ORS § 725.340 — OR Code / Title 54 / Chapter 725 / Section 725.340
725.340 Interest and other charges
Status: in_force

(1) A licensee may:

(a) Charge, contract for and receive in connection with a consumer finance loan made in accordance with this chapter a finance charge that, when expressed as an annual percentage rate, does not exceed the greater of:

(A) 36 percent; or

(B) 30 percentage points in excess of the discount window primary credit rate. The Director of the Department of Consumer and Business Services on the second Friday of December shall determine by order from published sources available on that date the discount rate upon which the annual percentage rate set forth in this subparagraph will be based as of January 1 of the following calendar year. The annual percentage rate set forth in this subparagraph shall apply to each new loan made during the succeeding calendar year for the entire term of the loan, including all renewals of the loan.

(b) Contract for and receive in connection with a consumer finance loan made in accordance with this chapter, and in addition to the finance charge described in paragraph (a) of this subsection, other reasonable and bona fide fees, expenses or damages, subject to oversight and regulation by the Department of Consumer and Business Services. For purposes of this paragraph, “fees, expenses or damages” includes, but is not limited to:

(A) Items exempted from the computation of the finance charge in accordance with the Truth in Lending Act, 15 U.S.C. 1605(d) and (e), as that Act existed on July 2, 2007, and similar pass-through fees or charges;

(B) Prepayment fees and late fees;

(C) Fees and damages in accordance with ORS 30.701 (Actions against maker of dishonored check) ;

(D) Actual expenses the licensee reasonably incurs in collecting a consumer finance loan that the borrower or consumer has failed to repay according to the terms of the consumer finance loan contract; and

(E) Amounts associated with the collection of a defaulted loan that are authorized by statute or awarded by a court of law.

(c) For purposes of this subsection, “finance charge” and “annual percentage rate” have the meanings given those terms in the federal Truth in Lending Act, 15 U.S.C. 1601 et seq.

(2) When a precomputed loan contract is originally scheduled to be repaid in 62 months or less and requires repayment in substantially equal or consecutive monthly installments of principal and interest combined, the interest or consideration may be precomputed, contracted for and earned on scheduled unpaid principal balances on the assumption that all scheduled payments will be made when due. In such cases, every payment may be applied to the combined total of principal and precomputed interest until the contract is fully paid, and the acceptance or payment of interest or consideration on any loan made under the provisions of this subsection does not constitute payment, deduction or receipt of the interest or consideration in advance. The precomputed interest or consideration is subject to the following adjustments:

(a) When a default of more than 10 days in the payment of any scheduled installment occurs, the licensee may charge and collect a default charge not exceeding five percent of the unpaid amount of the installment or $5, whichever is less. A default charge may be collected only once on an installment, but may be collected at the time the default charge accrues or at any time thereafter. A default charge may not be assessed with respect to an installment that is paid in full on or within 10 days after a scheduled installment due date when an earlier maturing installment or a default or deferral charge on an earlier maturing installment may not have been paid in full even though all or part of such installment payment is applied to an earlier maturing installment, or a default or deferral charge.

(b) If the payment of all unpaid installments is deferred one or more full months, and if the contract so provides, the licensee may charge and collect a deferral charge not exceeding the annual percentage rate specified in subsection (1)(a) of this section and previously disclosed to the borrower pursuant to the federal Truth in Lending Act applied to the sum of the installments deferred for the length of the deferral period. The deferral period is that period in which no scheduled installment is required to be paid by reason of the deferral. The charge may be collected at the time of deferral or at any time thereafter. A deferral charge may not be made for the deferral of any installment with respect to which a default charge has been collected, unless the default charge is deducted from the deferral charge. If prepayment of the loan in full occurs during the deferral period, in addition to any other rebate which may be required, the borrower shall receive a rebate of the portion of the deferral applicable to the unexpired months in the deferral period, for which purpose a fraction of an unexpired month exceeding 15 days is considered to be a month.

