an identification by reference or description of the provision so stricken or deleted and a statement that it is stricken out or deleted. If the amendment is an addition to the original or amended articles of incorporation, a statement of that fact and the full text of each provision added.

(3) The date of the adoption of the amendment by the directors. [1979 c.88 §20; 1997 c.631 §343]

Source: Section 716.145 — Form and content of articles of amendment , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 717.315 — OR Code / Title 53 / Chapter 717 / Section 717.315
717.315 Deposit of moneys in Consumer and Business Services Fund
Status: in_force

All fees, charges, costs and civil penalties collected by the Director of the Department of Consumer and Business Services under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) shall be paid to the State Treasurer and credited as provided in ORS 705.145 (Consumer and Business Services Fund) . [1999 c.571 §28; 2011 c.597 §290]

Source: Section 717.315 — Deposit of moneys in Consumer and Business Services Fund , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 706.005 — OR Code / Title 53 / Chapter 706 / Section 706.005
706.005 Definitions for Bank Act
Status: in_force

As used in the Bank Act:

(1) Intentionally left blank —Ed.

(a) “Access area” means any paved walkway or sidewalk within 50 feet of an automated teller machine or night deposit facility.

(b) “Access area” does not include publicly maintained sidewalks or roads.

(2) “Access device” means:

(a) An access device as defined in Federal Reserve Board Regulation E (12 C.F.R. Part 205) adopted under the Electronic Fund Transfer Act (15 U.S.C. 1693, et seq.); or

(b) A key or other mechanism that a financial institution issues to a customer to give the customer access to the financial institution’s or bank’s night deposit facility.

(3) “Acquisition transaction” means:

(a) A sale and purchase of all or substantially all of a bank’s assets that does not occur in the bank’s ordinary course of business; or

(b) The transfer and assumption of all or substantially all of a bank’s liabilities.

(4) Intentionally left blank —Ed.

(a) “Automated teller machine” or “ATM” means any electronic information processing device located in this state that:

(A) Accepts or dispenses cash in connection with a credit, deposit or convenience account, provides information and initiates transactions in accordance with the request or instruction of a customer or the customer’s agent; and

(B) Is unstaffed except for persons that install the device, provide security or provide periodic servicing, maintenance or repair.

(b) “Automated teller machine” or “ATM” does not include a device that is used solely to facilitate check guarantees or check authorizations, or that is used in connection with accepting or dispensing cash on a person to person basis, such as by a store cashier.

(5) “Bank Act” means ORS chapters 706 to 716.

(6) Intentionally left blank —Ed.

(a) “Banking business” or “business of banking” means a regular business of receiving or accepting money or the equivalent of money on deposit, whether the deposit is made subject to check or is evidenced by a certificate of deposit, a pass book or other writing or evidence.

(b) “Banking business” or “business of banking” does not include:

(A) Depositing money or the equivalent of money in escrow or with an agent, pending an investment in real estate or securities for or on account of a principal;

(B) The business of a credit union;

(C) Accepting deposits in connection with purchasing or leasing property or services; or

(D) Accepting deposits through an ATM or night deposit facility.

(7) “Banking day” has the meaning given that term in ORS 708A.650 (Banking days) .

(8) “Branch” means an office or other place, except a principal place of business or an ATM, at which:

(a) A bank engages in banking business; or

(b) A trust company transacts trust business.

(9) “Candlefoot power” means a light intensity of candles on a horizontal plane at 36 inches above ground level and 5 feet in front of the area to be measured.

(10) “Capital debentures” means capital notes, capital debentures and any other form of unsecured obligations that an institution or stock savings bank issues to evidence borrowings in which the rights of the lender are subordinate to the rights of the depositors.

(11) Intentionally left blank —Ed.

(a) “Defined parking area” means a portion of any parking area or a single level in a multiple-story parking area that is open for customer parking and is:

(A) Contiguous to the access area of an ATM or night deposit facility;

(B) Regularly, principally and lawfully used for parking by users of the ATM or night deposit facility while the users conduct transactions during hours of darkness;

(C) Owned or leased by the operator of the ATM or night deposit facility or owned or controlled by the party that leases the ATM or night deposit facility site to the operator; and

(D) The parking area that the operator of the ATM or night deposit facility designates as the most directly accessible to the ATM or night deposit facility, if the parking area is a single level in a multiple-story parking area.

(b) “Defined parking area” does not include any parking area that:

(A) Users of an ATM or night deposit facility do not regularly use for parking while conducting transactions during the hours of darkness; or

(B) Is physically closed to access or has conspicuous signs that indicate that the parking area is closed.

(12) “Department” means the Department of Consumer and Business Services.

(13) “Director” means the Director of the Department of Consumer and Business Services.

(14) “Document of title” means document of title as defined in ORS 71.2010 (General definitions) .

(15) “Federal Reserve Act” means the Act of Congress approved December 23, 1913 (38 Stat. 251), as amended.

(16) “Federal Reserve Bank” means a Federal Reserve Bank that is created and organized under the authority of the Federal Reserve Act.

(17) “Federal Reserve Board” means the Federal Reserve Board created and described in the Federal Reserve Act.

(18) “Home state” means:

(a) With respect to a state bank, the state under the laws of which the state bank is incorporated or otherwise organized;

(b) With respect to a federal bank, the state in which the main office of the federal bank is located;

(c) With respect to an extranational institution, the state that the extranational institution or the Board of Governors of the Federal Reserve System elects as the extranational institution’s home state; or

(d) With respect to a financial holding company or a bank holding company, the state in which the total deposits of all banking subsidiaries of the financial holding company or bank holding company are the largest on the date on which the company becomes a financial holding company or a bank holding company.

(19) “Hours of darkness” means the period that commences 30 minutes after sunset and ends 30 minutes before sunrise.

(20) “Loan production office” means a physical location in this state at which representatives of an insured institution or extranational institution hold themselves out to the public as providing loan origination services, leasing services or services of a similar nature, but at which representatives of the insured institution or extranational institution do not conduct banking business.

(21) “Night deposit facility” means a receptacle that a financial institution provides for the financial institution’s customers to use to deliver cash, checks and other items to the financial institution.

(22) “Obligations” includes:

(a) The direct liability of a maker or acceptor of paper discounted with or sold to an institution;

(b) The liability of a drawer, indorser or assignor;

(c) Obligations of the several members of a copartnership or association;

(d) Obligations of all subsidiaries of a corporation in which the corporation owns or controls 50 percent or more of the capital stock; and

(e) The liability of a lessee under a lease.

(23) “Officer” of a banking institution means a chief executive officer, president, any vice president, secretary, treasurer, cashier or any individual who the board of a banking institution designates as an officer under ORS 707.700 (Selection and control of officers by directors) .

(24) “Operator” means any financial institution or other business entity, or any person that operates an ATM or night deposit facility.

(25) “Outside director” means a member of the board of directors of a banking institution who is not employed by the banking institution or by any holding company or subsidiary of the banking institution.

(26) “Paid-in capital” means the aggregate amount that an institution or stock savings bank receives from issuing the institution’s or stock savings bank’s stock or that the institution or stock savings bank transfers from retained earnings.

(27) “Person” means an individual, corporation, limited liability company, partnership, association, joint stock company, business trust or unincorporated organization.

(28) “Stockholders’ equity” means the aggregate of paid-in capital and retained earnings of an institution or Oregon stock savings bank.

(29) “Trust business” means acting as a trustee of a trust. [1973 c.797 §2; 1975 c.193 §1; 1975 c.725 §1; 1983 c.37 §1; 1985 c.12 §1; 1985 c.451 §1; 1985 c.627 §3; 1985 c.762 §16; 1987 c.373 §47; 1987 c.371 §1; 1987 c.445 §7; 1991 c.331 §109; 1993 c.229 §1; 1993 c.318 §6; 1993 c.744 §22; 1995 c.313 §1; 1997 c.631 §1; 1999 c.107 §1; 2001 c.377 §45; 2005 c.348 §123; 2015 c.244 §5; 2021 c.97 §80]

Source: Section 706.005 — Definitions for Bank Act , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 711.655 — OR Code / Title 53 / Chapter 711 / Section 711.655
711.655 Use of suspended deposits to pay indebtedness of depositor
Status: in_force

Nothing in 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) prevents the assignment of a suspended deposit liability or the application of all or a part of a suspended deposit to payment at maturity of any indebtedness of the depositor to the Oregon stock bank that existed at the time the suspension became effective, but a deposit liability subsequently assigned may not be so applied. [1973 c.797 §300; 1997 c.631 §260]

Source: Section 711.655 — Use of suspended deposits to pay indebtedness of depositor , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 707.260 — OR Code / Title 53 / Chapter 707 / Section 707.260
707.260 Fractional shares
Status: in_force

(1) An institution or Oregon stock savings bank may:

(a) Issue fractions of a share or pay in money the value of fractions of a share;

(b) Arrange for disposition of fractional shares by the shareholders; or

(c) Issue scrip in registered or bearer form entitling the holder to receive a full share upon surrendering enough scrip to equal a full share.

(2) Each certificate representing scrip must be conspicuously labeled “scrip” and must contain the following information:

(a) The name of the issuing institution or Oregon stock savings bank and a statement that it is organized under the law of this state;

(b) The name of the person to whom the scrip is issued; and

(c) The number and class of shares and the designation of the series, if any, for which the certificate may be exchanged.

(3) The holder of a fractional share is entitled to exercise the rights of a shareholder, including the right to vote, receive dividends and participate in the assets of the institution or Oregon stock savings bank upon liquidation. The holder of scrip is not entitled to any of these rights unless the scrip provides for them.

(4) The board of directors may authorize the issuance of scrip subject to any condition considered desirable, including:

(a) That the scrip will become void if not exchanged for full shares before a specified date; or

(b) That the shares for which the scrip is exchangeable may be sold and the proceeds paid to the scripholders. [1989 c.324 §32; 1997 c.631 §67]

Source: Section 707.260 — Fractional shares; scrip , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.670 — OR Code / Title 53 / Chapter 708a / Section 708a.670
708A.670 Definitions for ORS 708A.670 and 708A.675
Status: in_force

As used in this section and ORS 708A.675 (Authority of financial institutions in cases of suspected financial exploitation) :

(1) “Financial exploitation” has the meaning given that term in ORS 124.050 (Definitions for ORS 124.050 to 124.095) .

(2) “Financial institution” means a financial institution or a trust company as those terms are defined in ORS 706.008 (Additional definitions for Bank Act) .

(3) “Law enforcement agency” has the meaning given that term in ORS 124.050 (Definitions for ORS 124.050 to 124.095) .

(4) “Vulnerable person” has the meaning given that term in ORS 124.100 (Definitions for ORS 124.100 to 124.140) .

(5) “Vulnerable person’s account” means a contract of deposit of funds between a depositor and a financial institution where:

(a) The account is owned by a vulnerable person, whether individually or with one or more other persons; or

(b) A vulnerable person is a beneficiary of the account, including of a formal or informal trust account, a payable on death account, a conservatorship account or a guardianship account. [2017 c.290 §1]

Note: 708A.670 (Definitions for ORS 708A.670 and 708A.675) to 708A.680 (Contractual rights not restricted) were enacted into law by the Legislative Assembly but were not added to or made a part of the Bank Act or any chapter or series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 708A.670 — Definitions for ORS 708A.670 and 708A.675 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 706.560 — OR Code / Title 53 / Chapter 706 / Section 706.560
706.560 Appraisal of securities and audit
Status: in_force

(1) When a banking institution or a non-Oregon institution has been examined by an examiner and the examiner finds securities that are of doubtful value, the examiner shall report the same to the Director of the Department of Consumer and Business Services, who may, at the expense of the banking institution or non-Oregon institution, investigate and appraise the securities.

(2) The director may, in the discretion of the director or whenever requested to do so by a banking institution or non-Oregon institution, make an audit of the affairs of the banking institution or non-Oregon institution. The Department of Consumer and Business Services shall be reimbursed by the banking institution or non-Oregon institution for all costs incurred by the department in conducting the audit. [Amended by 1973 c.797 §29; 1997 c.631 §7]

Source: Section 706.560 — Appraisal of securities and audit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 707.744 — OR Code / Title 53 / Chapter 707 / Section 707.744
707.744 Definitions for ORS 707.744 to 707.764
Status: in_force

As used in ORS 707.744 (Definitions for ORS 707.744 to 707.764) to 707.764 (Application of ORS 707.744 to 707.762) :

(1) “Director” means an individual who is or was a director of a banking institution or an individual who, while a director of a banking institution, is or was serving at the banking institution’s request as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. A director is considered to be serving an employee benefit plan at the banking institution’s request if the director’s duties to the banking institution also impose duties on or otherwise involve services by the director to the plan or to participants in or beneficiaries of the plan. “Director” includes, unless the context requires otherwise, the estate or personal representative of a director.

(2) “Expenses” includes counsel fees.

(3) “Banking institution” includes any domestic or foreign predecessor entity of a banking institution in a merger or other transaction in which the predecessor’s existence ceased upon the consummation of the transaction.

(4) “Liability” means the obligation to pay a judgment, settlement, penalty or fine, including an excise tax assessed with respect to an employee benefit plan or reasonable expenses incurred with respect to a proceeding.

(5) “Officer” means an individual who is or was an officer of a banking institution or an individual who, while an officer of a banking institution, is or was serving at the banking institution’s request as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. An officer is considered to be serving an employee benefit plan at the banking institution’s request if the officer’s duties to the banking institution also impose duties on or include services by the officer to the employee benefit plan or to participants in or beneficiaries of the plan. “Officer” includes, unless the context requires otherwise, the estate or personal representative of an officer.

(6) “Party” includes an individual who was, is or is threatened to be made a named defendant or respondent in a proceeding.

(7) “Proceeding” means any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, and whether formal or informal. [1989 c.324 §17; 1997 c.631 §106]

Source: Section 707.744 — Definitions for ORS 707.744 to 707.764 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 717.305 — OR Code / Title 53 / Chapter 717 / Section 717.305
717.305 Consent to jurisdiction of courts
Status: in_force

(1) Any licensee, authorized delegate or other person that knowingly engages in the money transmission business under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) , with or without filing a license application, is considered to have:

(a) Consented to the jurisdiction of the courts of this state for all actions arising under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) ; and

(b) Appointed the Director of the Department of Consumer and Business Services as the licensee’s, delegate’s or person’s lawful agent for the purpose of accepting service of process in any action, suit or proceeding that may arise under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) .

(2) Within three business days after service of process upon the director, the director shall transmit by certified mail copies of all lawful process accepted by the director as an agent to the person for whom service of process is accepted at the person’s last known address. Service of process shall be considered complete three business days after the director deposits copies of the documents in the United States mail. [1999 c.571 §26]

Source: Section 717.305 — Consent to jurisdiction of courts; director as agent for service of process , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 711.104 — OR Code / Title 53 / Chapter 711 / Section 711.104
711.104 Rights of member of Oregon bank or Oregon trust company to dissent to conversion from limited liability company to corporation
Status: in_force

(1) A member of an Oregon bank or Oregon trust company that is organized as a limited liability company may dissent to a plan of conversion under which the Oregon bank or Oregon trust company is to be converted from a limited liability company to a corporation.

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

(3) A member may not dissent as to less than all the membership interests held in the name of the member, except a member holding, as a fiduciary or nominee, membership interests held in the member’s name for the benefit of more than one beneficiary, may dissent as to less than all of the membership interests held in the fiduciary or nominee’s name if any dissent as to the membership interests held for a beneficiary is made as to all the membership interests held by the fiduciary for that beneficiary or nominee. The fiduciary’s rights shall be determined as if the membership interests to which the fiduciary has dissented and the other membership interests are held in the names of different members.

(4) Any member who dissented to a plan of conversion under this section and who desires to receive the value in cash of the member’s membership interests, shall make written demand upon the Oregon bank or Oregon trust company and accompany the demand with the surrender of the member’s certificates of membership interest, properly indorsed within 30 days after the meeting of the members at which the vote to approve the plan of conversion was taken. Any member failing to make written demand within the 30-day period shall be bound by the terms of the proposed plan of conversion.

(5) Within 30 days after the plan of conversion becomes effective, the Oregon bank or Oregon trust company shall give written notice thereof to each dissenting member who has made demand under this section at the address of the member on the membership books of the Oregon bank or Oregon trust company, and shall make a written offer to each such member to pay for the member’s membership interests at a specified price in cash, determined by the Oregon bank or Oregon trust company to be the fair value of the membership interests as of the effective date of the conversion. The notice and offer shall be accompanied by a statement of condition of the Oregon bank or Oregon trust company as of the latest available date and not more than four months prior to the effective date of the plan of conversion, and a statement of income of the Oregon bank or Oregon trust company for the period ending on the date of the statement of condition.

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

(7) If within 30 days after notice of the offer, one or more dissenting members do not accept the offer of the Oregon bank or Oregon trust company or if no offer is made, then the value of the membership interests of the dissenting members who have not accepted the offer shall be ascertained, as of the effective date of the conversion, 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 membership interests is not 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 bank or Oregon trust company shall pay the dissenting members the appraised value of the membership interests within 30 days after the date the appraiser sends the Oregon bank or Oregon trust company written notice of the appraiser’s valuation.

(8) The director shall assess the reasonable costs and expenses of the appraisal proceeding equally to the Oregon bank or Oregon trust company and to the dissenting members, as a group, if the amount offered by the Oregon bank or Oregon trust company is between 85 percent and 115 percent of the appraised value of the membership interests. 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 bank or Oregon trust company to the dissenting members, as a group, if the amount offered by the Oregon bank or Oregon trust company is 115 percent or more of the appraised value of the membership interests. 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 members, as a group, to the Oregon bank or Oregon trust company if the amount offered by the Oregon bank or Oregon trust company is 85 percent or less of the appraised value of the membership interests. 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) .

(9) Amounts required to be paid by the Oregon bank or Oregon trust company, or by the dissenting members 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.

(10) The director may require, as a condition of approving a plan of conversion, the replacement of all or a portion of the members’ equity of an Oregon bank or Oregon trust company.

(11) A dissenting member making a demand under subsection (4) of this section may withdraw the demand if:

(a) The Oregon bank or Oregon trust company consents to the withdrawal; or

(b) The dissenting member pays the member’s pro rata share of the appraisal costs and the Oregon bank’s or Oregon trust company’s reasonable costs and expenses, including attorney fees and costs.

(12) When a dissenting member withdraws the demand under subsection (11) of this section, the member’s status as a member shall be restored, without prejudice to any proceedings taking place in the interim. [2005 c.134 §13]

(Merger, Share Exchange and Acquisition)

Source: Section 711.104 — Rights of member of Oregon bank or Oregon trust company to dissent to conversion from limited liability company to corporation; demand required; notice and offer to pay for shares; cost of appraisal of shares , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 717.900 — OR Code / Title 53 / Chapter 717 / Section 717.900
717.900 Civil penalties
Status: in_force

(1) If the Director of the Department of Consumer and Business Services finds that a person has violated any provision of ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) , or of a rule adopted or order issued under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) , the director may impose a civil penalty in an amount specified by the director, not to exceed $1,000 for each violation or, in the case of a continuing violation, $1,000 for each day that the violation continues. Civil penalties under this section shall be imposed in the manner described in ORS 183.745 (Civil penalty procedures) . A penalty shall not be assessed under this section until after the person subject to the penalty has been notified in writing of the nature of the violation and has been afforded a reasonable period of time, as set forth in the notice, to correct the violation and has failed to do so.

(2) Appeals from orders of the director under this section may be taken to the courts of this state as provided by ORS chapter 183.

(3) The director may compromise and settle with and collect civil penalties from any person for violations of any provision of ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) , or of any rule adopted or order issued under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) . [1999 c.571 §21]

Source: Section 717.900 — Civil penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 707.160 — OR Code / Title 53 / Chapter 707 / Section 707.160
707.160 Transaction of business prior to organization
Status: in_force

(1) A banking institution shall not transact any business, except as is incidental or necessary to its organization, until it has received its charter from the Director of the Department of Consumer and Business Services.

(2) An institution or Oregon stock savings bank that fails to obtain paid subscriptions in at least the amount of its approved initial paid-in capital and complete its organization and receive from the director a charter, within one year after the date of approval of its articles of incorporation, ceases to exist and the articles of incorporation are void.

(3) All persons purporting to act as or on behalf of a banking institution, knowing there was no incorporation, are jointly and severally liable for all liabilities created while so acting. [Amended by 1969 c.44 §1; 1973 c.797 §63; 1989 c.324 §5; 1997 c.631 §51]

Source: Section 707.160 — Transaction of business prior to organization; failure to complete organization; liability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.419 — OR Code / Title 53 / Chapter 711 / Section 711.419
711.419 Taking possession of Oregon stock bank by director
Status: in_force

After an Oregon stock bank commits an act of insolvency or the insurance required for its deposits under ORS 708A.405 (Deposits) is canceled by the insurer, the Director of the Department of Consumer and Business Services may take possession of the property and affairs of the Oregon stock bank and proceed to liquidate it as provided for an insolvent Oregon stock bank under ORS 711.400 (Supervision of liquidation by circuit court) to 711.615 (Court filing fees) . [1975 c.544 §34; 1985 c.786 §42; 1997 c.631 §244]

Source: Section 711.419 — Taking possession of Oregon stock bank by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 707.248 — OR Code / Title 53 / Chapter 707 / Section 707.248
707.248 Shareholders authorized to vote on amendment to articles of incorporation
Status: in_force

(1) The holders of the outstanding shares of a class shall be entitled to vote as a class upon a proposed amendment, whether or not entitled to vote thereon by the provisions of the articles of incorporation, if the amendment would:

(a) Increase or decrease the aggregate number of authorized shares of such class.

(b) Effect an exchange, reclassification or cancellation of all or part of the shares of such class.

(c) Effect an exchange, or create a right of exchange, of all or any part of the shares of another class into the shares of such class.

(d) Change the designations, preferences, limitations or relative rights of the shares of such class.

(e) Change the shares of such class into the same or a different number of shares of the same class or another class or classes.

(f) Create a new class of shares with rights and preferences prior and superior to the shares of such class, or increase the rights and preferences of any class with rights and preferences prior or superior to the shares of such class.

(g) Divide the shares of such class into series and fix and determine the designation of such series and the variations in the relative rights and preferences between the shares of such series or authorize the board of directors to do so.

(h) Limit or deny the existing preemptive rights of the shares of such class.

(i) Cancel or otherwise affect dividends on the shares of such class which had accrued but had not been declared.

(2) Different series of the same class of shares shall not constitute different classes of shares for the purpose of voting by classes upon a proposed amendment, except when a series will be adversely affected by an amendment in a manner different from other shares of the same class. [1989 c.324 §12; 1997 c.631 §61]

Source: Section 707.248 — Shareholders authorized to vote on amendment to articles of incorporation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 708a.650 — OR Code / Title 53 / Chapter 708a / Section 708a.650
708A.650 Banking days
Status: in_force

(1) As used in this section:

(a) “Bank” means any banking institution, out-of-state state bank, out-of-state federal bank, national bank or extranational institution that engages in banking business in this state.

(b) “Banking day” means any day that is not an optional bank holiday.

(c) “Emergency” means any condition or occurrence that may interfere with conducting normal business operations at one or more of a bank’s offices, or that poses an imminent or existing threat to the safety or security of persons or property.

(d) “Open for conducting banking business” means the office or offices of a bank are open to the public for carrying on substantially all business functions of the bank.

(e) “Optional bank holiday” means:

(A) Each Saturday and Sunday.

(B) New Year’s Day on January 1.

(C) Martin Luther King, Jr.’s birthday on the third Monday in January.

(D) Presidents Day on the third Monday in February.

(E) Memorial Day on the last Monday in May.

(F) Independence Day on July 4.

(G) Labor Day on the first Monday in September.

(H) Columbus Day on the second Monday in October.

(I) Veterans Day on November 11.

(J) Thanksgiving Day on the fourth Thursday in November.

(K) Christmas Day on December 25.

(2) A bank may observe an optional bank holiday, other than a Saturday, that falls on a Saturday on the Saturday or on the preceding Friday. A bank may observe an optional bank holiday, other than a Sunday, that falls on a Sunday on the Sunday or on the succeeding Monday.

(3) Except as otherwise provided in this section, a bank shall be open for conducting banking business on each banking day.

(4) Any bank may remain closed on any optional bank holiday with respect to all or any of the bank’s banking and other functions.

(5) Subject to any applicable federal law or regulation, a bank may close an office for any part or all of a banking day if the times or days which the office is open are posted on the premises of the office.

(6) If the Director of the Department of Consumer and Business Services determines that an emergency exists, the director may authorize a bank to close the bank’s principal office or branch that the emergency affects. The office or branch may remain closed until the director determines that the emergency has ended and for such further time thereafter as the bank may reasonably require to prepare the office or branch to reopen.

(7) If the officers of a bank determine that an emergency exists that affects the principal office or a branch of the bank, the officers may close the office or branch without the director’s approval for a period not to exceed 48 hours, excluding holidays, during the continuation of the emergency. A bank that closes an office or branch under this subsection shall give prompt notice of the bank’s action to the director, or in the case of a national bank, to the Comptroller of the Currency.

(8) The principal officers of a bank may close the principal office or any branch of the bank on any day designated, by proclamation of the President of the United States or the Governor of this state, as a day of mourning, rejoicing, or other special observance.