(c) Upon prepayment in full of the unpaid balance of a precomputed loan, a rebate of unearned interest or consideration shall be made as provided in this paragraph. The amount of the rebate shall be not less than the total interest contracted for to maturity, less the greater of:

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

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

(3) If the borrower agrees to perform certain duties to insure or preserve the collateral and fails to perform those duties, the licensee may pay for the performance of the duties and add the amounts paid to the unpaid principal balance. A charge may be made for sums advanced, at the rate provided for in the loan agreement.

(4) The loan contract may provide that after default and referral the borrower shall pay the licensee for reasonable attorney fees actually paid by the licensee to an attorney who is not a salaried employee of the licensee. [Amended by 1955 c.71 §13; 1971 c.450 §3; 1973 c.428 §4; 1975 c.567 §2; 1977 c.432 §1; 1979 c.326 §3; 1979 c.879 §7; 1981 c.412 §15; 1981 c.910 §8a; 2006 c.3 §2; 2007 c.473 §3; 2007 c.603 §3a; 2009 c.541 §46; 2010 c.23 §32]

Source: Section 725.340 — Interest and other charges , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.320 — OR Code / Title 54 / Chapter 725 / Section 725.320
725.320 Rulings of director
Status: in_force

The Director of the Department of Consumer and Business Services may make such specific rulings, demands and findings as may be necessary for the proper conduct of the business regulated by this chapter and the enforcement of this chapter in addition to and not inconsistent with this chapter. [Amended by 1985 c.762 §129]

Source: Section 725.320 — Rulings of director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725a.064 — OR Code / Title 54 / Chapter 725a / Section 725a.064
725A.064 Prohibited conduct for payday loan lender
Status: in_force

A payday loan lender may not:

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

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

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

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

(5) Include in a payday loan contract:

(a) A hold-harmless clause;

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

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

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

(6) Renew an existing payday loan more than two times.

(7) Make a new payday loan to a consumer within seven days after the date on which the consumer fully repays a previous payday loan. [2010 c.23 §21; 2019 c.188 §3]

Source: Section 725A.064 — Prohibited conduct for payday loan lender , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.350 — OR Code / Title 54 / Chapter 726 / Section 726.350
726.350 Alteration
Status: in_force

The alteration of a pawn ticket shall not excuse the pawnbroker who issued it from liability to deliver the pledge according to the terms of the pawn ticket as originally issued, but shall relieve the pawnbroker of any other liability to the pledgor or holder of the pawn ticket.

Source: Section 726.350 — Alteration , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.506 — OR Code / Title 54 / Chapter 723 / Section 723.506
723.506 Application
Status: in_force

Every application for a loan shall be made in the form prescribed by the credit committee, credit manager or loan officer. The application shall state the security, if any offered. Each loan shall be evidenced by a written document. [1975 c.652 §53; 1991 c.635 §14]

Source: Section 723.506 — Application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.120 — OR Code / Title 54 / Chapter 725 / Section 725.120
725.120 Application for license
Status: in_force

(1) Application for a license required under ORS 725.045 (Prohibition on making certain consumer finance loans without license) shall be in writing in a form prescribed by the Director of the Department of Consumer and Business Services. The application shall contain the name and both the residence and business addresses of each individual applicant, of each member of a partnership or association that applies for a license and of each officer or director of a corporation that applies for a license. The application shall also contain the county and city with street and number, if any, where the business is to be conducted and any other information the director may require.

(2) An applicant, at the time the applicant applies for a license under this section, shall pay to the director a license fee determined under ORS 725.185 (License fees) for the period terminating on the last day of the current calendar year. If the director denies the applicant a license for cause or if the applicant withdraws the application after the director investigates the applicant, the director shall refund the license fee paid under this subsection, less an amount that reflects the director’s administrative and investigative costs for the application. [Amended by 1955 c.71 §4; 1977 c.135 §49; 1985 c.762 §114; 2009 c.541 §43]

Source: Section 725.120 — Application for license; annual fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.426 — OR Code / Title 54 / Chapter 723 / Section 723.426
723.426 Joint accounts
Status: in_force

A member may designate any person or persons to hold shares, deposits and thrift club accounts with the member in joint tenancy, with or without the right of survivorship, but no joint tenant, unless a member in the member’s own right, shall be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership fee. [1975 c.652 §47; 1977 c.555 §16; 1991 c.635 §11]

Source: Section 723.426 — Joint accounts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.090 — OR Code / Title 54 / Chapter 726 / Section 726.090
726.090 Form of license
Status: in_force

The licenses shall be in a form prescribed by the Director of the Department of Consumer and Business Services and shall state the address at which the business is to be conducted and the full name of the pawnbroker. The license shall be kept conspicuously posted in the place of business of the pawnbroker and shall not be transferable or assignable. [Amended by 1971 c.218 §4]

Source: Section 726.090 — Form of license; posting; transferability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.395 — OR Code / Title 54 / Chapter 726 / Section 726.395
726.395 Charges related to firearms
Status: in_force

(1) A pawnbroker may charge a pledgor or customer a $5 fee if the pledgor or customer places a firearm with the pawnbroker. The pawnbroker may charge a $3 fee to renew the pledgor’s or customer’s placement of the firearm with the pawnbroker.

(2) In addition to the fees described in subsection (1) of this section, a pawnbroker may charge a pledgor or customer any fee that a government entity imposes on the pawnbroker for holding or transferring a firearm. [1973 c.449 §3; 1997 c.842 §4; 2009 c.372 §4; 2014 c.54 §1; 2023 c.7 §2]

Source: Section 726.395 — Charges related to firearms , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.486 — OR Code / Title 54 / Chapter 723 / Section 723.486
723.486 Multiple party account
Status: in_force

Credit unions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. For purposes of establishing net contributions a credit union shall not be required to inquire about the source of funds received for deposit to a multiple-party account, or to inquire about the proposed application of any sum withdrawn from an account. [1999 c.185 §31]

Source: Section 723.486 — Multiple party account; payment of deposit to one or more parties; credit union not required to determine source or use of funds in account , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.490 — OR Code / Title 54 / Chapter 723 / Section 723.490
723.490 P.O.D. account
Status: in_force

Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the credit union of proof of death showing that the P.O.D. payee survived all persons named as original parties. Payment may be made to the personal representative or heirs of a deceased original party if proof of death is presented to the credit union showing that the decedent was the survivor of all other persons named on the account either as an original party or as a P.O.D. payee. [1999 c.185 §33]

Source: Section 723.490 — P.O.D. account; payment to any original party; payment to others , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.272 — OR Code / Title 54 / Chapter 723 / Section 723.272
723.272 Conflicts of interest
Status: in_force

No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting pecuniary interest or the pecuniary interest of any corporation, partnership or association (other than the credit union) in which the director, committee member, officer, agent or employee is directly or indirectly interested. [1975 c.652 §29]

Source: Section 723.272 — Conflicts of interest , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.682 — OR Code / Title 54 / Chapter 723 / Section 723.682
723.682 Merger
Status: in_force

(1) Intentionally left blank —Ed.

(a) A credit union chartered in this state may, with the approval of the Director of the Department of Consumer and Business Services, merge with another credit union under the existing charter of the other credit union pursuant to a plan that the majority of each board of directors of each credit union joining in the merger agrees to and that is approved by the affirmative vote of a majority of the members of the merging credit union that vote on the merger.

(b) The director may approve a merger without regard to common bond differences between the credit unions if one of the credit unions is insolvent or in danger of insolvency, and:

(A) An emergency requiring expeditious action exists;

(B) Other alternatives are not reasonably available; and

(C) The public interest would best be served by approving the merger.

(2) After the directors agree to a plan and the members of the merging credit union approve the plan, the president and secretary of the credit union shall execute a certificate of merger, which shall set forth all of the following:

(a) The time and place of the meeting of the board of directors at which the board agreed to the plan.

(b) The vote in favor of adopting the plan.