(9) If an obligation that is payable at, by or through a bank falls due on a day on which the bank remains closed under this section, the obligation is due and payable on the next banking day on which the bank is open. Any act authorized, required or permitted to be performed at, by or with respect to any bank on a day on which the bank remains closed may be performed on the next banking day on which the bank is open, without liability or a loss of rights of any kind as a result of the closing. [1997 c.631 §1c; 1999 c.59 §218; 2015 c.244 §73]

Source: Section 708A.650 — Banking days; holidays , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 714.059 — OR Code / Title 53 / Chapter 714 / Section 714.059
714.059 Certificate authorizing branch to conduct business
Status: in_force

At a banking institution’s request, the Director of the Department of Consumer and Business Services shall issue and deliver a certificate to authorize each branch for which the banking institution has given notice under ORS 714.025 (Notice required to establish branches in Oregon or outside of Oregon) to conduct business. [1997 c.631 §318; 2015 c.244 §88e]

Source: Section 714.059 — Certificate authorizing branch to conduct business , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 717.290 — OR Code / Title 53 / Chapter 717 / Section 717.290
717.290 Cease and desist order
Status: in_force

(1) If the Director of the Department of Consumer and Business Services determines that any person has engaged in, is engaging in or is about to engage in any act or practice constituting a violation of ORS 717.200 (Definitions) to 717.320 (Short title) or of any rule adopted or order issued under ORS 717.200 (Definitions) to 717.320 (Short title) , the director may:

(a) Order the person to cease and desist from the unlawful act or practice; and

(b) Take any affirmative action as may be necessary to carry out the provisions of ORS 717.200 (Definitions) to 717.320 (Short title) , including assessing the costs of any investigation.

(2) Except as provided in subsection (3) of this section, the director may not issue an order under this section without opportunity for a hearing in accordance with ORS chapter 183.

(3) If required for the immediate protection of the public interest, the director may issue a cease and desist order without a hearing in accordance with ORS 183.430 (Hearing on refusal to renew license) (2).

(4) A cease and desist order of the director under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) must state the grounds upon which the order is based and, except for a summary order issued in accordance with ORS 183.430 (Hearing on refusal to renew license) (2), does not become effective for at least 20 days after written notice of the order has been sent by registered or certified mail to the person at the person’s principal place of business.

(5) Appeals from a cease and desist order of the director may be taken to the courts of this state as provided by ORS chapter 183. [1999 c.571 §20; 2005 c.338 §23]

Source: Section 717.290 — Cease and desist order; appeals , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 708a.345 — OR Code / Title 53 / Chapter 708a / Section 708a.345
708A.345 Obligations secured by government obligations or shares of mutual fund or unit trust
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 any person if the obligation is secured by one or more of the following types of security and the principal amount of the obligation is not more than 90 percent of the market value of the security:

(1) Obligations of the United States, including those of its agencies and instrumentalities;

(2) Obligations of public housing agencies issued pursuant to the United States Housing Act of 1937, as amended;

(3) Obligations of the State of Oregon or any county, city, school district, port district or other public body with the power to levy taxes issued pursuant to the Constitution or statutes of the State of Oregon or the charter or ordinances of any county or city within the State of Oregon, if the issuing body has not been in default with respect to the payment of principal or interest on any of its obligations within five years preceding the date of the investment; or

(4) Shares in any mutual fund or unit trust, the assets of which are invested solely in obligations of the type described in subsections (1) to (3) of this section. [1997 c.631 §154]

Source: Section 708A.345 — Obligations secured by government obligations or shares of mutual fund or unit trust , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 713.045 — OR Code / Title 53 / Chapter 713 / Section 713.045
713.045 Distribution of assets of extranational institution by director after insolvency or liquidation
Status: in_force

(1) If an extranational institution becomes insolvent or goes into voluntary or involuntary liquidation or cannot otherwise pay its deposit or other liabilities, the Director of the Department of Consumer and Business Services may take possession of the assets required to be deposited under ORS 713.025 (Assets requirement for extranational institutions) directly or through the appointment of a receiver, free of any liens and other claims. The assets shall be held by the director or receiver in trust.

(2) Unless the deposited assets are delivered to the Federal Deposit Insurance Corporation as receiver, the amount available for distribution to the depositors under subsection (1) of this section shall be allocated to the depositors of the office pro rata to the extent of their deposits.

(3) Any additional deposited assets remaining after the distributions to depositors provided for in subsection (2) of this section shall be available for distribution to the other creditors of the extranational institution in accordance with ORS 711.530 (Notice to creditors to present claims) to 711.570 (Lists of claims) .

(4) As used in this section, the term “depositor” has the meaning given that term in ORS 711.515 (“Depositor” defined) . [1975 c.725 §5; 1997 c.631 §292; 2007 c.71 §231]

Source: Section 713.045 — Distribution of assets of extranational institution by director after insolvency or liquidation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 707.620 — OR Code / Title 53 / Chapter 707 / Section 707.620
707.620 Special stockholder meeting called by director
Status: in_force

The Director of the Department of Consumer and Business Services may call a meeting of the stockholders of any institution or Oregon stock savings bank by giving, or directing the institution or Oregon stock savings bank to give, not less than 15 days’ notice of the meeting to the stockholders in the manner prescribed in ORS 707.611 (Notice of meeting) . The institution or Oregon stock savings bank shall pay all necessary expenses incurred in serving the notice. [Amended by 1973 c.797 §85; 1997 c.631 §85; 2015 c.244 §29]

Source: Section 707.620 — Special stockholder meeting called by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 715.012 — OR Code / Title 53 / Chapter 715 / Section 715.012
715.012 Application to become financial holding company or bank holding company of Oregon stock bank
Status: in_force

(1) If a company proposes to become a financial holding company or a bank holding company of an Oregon stock bank, when the company files its application and any related materials with the Federal Reserve Board, the company shall submit to the Director of the Department of Consumer and Business Services copies of the application and related materials.

(2) The director may submit comments and recommendations for approval or disapproval to the Federal Reserve Board concerning any application to become a financial holding company or a bank holding company of an Oregon stock bank that is filed with the Federal Reserve Board.

(3) Following the filing of an application to become a financial holding company or a bank holding company and the submission to the director of the materials described in subsection (1) of this section, the company shall submit to the director copies of any written communications between itself and the Federal Reserve Board that relate to the application, including copies of any written approval or denial of the application. A copy of each such written communication shall be submitted to the director within 10 days after the original thereof is sent or received by the company. [1997 c.631 §329; 2001 c.377 §30]

Source: Section 715.012 — Application to become financial holding company or bank holding company of Oregon stock bank; filing with Federal Reserve Board and director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors715.­html (accessed May 26, 2025).
ORS § 716.905 — OR Code / Title 53 / Chapter 716 / Section 716.905
716.905 Notice of intention to close
Status: reserved

(1) Upon approval of a plan under ORS 716.900 (Voluntary dissolution of Oregon nonstock banks) , the directors shall mail written notice of their intention to close the Oregon nonstock bank to the last-known address of all depositors and other creditors.

(2) All deposits and amounts reserved for creditors that remain unclaimed after six months from the date of the written notice required under subsection (1) of this section shall be reported and transferred by the directors to the State Treasurer as unclaimed property under ORS 98.352 (Report of abandoned property) .

(3) A copy of the report of unclaimed deposits and amounts reserved for creditors filed with the State Treasurer shall be filed with the Director of the Department of Consumer and Business Services. [1973 c.797 §395; 1983 c.37 §31; 1993 c.694 §38; 1997 c.631 §361; 2019 c.678 §75; 2021 c.424 §23]

Source: Section 716.905 — Notice of intention to close; disposition of unclaimed deposits , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 711.070 — OR Code / Title 53 / Chapter 711 / Section 711.070
711.070 Conversion of financial institution into Oregon stock 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 stock 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 stock bank.

(2) A financial institution may apply to convert to an Oregon stock 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 financial institution as an Oregon stock bank, in accordance with the requirements of ORS 707.120 (Issuance of certificate of incorporation when filings conform to law) . [1997 c.631 §266]

Source: Section 711.070 — Conversion of financial institution into Oregon stock bank; application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.010 — OR Code / Title 53 / Chapter 708a / Section 708a.010
708A.010 Investments and activities of Oregon commercial banks
Status: in_force

(1) Notwithstanding any provision of the Bank Act to the contrary, Oregon commercial banks may:

(a) Engage as principal or agent in activities in which national banks may engage as principal or agent and acquire and retain investments that national banks may acquire and retain, subject to conditions and restrictions that apply to national banks; and

(b) Engage as principal or agent in activities and acquire and retain investments that are permissible for state chartered banks under 12 C.F.R. 362.3(b) and 12 C.F.R. 362.4(c), subject to conditions and restrictions provided in 12 U.S.C. 1831a, 12 C.F.R. 362, and other applicable federal law.

(2) Notwithstanding any provision of the Bank Act to the contrary, subsidiaries of Oregon commercial banks may:

(a) Engage as principal or agent in activities in which subsidiaries of national banks may engage as principal or agent and acquire and retain investments that subsidiaries of national banks may acquire and retain, subject to conditions and restrictions that apply to subsidiaries of national banks; and

(b) Engage as principal or agent in activities and acquire and retain investments that are permissible for subsidiaries of state chartered bank subsidiaries under 12 C.F.R. 362.3(b) and 12 C.F.R. 362.4(c), subject to conditions and restrictions provided in 12 U.S.C. 1831a, 12 C.F.R. 362, and other applicable federal law.

(3) Activities and investments described in subsections (1) and (2) of this section that require notice to or approval of the Comptroller of the Currency do not require Oregon commercial banks or subsidiaries of Oregon commercial banks to give notice to or obtain approval from the Comptroller of the Currency, but Oregon commercial banks or subsidiaries of Oregon commercial banks shall give notice to or obtain approval from 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 the permissible activities and investments of national banks and subsidiaries of national banks refer whenever practicable to comparable provisions of Oregon law. The director may approve an activity or investment that requires the director’s approval, subject to such conditions as the director deems appropriate.

(4) The purpose of this section is to grant Oregon commercial banks and subsidiaries of Oregon commercial banks all investment and activity power and authority, as principal or agent, permitted state chartered banks under federal law. [1997 c.631 §117; 2015 c.244 §34]

Source: Section 708A.010 — Investments and activities of Oregon commercial banks , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 711.440 — OR Code / Title 53 / Chapter 711 / Section 711.440
711.440 Receivers and assignments for benefit of creditors
Status: in_force

(1) Notice shall be given to the Director of the Department of Consumer and Business Services before a receiver is appointed by any court or a deed of assignment for the benefit of creditors is filed in any court for an institution unless it is necessary so to do in order to preserve the assets of the institution.

(2) The director may, within five days after the service of the notice upon the director, take possession of the institution, in which case no further proceedings shall be had upon the application for the appointment of receiver or under the deed of assignment. If a receiver has been appointed or the assignee has entered upon the administration of the trust of the assignee, the appointment shall be vacated or the assignee shall be removed upon application of the director to the court.

(3) The director shall proceed to administer the assets of the institution as provided in ORS 711.475 (Inventory of assets) to 711.510 (Deposit of money collected under ORS 711.495) . [Amended by 1973 c.797 §256]

Source: Section 711.440 — Receivers and assignments for benefit of creditors; notice to and action by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 711.155 — OR Code / Title 53 / Chapter 711 / Section 711.155
711.155 Approval of merger involving Oregon nonstock bank
Status: in_force

(1) For each Oregon nonstock bank that is a party to a merger, the plan of merger shall be approved by a majority of the entire board of directors of each such Oregon nonstock bank. If an insured nonstock institution, other than an Oregon nonstock bank, is a party to a merger with an Oregon nonstock bank, the plan of merger shall be approved by such insured nonstock institution’s board of directors to the extent required under the laws applicable to such insured nonstock institution.

(2) The plan of merger shall contain:

(a) The name of each party to the merger and the name of the resulting insured nonstock institution;

(b) The terms and conditions of the proposed merger;

(c) The manner and basis of converting the obligations or securities of each merging insured nonstock institution into obligations or other securities of the resulting insured nonstock institution or, in whole or part, into cash or other property;

(d) A statement of any changes in the articles of incorporation of the resulting insured nonstock institution to be put into effect by the plan of merger; and

(e) Any other provisions with respect to the proposed merger that the Director of the Department of Consumer and Business Services determines to be necessary.

(3) After approval by the board of directors, the plan of merger shall be submitted to the director for approval with a nonrefundable application fee of $3,000. Certified copies of the authorizing resolutions of each board of directors, if any such resolutions are required under applicable law, showing approval of the plan of merger in accordance with subsection (1) of this section shall also be submitted. For each Oregon nonstock bank that is a party to a merger, the certified copies of the board resolutions shall also show that the resolutions were approved by a majority of the entire board.

(4) After approval by each board of directors of the plan of merger, notice of the merger shall be delivered to the household of each depositor of each Oregon nonstock bank unless the Oregon nonstock bank is the resulting insured nonstock institution. Such notice shall include at least the name of the resulting insured nonstock institution and the location of its head office and may be included in any account statement regularly delivered to such depositors. [1997 c.631 §276]

Source: Section 711.155 — Approval of merger involving Oregon nonstock bank; contents of plan; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 709.175 — OR Code / Title 53 / Chapter 709 / Section 709.175
709.175 Limitation on investment of trust funds
Status: in_force

(1) Except as provided in ORS 709.220 (Handling of funds awaiting investment or distribution) , subsection (2) of this section, or as the instrument that creates the trust relationship or a court order authorizes, a trust company may not invest funds that the trust company holds as fiduciary in stock or obligations of, or property the trust company acquired from:

(a) The trust company or the trust company’s directors, officers or employees;

(b) Individuals affiliated with the trust company or the trust company’s directors, officers or employees;

(c) Organizations in which the trust company or the trust company’s directors, officers or employees hold an interest;

(d) Affiliates of the trust company or the affiliates’ directors, officers or employees;

(e) Individuals with whom the trust company has an interest that might affect the trust company’s exercising the trust company’s best judgment in making the investment or acquiring the property; or

(f) Organizations in which the trust company has an interest that might affect the trust company’s exercising the trust company’s best judgment in making the investment or acquiring the property.

(2) Subsection (1) of this section does not apply if the trust company invests funds the trust company holds as fiduciary in any open-end or closed-end management type investment company or investment trust for which the trust company, or an affiliate of the trust company, acts as investment advisor or custodian or provides other services, for which services the trust company and the trust company’s affiliates may receive reasonable fees.

(3) For the purposes of this section, companies are affiliated if the companies are members of the same affiliated group under Section 1504 of the Internal Revenue Code. [1989 c.604 §3; 1991 c.353 §1; 1997 c.631 §213; 2015 c.244 §77]

Source: Section 709.175 — Limitation on investment of trust funds; exceptions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 711.100 — OR Code / Title 53 / Chapter 711 / Section 711.100
711.100 Articles of conversion
Status: in_force

(1) After a plan of conversion is approved under ORS 711.095 (Approval of plan of conversion) , the converting Oregon bank or Oregon trust company shall file articles of conversion with the Director of the Department of Consumer and Business Services. The articles shall:

(a) State the name and type of the business entity prior to conversion;

(b) State the name and type of the business entity after conversion; and

(c) Include the plan of conversion.

(2) The conversion takes effect on the date the articles of conversion are filed with the director, unless the articles of conversion state another effective date. [2005 c.134 §8]

Source: Section 711.100 — Articles of conversion; effective date of conversion , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.465 — OR Code / Title 53 / Chapter 708a / Section 708a.465
708A.465 Ownership of multiple-party accounts
Status: in_force

(1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent.

(2) A P.O.D. account belongs to the original party during the lifetime of the party and not to the P.O.D. payee or payees. If two or more persons are named as original parties, during their lifetimes, rights as between them are governed by subsection (1) of this section.

(3) Unless a contrary intent is manifested by the terms of the account or the deposit agreement or there is other clear and convincing evidence of an irrevocable trust, a trust account belongs beneficially to the trustee during the lifetime of the trustee. If two or more parties are named as trustees on the account, during their lifetimes beneficial rights as between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary. [1997 c.631 §174]

Source: Section 708A.465 — Ownership of multiple-party accounts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.648 — OR Code / Title 53 / Chapter 707 / Section 707.648
707.648 Removal of directors by shareholders
Status: in_force

(1) The shareholders may remove one or more directors with or without cause unless the articles of incorporation provide that directors may be removed only for cause.

(2) If a director is elected by a voting group of shareholders, only the shareholders of that voting group may participate in the vote to remove the director.

(3) If cumulative voting is authorized, a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against the director’s removal. If cumulative voting is not authorized, a director may be removed only if the number of votes cast to remove the director exceeds the number of votes cast not to remove the director.

(4) A director may be removed by the shareholders only at a meeting called for the purpose of removing the director, and the meeting notice must state that the purpose, or one of the purposes, of the meeting is removal of the director. [1989 c.324 §49]

Source: Section 707.648 — Removal of directors by shareholders , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.075 — OR Code / Title 53 / Chapter 711 / Section 711.075
711.075 Conversion of Oregon nonstock bank into financial institution
Status: in_force

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

(2) Upon completion of the conversion of an Oregon nonstock 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 §267]

Source: Section 711.075 — Conversion of Oregon nonstock bank into financial institution , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.125 — OR Code / Title 53 / Chapter 708a / Section 708a.125
708A.125 Stock in corporations acquired to strengthen capital or eliminate undesirable assets
Status: in_force

(1) An institution may carry fully paid and nonassessable capital stock of or membership interest in any other corporation or limited liability company as an asset, if:

(a) The institution’s board of directors applies in writing to the Director of the Department of Consumer and Business Services;

(b) The director approves the application in writing;

(c) The institution obeys any limitations the director specifies in the director’s approval; and

(d) The institution acquires the stock or membership interest for the purpose of strengthening the institution’s capital structure or eliminating undesirable assets.

(2) The institution may hold the stock or membership interest as long as the director may determine, but in no event longer than 15 years.

(3) This section does not apply to any stock or membership interest that an institution may acquire in connection with insuring deposits, under ORS 708A.120 (Investment in stock of other entity) , or in a purchase as a part of any transaction in which an institution borrows from the United States or an agency of the United States. This section does not repeal or in any way limit or modify ORS 711.470 (Subrogation rights of Federal Deposit Insurance Corporation) . [1997 c.631 §120; 2015 c.244 §35]

Source: Section 708A.125 — Stock in corporations acquired to strengthen capital or eliminate undesirable assets , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 711.625 — OR Code / Title 53 / Chapter 711 / Section 711.625
711.625 Taking possession of Oregon stock bank by director
Status: in_force

(1) When the order mentioned in ORS 711.620 (Suspending or restricting payment of liabilities) takes effect, the Director of the Department of Consumer and Business Services shall immediately take possession of the property and affairs of the Oregon stock bank, and take whatever action is necessary to conserve the assets of the Oregon stock bank pending further disposition of its business.

(2) While the director is in possession of an Oregon stock bank, the director shall have all the powers given to the director in connection with insolvent Oregon stock banks, and the rights of interested parties shall, subject to 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) , be the same as if the director had taken possession of the Oregon stock bank because of insolvency.

(3) All expenses of the director while in possession of the Oregon stock bank shall be paid out of the assets of the Oregon stock bank and shall be a lien on the assets prior to any other lien. [1973 c.797 §294; 1975 c.544 §38; 1997 c.631 §254]

Source: Section 711.625 — Taking possession of Oregon stock bank by director; powers of director; expenses , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 716.562 — OR Code / Title 53 / Chapter 716 / Section 716.562
716.562 Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement
Status: in_force

A savings bank may invest the funds mentioned in ORS 716.410 (Limitations on investments) in notes or bonds secured by a mortgage, deed of trust or similar instrument to finance the construction of buildings and improvements appurtenant thereto, if before making the investment, the savings bank requires sufficient guarantee from the contractor, builder or owner for the completion of the construction in accordance with the plans and specifications and within the estimated contract price for the construction. Moneys shall be advanced from time to time during the progress of construction upon a certificate of estimate to be furnished by the architect, contractor, builder or superintendent in charge of construction or the owner. [1973 c.797 §371d; 1977 c.135 §37; 1985 c.554 §8]

Source: Section 716.562 — Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 707.625 — OR Code / Title 53 / Chapter 707 / Section 707.625
707.625 Exemption from personal liability for good faith acts or omissions in compliance with statute, rule or order
Status: in_force

A person may not be held personally liable for an act done or omitted by the person in good faith and in compliance with a statute, rule or order of the Director of the Department of Consumer and Business Services under this chapter regardless of whether the statute, rule or order is later amended, rescinded or determined to be invalid by judicial or other authority. [1987 c.445 §4; 1997 c.631 §88]

Source: Section 707.625 — Exemption from personal liability for good faith acts or omissions in compliance with statute, rule or order , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 706.630 — OR Code / Title 53 / Chapter 706 / Section 706.630
706.630 Regular reports of condition
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall require each Oregon operating institution to submit a report of condition at the close of business on the same day on which the federal regulatory agencies require a report from national banks.

(2) Intentionally left blank —Ed.

(a) In the report of condition required under subsection (1) of this section, an Oregon operating institution shall:

(A) Show the Oregon operating institution’s assets and liabilities combined for all departments at the close of business on the day specified.

(B) Include a sworn statement as to the accuracy and truth of the report from an officer of the Oregon operating institution that makes the report and an attestation from not less than two directors of the Oregon operating institution.

(b) The Oregon operating institution shall transmit the report to the director within the time allowed by federal regulations for submitting reports of national bank associations to the federal regulatory agencies.

(3) The director may require additional reports of condition at any time. The additional reports must meet the requirements of subsection (2) of this section.

(4) Trust companies that do not conduct banking business need not submit the reports required in subsection (1) of this section, but shall submit reports that the director requires. [Amended by 1973 c.797 §35; 1975 c.544 §3; 1975 c.725 §6a; 1977 c.135 §11; 1983 c.37 §2; 1989 c.269 §1; 1991 c.67 §188; 1997 c.631 §13; 2015 c.244 §10]

Source: Section 706.630 — Regular reports of condition; additional reports as required by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 716.554 — OR Code / Title 53 / Chapter 716 / Section 716.554
716.554 Participation in investments in notes or bonds secured by real estate mortgages or trust deeds
Status: in_force

(1) In participation with other mortgagees, a savings bank may invest the funds mentioned in ORS 716.410 (Limitations on investments) in notes or bonds secured by mortgage or deed of trust upon real estate.

(2) An agreement setting forth the manner in which the participating mortgagees shall administer the mortgage and acquired real estate, if any, shall be executed on behalf of each of the mortgagees by two of their authorized officers. [1973 c.797 §371a; 1977 c.135 §36; 1985 c.554 §6]

Source: Section 716.554 — Participation in investments in notes or bonds secured by real estate mortgages or trust deeds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 714.079 — OR Code / Title 53 / Chapter 714 / Section 714.079
714.079 Closure and relocation of branches
Status: in_force

A banking institution may close and relocate branches provided the banking institution provides the Director of the Department of Consumer and Business Services with a copy of any notice required under 12 U.S.C. 1831r-1(a), or comparable federal law, at the time and in the form required by such law or laws. [1997 c.631 §322]

(Oregon Branches of Out-of-State Banks and Extranational Institutions)

Source: Section 714.079 — Closure and relocation of branches , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 715.045 — OR Code / Title 53 / Chapter 715 / Section 715.045
715.045 Examination of certain financial holding companies or bank holding companies
Status: in_force

(1) The Director of the Department of Consumer and Business Services may examine the books, accounts, records and files of a financial holding company or a bank holding company of an Oregon stock bank when the director considers it necessary to evaluate the condition of the Oregon stock bank that is a subsidiary of the financial holding company or the bank holding company.

(2) The financial holding company or the bank holding company examined shall pay to the director the actual cost of the examination, as determined by the director. [1973 c.797 §340; 1997 c.631 §326; 2001 c.377 §33]

Source: Section 715.045 — Examination of certain financial holding companies or bank holding companies; payment of costs of examination , https://www.­oregonlegislature.­gov/bills_laws/ors/ors715.­html (accessed May 26, 2025).
ORS § 716.915 — OR Code / Title 53 / Chapter 716 / Section 716.915
716.915 Voluntary liquidation
Status: in_force

An Oregon stock savings bank may go into voluntary liquidation in accordance with the procedures and subject to the provisions set forth for institutions in ORS 711.215 (Voluntary liquidation on approval of stockholders and director) to 711.250 (Engaging in banking or trust business prohibited after liquidation, transfer of deposit liabilities or ceasing to do business for one year) . [1997 c.631 §365]

Source: Section 716.915 — Voluntary liquidation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 708a.310 — OR Code / Title 53 / Chapter 708a / Section 708a.310
708A.310 Obligations of indorser of discounted commercial 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 without regard to amount as an indorser, arising out of the discount of commercial or business paper owned by the person negotiating the paper.

(2) As used in this section, “commercial or business paper” means negotiable notes, drafts, acceptances or bills of exchange having a maturity of not more than six months, that have been given by one person to another in settlement of a commercial or business transaction involving the purchase of goods, and upon which both parties to the transaction are liable either as maker, drawer, acceptor or indorser. [1997 c.631 §147]

Source: Section 708A.310 — Obligations of indorser of discounted commercial paper , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 717.240 — OR Code / Title 53 / Chapter 717 / Section 717.240
717.240 License renewal
Status: in_force

(1) Intentionally left blank —Ed.