(c) A copy of the resolution or other action by which the board agreed to the plan.

(d) The time of the meeting of the members at which the members approved the plan.

(e) The vote by which the members approved the plan.

(3) The certificate and a copy of the plan of merger must be forwarded to the director, certified by the director and returned to the continuing credit union within 30 days.

(4) After the director returns the certificate, all property, property rights and members’ interest of the merged credit union shall vest in the continuing credit union without deed, indorsement or other instrument of transfer, and the continuing credit union under whose charter the merger was effected assumes all debts, obligations and liabilities of the merged credit union. The rights and privileges of the members of the merged credit union remain intact.

(5) This section permits a credit union chartered under the laws of another state or of the United States to merge with a credit union chartered under the laws of this state, and a credit union chartered under the laws of this state to merge with a credit union chartered under the laws of another state or of the United States, to the same extent that the laws of this state permit two or more credit unions chartered under the laws of this state to merge.

(6) Intentionally left blank —Ed.

(a) After the board of directors of a credit union that is chartered in this state has approved a plan to merge with another credit union, if a member of the credit union opposes the plan to merge and wishes to inform other members of the credit union of the member’s opposition, the member may submit a proposed statement of opposition to the credit union and may ask the credit union to disseminate the statement of opposition to the other members.

(b) If the credit union maintains on the Internet and publicizes to the credit union’s members a public forum for communications concerning the plan to merge or other issues related to the credit union, the credit union, within 14 calendar days after receiving the proposed statement of opposition from the member and subject to paragraph (e) of this subsection, shall publish the statement of opposition on the public forum.

(c) If the credit union does not make a public forum available on the Internet and if the credit union received the member’s proposed statement of opposition at least 28 days before the date on which the members of the credit union are to vote on the plan to merge, subject to paragraph (e) of this subsection, the credit union shall:

(A) Notify the member, within seven days after receiving the statement of opposition, of:

(i) Any limit, which may not be less than 500 words, that the credit union may impose on the length of the statement of opposition; and

(ii) The estimated reasonable cost to reproduce and mail the statement of opposition as a stand-alone document or the estimated cost to include the statement of opposition in any informational or persuasive material concerning the plan to merge that the credit union disseminates to credit union members. The credit union’s estimate of the cost of including the statement of opposition in the credit union’s material may not exceed two cents multiplied by the number of the credit union’s members.

(B) Reproduce and mail the statement of opposition to the credit union’s members or include the statement of opposition in the credit union’s informational or persuasive materials concerning the plan to merge, within 10 days after receiving payment of the cost estimated in subparagraph (A)(ii) of this paragraph, if the member agrees to the limit the credit union imposes on the length of the statement of opposition and pays the cost at least 14 days before the date on which the members of the credit union are to vote on the plan to merge.

(d) For purposes of paragraph (c) of this subsection, informational and persuasive material concerning the plan to merge does not include a notice of the meeting at which the credit union’s members are to consider the plan to merge, a summary of the merger plan or other items that state or federal law requires the credit union to send to credit union members.

(e) Intentionally left blank —Ed.

(A) The credit union shall notify the credit union member within seven days after receiving the proposed statement of opposition if the credit union declines to disseminate the statement of opposition because the statement of opposition:

(i) Is false or misleading with respect to a material fact at the time and in light of the circumstances in which the statement is made;

(ii) Omits a material fact that is necessary for the statement of fact not to be false or misleading;

(iii) Relates to a personal claim or grievance or solicits personal gain by or business advantage for any party;

(iv) Is not sufficiently related to the credit union’s business or affairs;

(v) Impugns, directly or indirectly, a person’s character, integrity or personal reputation or without an expressed factual basis charges a person with illegal, improper or immoral conduct; or

(vi) Impugns the stability or soundness of the credit union.

(B) The credit union may decline to disseminate the proposed statement of opposition if the credit union member does not agree to the limits the credit union imposes on the length of the statement of opposition or fails within the time limits set in paragraph (c) of this subsection to pay the cost of mailing the statement or including the statement with the credit union’s informational or persuasive material concerning the plan to merge.

(C) The credit union may not decline to disseminate the statement of opposition for reasons other than the reasons identified in subparagraph (A) or (B) of this paragraph.

(f) Intentionally left blank —Ed.

(A) A credit union member may appeal to the director the credit union’s decision under paragraph (e)(A) of this subsection not to disseminate the credit union member’s statement of opposition. An appeal under this paragraph is not a contested case, as defined in ORS 183.310 (Definitions for chapter) , and a party to the appeal is not entitled to notice and an opportunity for a hearing under ORS 183.413 (Notice to parties before hearing of rights and procedure) to 183.470 (Orders in contested cases) . As part of the appeal, the credit union member shall provide the director with:

(i) The proposed statement of opposition;

(ii) A statement of reasons for disagreeing with the credit union’s decision under paragraph (e)(A) of this subsection not to disseminate the statement of opposition; and

(iii) The credit union member’s name, address and telephone number or other contact information.

(B) Before issuing an order under this paragraph, the director shall request from the credit union a statement of reasons for declining to disseminate the proposed statement of opposition. The director shall consider the credit union member’s proposed statement of opposition and statement of reasons and the credit union’s statement of reasons and shall arrive at an independent determination as to whether the credit union correctly declined to disseminate the credit union member’s proposed statement for the reasons identified in paragraph (e)(A) of this subsection.

(C) The director by order shall uphold the credit union’s decision under paragraph (e)(A) of this subsection or shall require the credit union to disseminate the credit union member’s proposed statement of opposition in accordance with the provisions of this subsection. The director’s order is subject to appeal only as provided in ORS 183.484 (Jurisdiction for review of orders other than contested cases) . [1975 c.652 §71; 1999 c.185 §51; 2011 c.327 §5; 2019 c.45 §4; 2021 c.125 §2]

Source: Section 723.682 — Merger; opposition to merger , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.302 — OR Code / Title 54 / Chapter 723 / Section 723.302
723.302 Duties of credit committee
Status: in_force

The credit committee shall have the general supervision of all loans to members. [1975 c.652 §35]

Source: Section 723.302 — Duties of credit committee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.125 — OR Code / Title 54 / Chapter 726 / Section 726.125
726.125 License fees
Status: in_force

(1) Each pawnbroker shall pay to the Director of the Department of Consumer and Business Services each year the license fee determined by the director under subsection (2) of this section.

(2) The director may charge and collect a license fee from each pawnbroker, according to a license fee schedule established by the director by rule, for the purpose of defraying the costs of performing supervision, enforcement and other duties imposed by law upon the director in respect to pawnbrokers. In setting the license fee schedule and allocating license fees among pawnbrokers, the director shall take into consideration the costs of performing the duties of the director relative to each pawnbroker, the amount of all other moneys paid to the director under this chapter and the cost of developing and maintaining a reasonable emergency fund. License fees under this subsection shall be assessed and paid upon approval of a new license application, and not later than December 15 or such date as may be specified by the director by rule for renewal of a license.

(3) In addition to the license fee collected under subsection (2) of this section, whenever the director devotes any extra attention to the affairs of a pawnbroker, either upon determination by the director or upon request of the pawnbroker, the fee for the extra service shall be the actual cost thereof. [1985 c.762 §139; 1997 c.842 §2; 2007 c.768 §56]

Source: Section 726.125 — License fees; fees for extra service , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.252 — OR Code / Title 54 / Chapter 723 / Section 723.252
723.252 Election of directors and appointment of credit committee and credit manager
Status: in_force

(1) A credit union must be directed by a board that consists of an odd number of directors, at least five in number, who are elected by and from the credit union’s members in the manner provided in the credit union’s bylaws. Members of the board hold office for such terms as the bylaws provide.

(2) The board of directors shall appoint a supervisory committee of not less than three members at the organizational meeting and within 60 days following each annual meeting of the members for such terms as the bylaws provide.