(a) To renew a license, each licensee shall pay to the Director of the Department of Consumer and Business Services a nonrefundable annual fee of $500 or a fee that the director sets by rule in an amount that does not exceed $1,000.

(b) In addition to paying the fee described in paragraph (a) of this subsection, a licensee shall provide information necessary for the director to evaluate the licensee’s renewal application. The director shall prescribe the information required by rule. The director may require a licensee to renew a license under the terms of the director’s agreement with the Nationwide Multistate Licensing System.

(2) At the time the licensee pays the renewal fee, the licensee shall submit an annual report on a date and in a form and format the director prescribes by rule. The annual report must describe the condition and operations of the money transmission business during the preceding calendar year and must include:

(a) A copy of the licensee’s most recent audited consolidated annual financial statement, including a balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position. In the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee’s audited annual financial statement.

(b) For the most recent quarter for which data are available before the date of the renewal application, but not more than 120 days before the renewal date, a description of the number of payment instruments the licensee sold in this state, the dollar amount of the payment instruments and the dollar amount of payment instruments currently outstanding.

(c) A description of any material changes to any of the information the licensee submitted on the licensee’s original application that the licensee has not previously reported to the director on any other report required to be filed with the director.

(d) A list of the licensee’s permissible investments.

(e) A list of the locations within this state at which the licensee or an authorized delegate of the licensee is conducting business regulated by ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) . [1999 c.571 §10; 2015 c.118 §10]

Source: Section 717.240 — License renewal; annual fee; renewal report; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 706.600 — OR Code / Title 53 / Chapter 706 / Section 706.600
706.600 Authority to protect creditors and depositors of banking institution or non-Oregon institution
Status: in_force

(1) The Director of the Department of Consumer and Business Services may take one or more of the actions described in this section to protect the interest of the creditors and depositors of a banking institution or non-Oregon institution if any of the following occurs:

(a) It is unsafe or inexpedient for the banking institution or non-Oregon institution to continue to transact business.

(b) Extraordinary withdrawals of money are jeopardizing the interests of remaining depositors.

(c) A director or officer has abused that person’s trust or has been guilty of misconduct in an official position injurious to the banking institution or non-Oregon institution.

(d) The banking institution or non-Oregon institution has suffered a serious loss by fire, floods, burglary, disaster or otherwise.

(e) The banking institution or non-Oregon institution neglects or refuses to observe an order of the director under ORS 706.580 (Illegal, unauthorized or unsafe practices) or refuses to submit to the inspection of an examiner.

(f) A director or officer refuses to be examined under oath regarding the affairs of the banking institution or non-Oregon institution.

(2) For purposes of subsection (1) of this section and subject to subsection (5) of this section, the director may take any of the following actions in regard to a banking institution:

(a) Take immediate possession and control of the property and affairs of the banking institution.

(b) If the director has issued an order under ORS 706.580 (Illegal, unauthorized or unsafe practices) , enter the banking institution to monitor and enforce implementation of the order.

(c) Direct the sale of all or part of the banking institution’s assets, or portions thereof, and the assumption of all or part of its liabilities.

(d) Direct the conversion, reorganization or consolidation of the banking institution, either with or without a merger.

(e) Direct the merger of the banking institution.

(f) Direct the sale of a banking institution.

(g) Direct the banking institution to develop and endeavor to implement an acquisition plan, under which the banking institution will acquire or be acquired by a national bank or banking institution, or a state or federal savings association.

(h) Take any other action that the director determines is necessary and expedient to facilitate the sale of the stock or assets of the banking institution, or the sale, conversion, reorganization, consolidation or merger of the banking institution.

(3) For purposes of subsection (1) of this section, and subject to ORS 706.515 (Agreements with other bank supervisory agencies and Financial Crimes Enforcement Network) , the director may take any one of the following actions in regard to a non-Oregon institution:

(a) Take immediate possession and control of the property in this state of the non-Oregon institution.

(b) If the director has issued an order under ORS 706.580 (Illegal, unauthorized or unsafe practices) , enter the branches, offices or other places of business in this state of the non-Oregon institution to monitor and enforce implementation of the order.

(c) Acting alone or in concert with another appropriate bank supervisory agency, take any action authorized or permitted to be taken under or pursuant to any agreement or contract between the director and one or more bank supervisory agencies.

(4) Notwithstanding any other provision of law and pursuant to ORS 706.544 (Costs for special examination or other actions taken) , any actual costs incurred by the Department of Consumer and Business Services under this section shall be paid by the banking institution or non-Oregon institution to the director for deposit in the Consumer and Business Services Fund. The moneys deposited in the Consumer and Business Services Fund under this subsection shall not be considered as a budget item on which a limitation is otherwise fixed by law, but shall be in addition to any specific biennial appropriations or amounts authorized to be expended from the Consumer and Business Services Fund for any biennial period.

(5) Subsection (2)(c) to (h) of this section are available to the director only when a banking institution is in immediate danger of insolvency. [Amended by 1973 c.797 §32; 1985 c.786 §12; 1993 c.318 §7; 1997 c.631 §11]

Source: Section 706.600 — Authority to protect creditors and depositors of banking institution or non-Oregon institution , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 711.235 — OR Code / Title 53 / Chapter 711 / Section 711.235
711.235 Report of liquidation to director
Status: in_force

(1) After the expiration of the time provided in ORS 711.230 (Claims) for the filing of claims or if the board of directors has extended the time of liquidation then after the time set by them and after payment of unclaimed deposits to the State Treasurer, the board of directors shall make a complete report of the liquidation to the Director of the Department of Consumer and Business Services and shall certify to the director that all claims have been paid or finally determined.

(2) Any claims received and approved after the report has been filed with the director shall be paid if the remaining assets are sufficient.

(3) When the report has been approved by the director the board of directors may proceed to liquidate the remaining assets and distribute them to the stockholders or other persons entitled to receive them according to their respective rights and interests without further report to the director. [Amended by 1959 c.138 §3; 1973 c.797 §243; 2019 c.678 §73]

Source: Section 711.235 — Report of liquidation to director; disposition of remaining assets , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 706.580 — OR Code / Title 53 / Chapter 706 / Section 706.580
706.580 Illegal, unauthorized or unsafe practices
Status: in_force

(1) The Director of the Department of Consumer and Business Services may take an action described in subsection (2) of this section if a banking institution or non-Oregon institution:

(a) Conducts business in an unsafe or unauthorized manner;

(b) Refuses to submit records for inspection by an examiner or by the Department of Consumer and Business Services; or

(c) Violates a law of this state or the United States or a duly issued order of the director.

(2) If the director believes a condition described in subsection (1) of this section exists, the director may:

(a) Notify the appropriate bank supervisory agency, with respect to the banking institution or non-Oregon institution, of the director’s determination and the facts and circumstances on which the determination is based;

(b) Provide the banking institution or non-Oregon institution with a statement of the charges on the basis of which the director determined that the banking institution or non-Oregon institution is violating the law or conducting business in an unsafe or unauthorized manner;

(c) Notify the banking institution or non-Oregon institution of the date and place of a hearing before the director, or a person designated by the director, with respect to the charges against the banking institution or non-Oregon institution; and

(d) Conduct a hearing pursuant to the notice given to the banking institution or non-Oregon institution under subsection (1)(c) of this section and make findings with respect to each of the charges specified in the notice to the banking institution or non-Oregon institution.

(3) After a hearing conducted under subsection (2) of this section, the director may:

(a) By an order in writing:

(A) Direct the discontinuance of the illegal, unsafe or unauthorized practices; and

(B) Direct the banking institution or non-Oregon institution to take affirmative action to correct or remedy a condition that resulted from the illegal, unsafe or unauthorized practice;

(b) Apply for and obtain an injunction or other appropriate order from a court that has jurisdiction over the matter to enforce the director’s order issued under paragraph (a) of this subsection;

(c) Publish notice of an order the director issued pursuant to paragraph (a) of this subsection; and

(d) Suspend or revoke the authority of a non-Oregon institution to open, occupy or maintain a branch or branches in this state. [Amended by 1973 c.797 §31; 1997 c.631 §10; 2009 c.541 §30a]

Source: Section 706.580 — Illegal, unauthorized or unsafe practices; authority of director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 717.265 — OR Code / Title 53 / Chapter 717 / Section 717.265
717.265 Suspension or revocation of license
Status: in_force

(1) The Director of the Department of Consumer and Business Services may by order suspend or revoke a license issued under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) if the director finds that:

(a) Any fact or condition exists that, if it had existed at the time when the licensee applied for a license, would have been grounds for denying the application;

(b) The licensee’s net worth is inadequate and the licensee, following 10 days’ written notice from the director, fails to take such steps as the director considers necessary to remedy the inadequacy;

(c) The licensee has violated any material provision of ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) or of any rule or order validly adopted or issued by the director under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) ;

(d) The licensee is conducting its business in an unsafe or unsound manner;

(e) The licensee is insolvent;

(f) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors or has admitted in writing its inability to pay its debts as they become due;

(g) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement or other relief under any bankruptcy proceeding;

(h) The licensee refuses to permit the director to make any examination authorized by ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) ;

(i) The licensee knowingly fails to make any report required by ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) ;

(j) The licensee has failed to maintain the security device or other securities as required by ORS 717.225 (Security devices) ;

(k) The licensee has engaged in fraud in the conduct of the money transmission business;

(L) The licensee knowingly has submitted false information to the director; or

(m) The licensee has failed to terminate an authorized delegate when so ordered by the director.

(2) The suspension or revocation of a license shall not:

(a) Affect the licensee’s civil or criminal liability for acts committed prior to the suspension or revocation;

(b) Affect the liability of the surety on the licensee’s security device; or

(c) Entitle the licensee to a return of any part of the license or renewal fee.

(3) Except for nonpayment of any fees required by ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) and except as provided in subsection (4) of this section, a license shall not be revoked or suspended by the director without opportunity for a hearing in accordance with ORS chapter 183.

(4) If required to protect the public interest, a license may be suspended without a hearing in accordance with ORS 183.430 (Hearing on refusal to renew license) (2).

(5) An order of the director revoking or suspending a license issued under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) shall state the grounds upon which the order is based and, except for a summary order issued in accordance with ORS 183.430 (Hearing on refusal to renew license) (2), shall not become effective for at least 20 days after written notice of the order has been sent by registered or certified mail to the licensee at the principal place of business of the licensee.

(6) Appeals from an order of the director revoking or suspending a license may be taken to the courts of this state as provided by ORS chapter 183. [1999 c.571 §15]

Source: Section 717.265 — Suspension or revocation of license; appeals , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 711.170 — OR Code / Title 53 / Chapter 711 / Section 711.170
711.170 Sale of assets and transfer of liabilities by Oregon bank
Status: in_force

(1) Subject to the provisions set forth in this section and ORS 713.270 (Maintaining out-of-state bank branch in this state) , an Oregon bank may sell all or any portion of its assets or transfer all or any portion of its liabilities, other than deposit liabilities, to any person and may transfer all or any portion of its deposit liabilities to any insured institution.

(2) An Oregon bank may sell all or substantially all of its assets outside the ordinary course of business, transfer all or substantially all the deposit liabilities of any of its branches or principal place of business, or both, only with the prior written approval of the Director of the Department of Consumer and Business Services.

(3) An acquisition transaction agreement shall be approved by a majority of the entire board of directors of each Oregon bank that:

(a) Is selling assets or transferring deposit liabilities, or both, requiring approval of the director under subsection (2) of this section; or

(b) Is acquiring all or substantially all of the assets outside the ordinary course of business, all or substantially all of the deposit liabilities, or both, of another insured institution.

(4) After approval of the acquisition transaction agreement by the board of directors of each Oregon bank that is subject to subsection (3) of this section, the following shall be submitted to the director, if required under subsection (2) of this section, for approval:

(a) A copy of the acquisition transaction agreement, which shall contain the terms of conditions of the acquisition transaction;

(b) A nonrefundable application fee of $3,000;

(c) Certified copies of the authorizing resolutions of the board of directors of each such Oregon bank showing approval of the acquisition transaction agreement in accordance with subsection (3) of this section; and

(d) Such other information as the director may require.

(5) If an Oregon stock bank proposes to transfer all or substantially all of its assets outside the ordinary course of business, all or substantially all of its deposit liabilities, or both, such Oregon stock bank shall send to each of its stockholders, within 30 days after approval by its board of directors, notice of the acquisition transaction and a copy 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 Oregon stock bank that proposes to transfer all or substantially all of its assets outside the ordinary course of business, all or substantially all of its deposit liabilities, or both, shall have such acquisition transaction approved by a vote of two-thirds of the outstanding stock of each class of voting shares at a meeting called to consider the acquisition transaction.