(3) The board of directors shall appoint a credit committee that consists of an odd number not less than three for such terms as the bylaws provide. The members of the credit union may instead elect the members of the credit committee from among the membership of the credit union at the annual members’ meeting. In lieu of the credit committee, the board of directors may appoint a credit manager.

(4) The board of directors may appoint temporary or successor directors or temporary or successor credit committee or supervisory committee members to serve in place of absent directors or committee members. [1975 c.652 §25; 1997 c.832 §4; 2009 c.234 §5]

Source: Section 723.252 — Election of directors and appointment of credit committee and credit manager , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.488 — OR Code / Title 54 / Chapter 723 / Section 723.488
723.488 Joint account
Status: in_force

Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is requested. Payment may not be made to the personal representative or heirs of a deceased party unless:

(1) Proof of death is presented to the credit union, showing that the decedent was the last surviving party; or

(2) There is no right of survivorship under ORS 723.480 (Multiple-party accounts) . [1999 c.185 §32]

Source: Section 723.488 — Joint account; payment to any party to account; payment to others , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.118 — OR Code / Title 54 / Chapter 723 / Section 723.118
723.118 Disclosure of records of department
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall receive and file in the Department of Consumer and Business Services all reports required under this chapter.

(2) Except as provided in subsection (3) of this section, the records of the department pertaining to the administration of this chapter are available for public inspection unless the director determines in a particular instance that the credit union or the directors, members, officers or employees of the credit union have an interest in keeping the records confidential that outweighs the public interest in disclosing the records, or that the records are exempt from disclosure under ORS 192.338 (Exempt and nonexempt public record to be separated) , 192.345 (Public records conditionally exempt from disclosure) and 192.355 (Public records exempt from disclosure) . A determination by the director under this subsection is subject to review under ORS 192.311 (Definitions for ORS 192.311 to 192.478) to 192.478 (Exemption for Judicial Department) .

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

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

(b) Financial statements of and investigatory information concerning persons subject to investigation by the director under ORS 723.014 (Denial of certificate of approval) or 723.132 (Order to remove officer, director or committee member) .

(c) Proprietary information.

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

(e) The name of a member or borrower and the amount of shares, deposits or debts of a member or borrower.

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

(4) Notwithstanding subsection (3) of this section and except as otherwise provided in this subsection, the director may disclose a record that is specified in this subsection and that pertains to a credit union that has been liquidated under ORS 723.676 (Liquidation) if the director determines in a particular instance that the public interest in disclosing the record outweighs the interests of the credit union or of the directors, members, officers or employees of the credit union in keeping the record confidential. The director may not disclose a record or portion of a record that contains proprietary information or information that relates to an individual’s financial activities or affairs unless the director concludes that the activities or affairs were a direct and substantial contributing factor in the failure of the credit union. This subsection applies to the following records of the department:

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

(b) Investigatory information concerning persons subject to investigation by the director under ORS 723.014 (Denial of certificate of approval) or 723.132 (Order to remove officer, director or committee member) .

(c) Reviews of financial statements.

(d) Reports filed under ORS 723.106 (Reports) .

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

(6) All records of the department pertaining to the condition of credit unions may be furnished to:

(a) The National Credit Union Administration.

(b) The Federal Home Loan Bank of which the credit union is a member or to which the credit union has applied for membership.

(c) The State Treasurer if the credit union is a depository of public fund deposits.

(d) The respective credit union.