(6) Within 90 days after approval of the board of directors of each Oregon nonstock bank that proposes to transfer all or substantially all of its assets outside the ordinary course of business, all or substantially all of its deposit liabilities, or both, each such Oregon nonstock bank shall send notice of the acquisition transaction to the household of each depositor of each such Oregon nonstock bank. Such notice shall include at least the name of the acquiring person or insured institution, the address of the head office of such person or insured institution, and a statement that all or substantially all of the assets, deposit liabilities, or both, will be acquired. Such notice may be included in any account statement sent to such depositors.

(7) The director shall approve an acquisition transaction that is subject to subsection (2) of 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 bank that is a party to such an acquisition transaction;

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

(d) If the acquiring person or insured institution is not an Oregon bank, the director is satisfied that the acquisition transaction is permitted by the supervisory authority, if any, having jurisdiction over the acquiring person or insured institution.

(8) If the director disapproves an acquisition transaction that is subject to subsection (2) of this section, the director shall state any objections in writing and give the parties to the acquisition transaction an opportunity to take actions to obviate the objections.

(9) Any party to an acquisition transaction agreement may appeal the decision of the director as provided in ORS 183.415 (Notice of right to hearing) to 183.500 (Appeals) . [1997 c.631 §279]

Source: Section 711.170 — Sale of assets and transfer of liabilities by Oregon bank; approval of director and board of directors; fee; appeal , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 711.475 — OR Code / Title 53 / Chapter 711 / Section 711.475
711.475 Inventory of assets
Status: in_force

Upon taking possession of the property of an institution to liquidate its affairs, the Director of the Department of Consumer and Business Services shall:

(1) Inventory the assets of the institution. The inventory shall be prepared in duplicate with one copy filed in the office of the director and one in the office of the clerk of the county in which the principal office of the institution is located.

(2) Within a reasonable time, file with the clerk of the supervising court a notice that the director has taken possession and the time of taking possession.

(3) Proceed to liquidate the affairs of the institution, collect debts due the institution and do what is necessary to preserve the assets and business of the institution. [Amended by 1973 c.797 §261]

Source: Section 711.475 — Inventory of assets; filing notice of taking possession , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 709.210 — OR Code / Title 53 / Chapter 709 / Section 709.210
709.210 Disclosure of fiduciary character or terms of trust instrument
Status: in_force

In acquiring, holding, satisfying and conveying trust property, a trust company is not required to disclose that it is acting in a fiduciary capacity, the terms or conditions of the instrument under which it acts, the nature or extent of its authority or the application of the proceeds of the transaction. A person dealing with a trust company may not inquire into the matters, except to the extent specified in ORS 709.270 (Disclosure of communications and writings) . [Amended by 1973 c.797 §199]

Source: Section 709.210 — Disclosure of fiduciary character or terms of trust instrument , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 707.254 — OR Code / Title 53 / Chapter 707 / Section 707.254
707.254 Effective date of amended articles of incorporation
Status: in_force

(1) Except as provided in subsection (2) of this section, after the Director of the Department of Consumer and Business Services approves and files an amendment to the articles of incorporation, the amendment is effective and the articles of incorporation are amended accordingly.

(2) If an amendment to the articles of incorporation specifies a delayed effective date, the amendment is effective on the date specified. A delayed effective date for an amendment may not be later than the 90th day after the date on which the director approves and files the amendment.

(3) An amendment does not affect any existing cause of action in favor of or against a banking institution, any pending suit to which such banking institution is a party or the existing rights of persons other than shareholders. An amendment that changes the corporate name does not abate an action brought by or against the banking institution under the former name. [1989 c.324 §15; 1997 c.631 §64; 2015 c.244 §23]

Source: Section 707.254 — Effective date of amended articles of incorporation; effect on existing cause of action , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.230 — OR Code / Title 53 / Chapter 707 / Section 707.230
707.230 Transfer of stock
Status: in_force

The shares of stock of an institution or Oregon stock savings bank shall be transferred on the books of the institution or Oregon stock savings bank in such manner as the bylaws may provide and as required in ORS 707.220 (Stock record) . A transfer of stock is not valid while an institution or Oregon stock savings bank is under notice from the Director of the Department of Consumer and Business Services to make good any impairment of its stockholders’ equity, until the impairment has been made good. [Amended by 1973 c.797 §70; 1997 c.631 §57]

Source: Section 707.230 — Transfer of stock , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.748 — OR Code / Title 53 / Chapter 707 / Section 707.748
707.748 Mandatory indemnification
Status: in_force

Unless limited by its articles of incorporation, a banking institution shall indemnify a director who was wholly successful, on the merits or otherwise, in the defense of any proceeding to which the director was a party because of being a director of the banking institution against reasonable expenses incurred by the director in connection with the proceeding. [1989 c.324 §19; 1997 c.631 §108]

Source: Section 707.748 — Mandatory indemnification , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 706.655 — OR Code / Title 53 / Chapter 706 / Section 706.655
706.655 Records of extensions of credit by banking institutions
Status: in_force

(1) Each banking institution shall submit to the Director of the Department of Consumer and Business Services each calendar quarter a copy of such records concerning extensions of credit by the banking institution to its executive officers, directors and principal shareholders, and the related interests of those persons, as are required by rule of the director.

(2) The director may require a banking institution to file records under subsection (1) of this section more often than quarterly, as the director determines is necessary.

(3) The director shall adopt rules governing the submission of records concerning extensions of credit, as required under subsections (1) and (2) of this section, and the identification of the persons to whom the extensions are made. The rules shall be consistent with provisions of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 and regulations adopted by the Federal Reserve Board and the Federal Deposit Insurance Corporation thereunder:

(a) In order that banking institutions may satisfy the requirements of subsections (1) and (2) of this section by submitting copies of records required to be maintained under such federal laws and regulations; and

(b) In order to otherwise minimize the inconvenience to banking institutions of having to maintain separate records for the federal regulators and the director. [1985 c.786 §2]

Source: Section 706.655 — Records of extensions of credit by banking institutions; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 716.185 — OR Code / Title 53 / Chapter 716 / Section 716.185
716.185 Registered agent
Status: in_force

(1) Each Oregon savings bank shall continuously maintain in this state a registered agent and registered office that may be, but need not be, the same as any of its places of business.

(2) A registered agent shall be:

(a) An individual who resides in this state and whose business office is identical to the registered office;

(b) A domestic corporation, domestic limited liability company, domestic professional corporation or domestic nonprofit corporation whose business office is identical to the registered office; or

(c) A foreign corporation, foreign limited liability company, foreign professional corporation or foreign nonprofit corporation authorized to transact business in this state whose business office is identical to the registered office. [2005 c.192 §8]

Source: Section 716.185 — Registered agent; registered office , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 717.205 — OR Code / Title 53 / Chapter 717 / Section 717.205
717.205 License required to conduct money transmission business
Status: in_force

(1) A person, other than a person that is exempt under ORS 717.210 (Exemptions) , may not conduct a money transmission business without a license that the Director of the Department of Consumer and Business Services issues in accordance with ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) .

(2) A licensee may conduct business in this state at one or more locations that the licensee owns directly or indirectly, through one or more authorized delegates, or both. A licensee is required to obtain only one license under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) .

(3) Conducting a money transmission business does not alone constitute banking or branch banking for the purposes of the Bank Act.

(4) The director has jurisdiction over a person that conducts a money transmission business whether or not the person is a licensee or authorized delegate.

(5) The director, consistent with the requirements of ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) , may administer a program to issue and renew licenses for money-transmission businesses by means of an agreement with the Nationwide Multistate Licensing System. [1999 c.571 §3; 2015 c.118 §7]

Source: Section 717.205 — License required to conduct money transmission business; relationship to banking; licensing program , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 708a.505 — OR Code / Title 53 / Chapter 708a / Section 708a.505
708A.505 Discharge of institution from liability for payments made
Status: in_force

A payment that an insured institution makes under ORS 708A.485 (Payment of deposit in multiple-party account to one or more parties) , 708A.490 (Joint account) , 708A.495 (P.O.D. account) or 708A.500 (Trust account) discharges the insured institution from all claims for amounts the insured institution paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees or beneficiaries, or successors of the parties, P.O.D. payees or beneficiaries. The protection given by this section does not extend to payments an insured institution makes after receiving a written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the person that gives the notice withdraws the notice, the successor of any deceased party must concur in any demand for withdrawal in order for the protections that this section provides to extend to the insured institution. Any other notice or information shown to have been available to an insured institution does not affect the insured institution’s right to protection under this section. The protection that this section provides does not affect the rights of parties in disputes between the parties or the parties’ successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts. [1997 c.631 §182; 2015 c.244 §63]

Source: Section 708A.505 — Discharge of institution from liability for payments made; conditions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 716.572 — OR Code / Title 53 / Chapter 716 / Section 716.572
716.572 Mortgage loan applications
Status: in_force

(1) An application for a mortgage loan or renewal or extension of a mortgage loan shall be written and show the date, name of the applicant, amount of loan requested and the security offered.

(2) A mortgage loan shall be granted only upon the written report of at least two members of the board of investment of the savings bank certifying on the application, according to their best judgment, the value of the property to be mortgaged and recommending the loan. The application and written report shall be filed and preserved with the savings bank’s records.

(3) Every mortgage and deed of trust and every assignment of a mortgage taken or held by a savings bank shall be held in its own name and immediately recorded in the office of the proper officer of the county in which the mortgaged property is located. [1973 c.797 §371h]

Source: Section 716.572 — Mortgage loan applications; conditions for granting loan; manner of holding mortgages and trust deeds , https://www.­oregonlegislature.­gov/bills_laws/ors/ors716.­html (accessed May 26, 2025).
ORS § 714.310 — OR Code / Title 53 / Chapter 714 / Section 714.310
714.310 Preemption of local regulation
Status: in_force

ORS 714.210 (Use of ATMs) to 714.315 (Creation of rebuttable presumption) supersede and preempts all rules, regulations, codes, statutes or ordinances of all cities, counties, municipalities and local agencies regarding customer safety at ATMs or night deposit facilities located in Oregon. [1993 c.381 §16]

Source: Section 714.310 — Preemption of local regulation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 713.210 — OR Code / Title 53 / Chapter 713 / Section 713.210
713.210 Withdrawal from state
Status: in_force

(1) An out-of-state bank or extranational institution that has a certificate of authority to conduct banking business in this state may withdraw from this state by applying to the Director of the Department of Consumer and Business Services to withdraw. An application to withdraw must set forth:

(a) The name of the out-of-state bank or extranational institution and the state or country under the laws of which the out-of-state bank or extranational institution is organized.

(b) A statement that the out-of-state bank or extranational institution no longer conducts banking business in this state.

(c) A statement that the out-of-state bank or extranational institution surrenders authority to conduct banking business in this state.

(d) A statement that the out-of-state bank or extranational institution revokes the authority of the out-of-state bank’s or extranational institution’s registered agent in this state to accept service of process, notice or demand and authorizes the director to accept on the out-of-state bank’s or extranational institution’s behalf service of process, notice or demand in any action, suit or proceeding based upon a transaction, event or occurrence that took place in this state before the filing of the application to withdraw.

(e) A mailing address to which a person that initiates proceedings may mail a copy of process, notice or demand that has been served on the director, to the out-of-state bank or extranational institution.

(f) Additional information that is necessary or appropriate to enable the director to determine and assess unpaid fees or charges payable by the out-of-state bank or extranational institution as prescribed in the Bank Act.

(2) The out-of-state bank or extranational institution may apply for withdrawal on forms the director prescribes or furnishes. The president or vice-president and secretary or assistant secretary of the out-of-state bank or extranational institution shall sign the application and one of the officers signing the application shall verify the application or, if the out-of-state bank or extranational institution is in the hands of a receiver or trustee, the receiver or trustee shall sign and verify the application on behalf of the out-of-state bank or extranational institution.

(3) An out-of-state bank or extranational institution that conducted banking business in this state without the authorization provided by this chapter is subject to service after ceasing to conduct banking business in this state in the same manner as though the out-of-state bank or extranational institution was authorized to conduct banking business, later withdrew and, in connection with the withdrawal, filed an authorization for service in the manner required by subsection (1)(d) of this section. [1989 c.324 §66; 1997 c.631 §301; 2011 c.263 §13]

Source: Section 713.210 — Withdrawal from state , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 708a.250 — OR Code / Title 53 / Chapter 708a / Section 708a.250
708A.250 Lending money
Status: in_force

Except as specifically limited by the Bank Act and other applicable law, Oregon commercial banks have the general power to loan money upon terms and conditions that are consistent with safe and sound banking practices. [1997 c.631 §138; 2015 c.244 §42]

Source: Section 708A.250 — Lending money , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 713.170 — OR Code / Title 53 / Chapter 713 / Section 713.170
713.170 Registered office or agent
Status: in_force

An out-of-state state bank or extranational institution authorized to conduct banking business in this state shall have and continuously maintain in this state:

(1) A registered office that may be, but need not be, the same as the out-of-state state bank’s or extranational institution’s place of business in this state.

(2) A registered agent in compliance with the requirements imposed by ORS 713.140 (Contents of application for certificate of authority) (3). [1989 c.324 §62; 1997 c.631 §298; 2011 c.263 §10]

Source: Section 713.170 — Registered office or agent , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 711.585 — OR Code / Title 53 / Chapter 711 / Section 711.585
711.585 Selection of agents to wind up affairs of institution
Status: in_force

(1) When the Director of the Department of Consumer and Business Services has paid to each depositor and creditor of the institution whose claim as a depositor or creditor has been proved and allowed, the full amount of the claim and has made proper provision for unclaimed or unpaid deposits or dividends and has paid all the expenses of the liquidation, the director shall call a meeting of the stockholders of the institution by giving notice of the meeting for 30 days in one or more newspapers circulated in the county in which the principal office of the institution is located. At the meeting the stockholders shall select, by ballot, one or more agents to administer the assets and wind up the affairs of the institution. A majority of the stock present and voting in person or by proxy is necessary to select an agent.

(2) The agent shall file with the director a bond or an irrevocable letter of credit to the State of Oregon in an amount not less than 20 percent of the book value of the assets to be surrendered to the agent, but in no case shall the bond or letter of credit be less than $1,000. The bond or letter of credit shall be executed by the agent as principal. The bond shall be executed by a surety company authorized to do business in this state as surety, and any letter of credit shall be issued by an insured institution. The bond or letter of credit shall be conditioned for the faithful performance of all the duties of the agent’s trust.

(3) When the agent files the required bond or letter of credit, the director shall transfer to the agent all the assets of the institution remaining in the hands of the director. Upon the transfer and delivery the director is discharged from all further liability to the institution and its creditors. The agent shall complete the liquidation of the affairs of the institution, and, after paying the expenses of the liquidation, shall distribute the proceeds among the stockholders in proportion to the several holdings of stock.

(4) If the stockholders fail to meet on the date advertised for the stockholders’ meeting or within 15 days after the advertised date or fail to appoint an agent, or if the agent fails to qualify as required in this section within 30 days after the date of their selection, the director may appoint an agent. This agent shall file a bond or letter of credit and liquidate the affairs of the institution as though the agent had been selected by the stockholders. Upon the transfer and delivery to the agent appointed by the director of all the remaining assets in the hands of the director, the director is discharged from all further liability to the institution and its creditors. [Amended by 1973 c.797 §287; 1991 c.331 §116; 1997 c.631 §252]

Source: Section 711.585 — Selection of agents to wind up affairs of institution; bond or letter of credit; duties of agent , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 706.690 — OR Code / Title 53 / Chapter 706 / Section 706.690
706.690 Transfer of stock or controlling interest
Status: in_force

(1) If the Director of the Department of Consumer and Business Services determines that the condition of an institution or Oregon stock savings bank is such that any transfer of the capital stock of the institution or Oregon stock savings bank would jeopardize the interest of its depositors, the director shall notify the institution or Oregon stock savings bank in writing that when any shares of the capital stock of the institution or Oregon stock savings bank are to be transferred on the books or records of the institution or Oregon stock savings bank, the officer proposing to make the transfer shall report in writing to the director the proposed transfer of stock. A transfer of stock shall not be made, after the date such a notice is issued, unless the transfer agent first obtains the written consent of the director. The director shall notify the institution or Oregon stock savings bank of the director’s decision within 30 days after receiving the report.

(2) If a director or officer of an institution or Oregon stock savings bank, a transfer agent, vendee or vendor has reason to believe that a transfer of stock creates or changes a controlling interest in an institution or Oregon stock savings bank, that person shall immediately notify the director of the transfer. A transfer that creates a controlling interest in, or changes the control of, an institution or Oregon stock savings bank shall not be entered upon the books of the institution or Oregon stock savings bank or become effective until:

(a) Notice has been received at the office of the director; and

(b) The sale, exchange or other disposition has been approved in writing by the director.

(3) For purposes of this section, a controlling interest of an institution or Oregon stock savings bank exists if a person, directly or indirectly, acting through one or more other persons, owns or has power to vote 25 percent or more of any class of voting stock of an institution or Oregon stock savings bank or of a corporation that is or becomes a financial holding company or a bank holding company as defined in ORS 706.008 (Additional definitions for Bank Act) unless:

(a) The stock of the institution or Oregon stock savings bank is held in a fiduciary capacity and not for the benefit of the person or of the stockholders, employees or members of the person; or

(b) The stock is acquired, not as a means of circumventing ORS chapter 715, but by the person in the ordinary course of business to secure or collect a debt previously contracted in good faith and the person disposes of the stock within two years after the acquisition of the stock. The director may extend the period if an extension will not be detrimental to the public interest or in contravention of any other law.

(4) The director shall approve or disapprove the transfer in accordance with the standards provided by ORS 707.080 (Investigation and ruling on application) (1). The director also may disapprove a transfer under subsection (2) of this section if any of the reasons stated by ORS 707.145 (Grounds for refusing authority to organize) apply to the proposed new owner of the shares.

(5) Notwithstanding subsections (2) to (4) of this section, if the person acquiring a controlling interest in an institution or Oregon stock savings bank is or will through such acquisition become a financial holding company or a bank holding company, the provisions of ORS chapter 715 apply to the change in controlling interest in lieu of the provisions of subsections (2) to (4) of this section. [Amended by 1973 c.797 §40; 1975 c.544 §4; 1977 c.135 §12; 1979 c.88 §5; 1985 c.12 §15; 1985 c.786 §13; 1997 c.631 §17; 2001 c.377 §46]

Source: Section 706.690 — Transfer of stock or controlling interest; notice to and approval by director; applicability to financial holding companies and bank holding companies , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).
ORS § 713.270 — OR Code / Title 53 / Chapter 713 / Section 713.270
713.270 Maintaining out-of-state bank branch in this state
Status: in_force

(1) An out-of-state bank, including a savings bank organized under the laws of another state, may open, occupy or maintain a branch in this state that results from:

(a) Acquiring another bank or branch of another bank that is located in this state; or

(b) Merging with or converting from another bank or branch of another bank that is located in this state.

(2) An out-of-state bank may conduct banking business in this state under the provisions of subsection (1) of this section or by opening one or more de novo branches in this state if the laws of the jurisdiction in which the out-of-state bank’s principal office is located expressly permit an Oregon bank to open one or more de novo branches in the jurisdiction under conditions that are not more restrictive than the conditions this chapter imposes on an out-of-state bank.

(3) An out-of-state bank must submit an application for a certificate of authority to conduct banking business in this state to the Director of the Department of Consumer and Business Services at the time that the out-of-state bank files with the out-of-state bank’s home state or primary federal regulator for approval to open, occupy or maintain a branch in this state.

(4) At the time the out-of-state bank applies for a certificate of authority, the out-of-state bank must pay the application fee prescribed in ORS 713.150 (Submission of application) .

(5) If the director authorizes an out-of-state bank to open, occupy or maintain a branch in this state, the out-of-state bank may exercise the powers and authorities that the laws of this state authorize for Oregon banks unless the laws of the out-of-state bank’s home state limit the powers and authorities.

(6) If the director determines that an out-of-state bank’s opening, occupying or maintaining of a branch in this state is not consistent with the laws of this state or that the branch would operate in an unsafe or unsound manner, the director shall notify the out-of-state bank that:

(a) The director has denied the out-of-state bank’s application for a certificate of authority to conduct banking business in this state; and

(b) The out-of-state bank may not conduct banking business at a branch located in this state.

(7) If the director determines that a branch that an out-of-state bank maintains in this state is being operated in violation of the laws of this state or that the branch is being operated in an unsafe or unsound manner, the director may take all enforcement actions the director could take with respect to an Oregon bank, except that the director shall notify the responsible bank supervisory agency of each enforcement action the director takes and, to the extent practicable, shall consult and cooperate with the responsible bank supervisory agency in pursuing and resolving the enforcement action. [1997 c.631 §284; 2011 c.263 §19]

Source: Section 713.270 — Maintaining out-of-state bank branch in this state; requirements; application; fee; denial of application; enforcement , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 709.190 — OR Code / Title 53 / Chapter 709 / Section 709.190
709.190 Trust department kept separate
Status: in_force

(1) Each banking institution and each non-Oregon institution authorized to transact a trust business in this state shall establish and maintain in its office a trust department, in which separate books and accounts shall be maintained. All property of the trust department shall be segregated from and unmingled with other property.

(2) The books and accounts of the trust department shall show the ownership of all moneys, funds, investments and property held by the trust department. Securities may be kept by the trust department in either of the following ways:

(a) All certificates representing the securities of an account may be held separate from those of all other accounts; or

(b) Certificates representing securities of the same class of the same issuer held for particular accounts may be held in bulk without certification as to ownership attached and, to the extent feasible, certificates of small denomination may be merged into one or more certificates of larger denomination. Upon demand by any person to whom it has a duty to account, a trust department shall certify in writing the securities held by it for an account. A trust department, if operating under the method of safekeeping security certificates described in this paragraph, is subject to such rules as may be issued by:

(A) In the case of a banking institution, the Director of the Department of Consumer and Business Services;

(B) In the case of an out-of-state bank, the appropriate state supervisor;

(C) In the case of an extranational institution, the official charged with supervising the extranational institution in the country under the laws of which it was organized; or

(D) In the case of a national bank, the Comptroller of the Currency.

(3) All records shall be kept and retained for such time as to enable the banking institution or non-Oregon institution to furnish information or reports with respect to the records that may be required by the director or other regulator specified in subsection (2)(b) of this section. The records shall contain full information relative to each account and nothing contained in this subsection shall require a banking institution or non-Oregon institution to maintain the records required by this section in any given manner, provided that the information required is clearly and accurately reflected and provides an adequate basis for the audit of the information.

(4) A banking institution transacting trust business in this state shall retain the records required by this section for a period of three years from the termination of the relationship to which the records relate. A non-Oregon institution or federal bank transacting trust business in this state shall retain such records pertaining to the trust business transacted by it for such periods of time as may be required by applicable laws of the jurisdiction under which the non-Oregon institution or federal bank is organized, or if the applicable laws of the jurisdiction do not specify a period for retaining the records, the non-Oregon institution or federal bank shall retain the records required by this section for a period of three years. The records shall be available for examination by the director or, in the case of:

(a) Federal banks, the Comptroller of the Currency or other federal supervisor;

(b) Out-of-state banks and out-of-state trust companies, the appropriate state supervisor; or

(c) Extranational institutions, the official charged with supervising the extranational institution in the country under the laws of which it was organized. [Amended by 1971 c.263 §1; 1973 c.797 §197; 1975 c.544 §29; 1985 c.762 §42; 1991 c.336 §1; 1997 c.631 §214]

Source: Section 709.190 — Trust department kept separate; records of securities; retention of records , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 711.520 — OR Code / Title 53 / Chapter 711 / Section 711.520
711.520 Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation
Status: in_force

If an Oregon stock bank becomes insolvent or goes into voluntary or involuntary liquidation, the assets of the Oregon stock bank must be applied in the following order of priority:

(1) First, if collateral has been pledged under ORS 295.015 (Maintenance of securities by qualified depository) and assets have been pledged under ORS 709.030 (Approval to transact trust business) , to the benefit of those for whom the collateral and assets have been pledged;

(2) Second, to pay the expenses of liquidation;

(3) Third, to satisfy the amount due the depositors; and

(4) Fourth, to satisfy the amount due sellers of federal funds. [Amended by 1973 c.797 §270; 1993 c.373 §1; 1997 c.631 §250; 1999 c.311 §5; 2015 c.244 §84]

Source: Section 711.520 — Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 709.450 — OR Code / Title 53 / Chapter 709 / Section 709.450
709.450 Sale and disposition of securities to pay expenses, costs and claims
Status: in_force

The court hearing the proceedings instituted by the Director of the Department of Consumer and Business Services under ORS 709.390 (Discontinuance of trust business) may, upon terms fixed by the court, order the director to sell and reduce to cash the deposited securities as necessary to pay:

(1) The unpaid charges and expenses described in ORS 709.440 (Director’s charges as prior lien on deposit) ; and

(2) Claims established against the deposit. [Amended by 1973 c.797 §215]

Source: Section 709.450 — Sale and disposition of securities to pay expenses, costs and claims , https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html (accessed May 26, 2025).
ORS § 711.530 — OR Code / Title 53 / Chapter 711 / Section 711.530
711.530 Notice to creditors to present claims
Status: in_force

The Director of the Department of Consumer and Business Services shall cause notice to be given by advertisement, in a newspaper of the choice of the director, weekly for four consecutive weeks, notifying persons with claims against an institution which the director has taken possession of for the purpose of liquidating its affairs, to present the claim to the director, with legal proof of the claim, at a designated place on or before the expiration of 60 days after the date of the first publication of the notice. The notice shall state the date of the first publication. The director shall mail a similar notice to all persons whose names appear as creditors upon the books of the institution. Failure to mail the notice to any creditor does not give the creditor any right or impose any liability on the director. [Amended by 1973 c.797 §272]

Source: Section 711.530 — Notice to creditors to present claims , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 714.210 — OR Code / Title 53 / Chapter 714 / Section 714.210
714.210 Use of ATMs
Status: in_force

(1) A banking institution, through its own facilities or those of an entity described in ORS 708A.160 (Corporation or limited liability company created to establish ATMs) , may make available for use by its customers and others one or more ATMs. Every transaction initiated through an ATM shall be subject to verification by the banking institution either by direct wire transmission or otherwise.

(2) ORS 714.025 (Notice required to establish branches in Oregon or outside of Oregon) does not apply to the establishment and maintenance of ATMs. [1975 c.193 §3; 1993 c.381 §2; 1997 c.631 §309]

Source: Section 714.210 — Use of ATMs; verification; application of branch banking law , https://www.­oregonlegislature.­gov/bills_laws/ors/ors714.­html (accessed May 26, 2025).
ORS § 717.280 — OR Code / Title 53 / Chapter 717 / Section 717.280
717.280 Order suspending or barring authorized delegate
Status: in_force

(1) For any reason specified in subsection (2) of this section, the Director of the Department of Consumer and Business Services may issue an order suspending or barring an authorized delegate from continuing to be or becoming an authorized delegate during the period specified in the order. An order issued under this section shall require the licensee to terminate the licensee’s relationship with the authorized delegate during the period specified in the order.

(2) The director may issue an order under subsection (1) of this section if the director finds that an authorized delegate or any director, officer, employee or controlling person of the authorized delegate has:

(a) Violated any provision of ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) or of any rule adopted or order issued under ORS 717.200 (Definitions) to 717.320 (Short title) , 717.900 (Civil penalties) and 717.905 (Criminal penalties) ;

(b) Engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or

(c) Made or caused to be made in any application or report filed with the director, or in any proceeding before the director, any statement that was, at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact that is required to be stated in the application or report.

(3) Except as provided in subsection (4) of this section, the director shall not issue an order under this section without opportunity for a hearing in accordance with ORS chapter 183.

(4) If required for the immediate protection of the public interest, an authorized delegate may be suspended without a hearing in accordance with ORS 183.430 (Hearing on refusal to renew license) (2).

(5) An order of the director suspending or barring an authorized delegate under this section shall state the grounds upon which the order is based and, except for a summary order issued in accordance with ORS 183.430 (Hearing on refusal to renew license) (2), shall not become effective for at least 20 days after written notice of the order has been sent by registered or certified mail to the authorized delegate at the authorized delegate’s principal place of business.

(6) Appeals from an order of the director suspending or barring an authorized delegate may be taken to the courts of this state as provided by ORS chapter 183. [1999 c.571 §18]

Source: Section 717.280 — Order suspending or barring authorized delegate; grounds; appeals , https://www.­oregonlegislature.­gov/bills_laws/ors/ors717.­html (accessed May 26, 2025).
ORS § 707.660 — OR Code / Title 53 / Chapter 707 / Section 707.660
707.660 General standards for directors
Status: in_force

(1) A director shall discharge the duties of a director, including the duties as a member of a committee, in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances and in a manner the director reasonably believes is in the best interests of the institution or Oregon stock savings bank.

(2) In discharging the duties of a director, a director 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 director reasonably believes are reliable and competent in the matters presented;

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

(c) A committee of the board of directors of which the director is not a member, if the director reasonably believes the committee merits confidence.

(3) A director is not acting in good faith if the director has knowledge concerning a matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.

(4) When evaluating any offer of another party to make a tender or exchange offer for any equity security of the institution or Oregon stock savings bank, or any proposal to merge the institution or Oregon stock savings bank with another institution or Oregon stock savings bank or to purchase or otherwise acquire all or substantially all the properties and assets of the institution or Oregon stock savings bank, the directors of an institution or Oregon stock savings bank may, in determining what the directors believe is in the best interests of the institution or Oregon stock savings bank, give due consideration to the social, legal and economic effects on employees, customers and suppliers of the institution or Oregon stock savings bank and on the communities and geographical areas in which the institution or Oregon stock savings bank and the subsidiaries of the institution or Oregon stock savings bank operate, the economy of the state and nation, the long term as well as short term interests of the institution or Oregon stock savings bank and the stockholders of the institution or Oregon stock savings bank, including the possibility that these interests may be best served by the continued independence of the institution or Oregon stock savings bank, and other relevant factors. [Amended by 1973 c.797 §88; 1975 c.725 §7; 1997 c.631 §92; 2015 c.244 §30]

Source: Section 707.660 — General standards for directors , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.007 — OR Code / Title 53 / Chapter 707 / Section 707.007
707.007 Organization of Oregon bank as limited liability company
Status: in_force

(1) As an alternative to being organized as a corporation under this chapter, an Oregon bank may be organized as a limited liability company.

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

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

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

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

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

(e) “Director,” “directors” or “board of directors” means the Oregon bank’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 bank.

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

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

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

(3) An Oregon bank 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. Except as set forth in subsection (4) of this section, with respect to all other aspects of its operation and existence, an Oregon bank 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 bank that is organized as a limited liability company shall:

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

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

(b) Notwithstanding any provision of ORS chapter 63, an Oregon bank 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 bank that is organized as a corporation is managed by its board of directors. The board of managers of an Oregon bank 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 bank that is organized as a corporation and is subject to the provisions of this chapter pertaining to directors.

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

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

(6) An Oregon bank 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 bank and are subject to the provisions of this chapter.

(7) Each Oregon bank that is organized as a limited liability company shall have a written operating agreement containing any provisions for the affairs of the Oregon bank 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 bank that is organized as a limited liability company. [2005 c.134 §2]

Source: Section 707.007 — Organization of Oregon bank as limited liability company , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 713.260 — OR Code / Title 53 / Chapter 713 / Section 713.260
713.260 Merger or consolidation
Status: in_force

If an out-of-state bank or extranational institution that has a certificate of authority under ORS 713.020 (Certificate of authority to conduct banking business) ceases to exist because of a statutory merger or consolidation with any other out-of-state bank, an extranational institution or other entity, the resulting institution shall, within 60 days after the effective date of the merger or consolidation, file with the Director of the Department of Consumer and Business Services a certificate from the appropriate public officer of the state, territory or country under the laws of which the out-of-state bank or extranational institution is organized, or other evidence satisfactory to the director to the effect that the out-of-state bank or extranational institution has merged or consolidated and has ceased to exist. [1989 c.324 §71; 1997 c.631 §306; 2011 c.263 §18]

Source: Section 713.260 — Merger or consolidation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html (accessed May 26, 2025).
ORS § 707.754 — OR Code / Title 53 / Chapter 707 / Section 707.754
707.754 Court-ordered indemnification
Status: in_force

Unless the banking institution’s articles of incorporation provide otherwise, a director of the banking institution who is a party to a proceeding may apply for indemnification to the court conducting the proceeding or to another court of competent jurisdiction. On receipt of an application, the court, after giving any notice the court considers necessary, may order indemnification if it determines:

(1) The director is entitled to mandatory indemnification under ORS 707.748 (Mandatory indemnification) , in which case the court shall also order the banking institution to pay the director’s reasonable expenses incurred to obtain court-ordered indemnification; or

(2) The director is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not the director met the standard of conduct set forth in ORS 707.746 (Authority to indemnify directors) or was adjudged liable as described in ORS 707.746 (Authority to indemnify directors) (4), whether the liability is based on a judgment, settlement or proposed settlement or otherwise. [1989 c.324 §21; 1997 c.631 §110]

Source: Section 707.754 — Court-ordered indemnification , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 711.580 — OR Code / Title 53 / Chapter 711 / Section 711.580
711.580 Safety deposit boxes
Status: in_force

(1) If an institution, at the time the Director of the Department of Consumer and Business Services takes possession of its property and business, has in its possession, as bailee, for safekeeping and storage, any valuable personal property, or has rented any vaults, safes or safe deposit boxes or any portion thereof for the storage of property of any kind, the director may mail a notice to the person claiming to be or appearing upon the institution’s books to be the owner of the property, or the person in whose name the safe, vault or box stands notifying them to remove the property within a period fixed by the notice but not less than 90 days after the date the notice is mailed. The notice shall be in writing and sent by registered mail or by certified mail with return receipt directed to the person at the person’s post-office address as recorded upon the books of the institution. The director shall allow a person access to the institution so that the person may remove the person’s property stored or kept with the institution as described in this subsection. The director may require that the person show identification reasonably identifying the person as the person whose name appears as owner of the property on the institution’s books or as the person in whose name the safe, vault or box stands. The director may limit access to normal business hours.

(2) Upon the date fixed by the notice, the contract, if any, between a person and the institution for the storage of the property or for the use of the safe, vault or box is terminated, and the amount of the unearned rent or charges, if any, paid by the person becomes a debt of the institution to the person.

(3) After the date fixed in the notice the safe, vault or box may be opened in the presence of the director, and a witness who is not an officer or employee of the institution. A list and description of the property shall be made by the person opening the safe, vault or box and shall be attached to the property. The director shall keep the property in one of the general safes or boxes of the institution until it is delivered to the person entitled to receive it or is disposed of as provided in ORS 711.582 (Disposition of contents of safety deposit boxes) . [Amended by 1973 c.797 §285; 1981 c.397 §1; 1991 c.249 §67]

Source: Section 711.580 — Safety deposit boxes; removal of property , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 711.615 — OR Code / Title 53 / Chapter 711 / Section 711.615
711.615 Court filing fees
Status: in_force

Fees shall not be charged for the filing in the supervising court by the Director of the Department of Consumer and Business Services, the deputies of the director or attorneys of any papers relating to the liquidation of an institution or which are necessary or convenient in connection with the collection of assets of an institution. [Amended by 1973 c.797 §292; 1999 c.803 §7]

Source: Section 711.615 — Court filing fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors711.­html (accessed May 26, 2025).
ORS § 708a.405 — OR Code / Title 53 / Chapter 708a / Section 708a.405
708A.405 Deposits
Status: in_force

Oregon commercial banks shall secure insurance for their deposits from the Federal Deposit Insurance Corporation or a similar organization organized under the laws of the United States. [1997 c.631 §162]

Source: Section 708A.405 — Deposits; FDIC insurance required , https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html (accessed May 26, 2025).
ORS § 707.182 — OR Code / Title 53 / Chapter 707 / Section 707.182
707.182 Registered agent
Status: in_force

(1) Each institution and each Oregon stock savings bank shall continuously maintain in this state a registered agent and registered office that may be, but need not be, the same as any of its places of business.

(2) A registered agent shall be:

(a) An individual who resides in this state and whose business office is identical to the registered office;

(b) A domestic corporation, domestic limited liability company, domestic professional corporation or domestic nonprofit corporation whose business office is identical to the registered office; or

(c) A foreign corporation, foreign limited liability company, foreign professional corporation or foreign nonprofit corporation authorized to transact business in this state whose business office is identical to the registered office. [2005 c.192 §2]

Source: Section 707.182 — Registered agent; registered office , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).
ORS § 707.380 — OR Code / Title 53 / Chapter 707 / Section 707.380
707.380 Limitation on dividends
Status: in_force

(1) The board of directors of an institution or Oregon stock savings bank may, at any regular meeting, declare a dividend, but, except as provided in subsection (2) of this section, the amount of the dividend shall not be greater than its unreserved retained earnings, deducting therefrom, to the extent not already charged against earnings or reflected in a reserve, the following:

(a) All bad debts, which are debts on which interest is past due and unpaid for at least six months, unless the debt is fully secured and in the process of collection.

(b) All other assets charged off as required by the Director of the Department of Consumer and Business Services or a state or federal examiner.

(c) All accrued expenses, interest and taxes of the institution or Oregon stock savings bank.

(2) Notwithstanding subsection (1) of this section, an institution or Oregon stock savings bank may, by resolution of its board of directors and with the prior approval of the director, pay a dividend in an amount greater than the amount provided in subsection (1) of this section. The director may approve payment of such a dividend only if the director determines that the payment of the dividend would not result in the remaining stockholders’ equity of the institution or Oregon stock savings bank being inadequate for the safe and sound operation of the institution or Oregon stock savings bank. [Amended by 1973 c.797 §79; 1997 c.631 §74; 2021 c.197 §1]

Source: Section 707.380 — Limitation on dividends; exception , https://www.­oregonlegislature.­gov/bills_laws/ors/ors707.­html (accessed May 26, 2025).