(7) If the director is requested to disclose a record subject to this section and the record contains both material that is exempt from disclosure under this section or any other provision of law and material that is not exempt from disclosure, the director shall separate the exempt and nonexempt material and may disclose only the nonexempt material. [2005 c.95 §3; 2009 c.541 §40]

Source: Section 723.118 — Disclosure of records of department; exemptions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.447 — OR Code / Title 54 / Chapter 723 / Section 723.447
723.447 Certified share drafts
Status: in_force

A credit union may certify a share draft issued by the credit union. A credit union that certifies a share draft may immediately charge the amount of the share draft to the drawer’s share draft account. [1985 c.206 §5; 1987 c.286 §7; 1999 c.185 §41]

Source: Section 723.447 — Certified share drafts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.995 — OR Code / Title 54 / Chapter 723 / Section 723.995
723.995 Civil penalties
Status: in_force

(1) The Director of the Department of Consumer and Business Services may assess any person who violates any provision of this chapter or any rule or final order issued under this chapter a civil penalty of not more than $2,000 for each violation or $10,000 in the aggregate for all violations within any three-month period. In the case of an individual agent or employee of a credit union, the civil penalty shall be not more than $1,000 for each violation or $5,000 in the aggregate for all violations within any three-month period. The director shall count each day that a violation continues as a separate violation.

(2) In addition to the civil penalty provided by subsection (1) of this section, a credit union or a director, officer, committee member, agent or employee of a credit union who violates any provision of this chapter, or any rule or final order issued under this chapter, may be assessed a civil penalty in an amount determined by the director but not to exceed the amount by which the person profited as a result of the violation.

(3) Civil penalties under this section shall be imposed as provided in ORS 183.745 (Civil penalty procedures) .

(4) If a civil penalty is assessed against a director, officer, committee member, agent or employee of a credit union, unless the director provides otherwise, the director, officer, committee member, agent or employee shall forfeit the penalty and the penalty shall not be paid either directly or indirectly by the credit union.

(5) All moneys collected under this section shall be paid to the State Treasurer and credited as provided in ORS 705.145 (Consumer and Business Services Fund) . [Formerly 723.826]

Source: Section 723.995 — Civil penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.992 — OR Code / Title 54 / Chapter 723 / Section 723.992
723.992 Criminal penalties
Status: in_force

(1) Violation of ORS 723.816 (Prohibited acts) (1) is a Class C felony.

(2) Violation of ORS 723.816 (Prohibited acts) (2) is a Class A misdemeanor. [1975 c.652 §84]

Source: Section 723.992 — Criminal penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.330 — OR Code / Title 54 / Chapter 726 / Section 726.330
726.330 Delivery of pledge upon surrender of pawn ticket
Status: in_force

Except as otherwise provided in this chapter, a pawnbroker shall not be required to deliver a pledge except upon surrender of the pawn ticket, unless the ticket is impounded or its negotiation enjoined by a court of competent jurisdiction.

Source: Section 726.330 — Delivery of pledge upon surrender of pawn ticket , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.712 — OR Code / Title 54 / Chapter 723 / Section 723.712
723.712 Voting representative
Status: in_force

Each credit union becoming a member of such central credit union may designate one person to be its voting representative in the central credit union, which person shall be designated by the board of directors of the member credit union. Such voting representative shall be eligible to hold office in the central credit union as if such person were a member of the central credit union. [1975 c.652 §75]

Source: Section 723.712 — Voting representative , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.347 — OR Code / Title 54 / Chapter 725 / Section 725.347
725.347 Open-end credit card plan authorized
Status: in_force

(1) As used in this section, “open-end credit card plan” means an open-end loan plan under which:

(a) The licensee issues one or more cards, checks, letters of credit or other devices to the borrower; and

(b) The borrower may obtain advances from the licensee, either directly or in connection with purchases of goods and services, by using the card, check, letter of credit or other device.

(2) A licensee may transact business and extend credit to borrowers under an open-end credit card plan. A licensee may offer an open-end credit card plan in conjunction with noncredit features or services available to the borrower through use of the card or other device. The noncredit features or services shall not be subject to regulation under this chapter.

(3) The agreement between the licensee and the borrower relating to the open-end credit card plan shall conform to the requirements of ORS 725.345 (Open-end loan plan) (5), except that the borrower’s name and address and the date of the agreement need not be included in the agreement if the borrower has submitted a signed and dated application to the licensee seeking the issuance of one or more cards or other devices. [1985 c.370 §4; 2007 c.603 §5]

Source: Section 725.347 — Open-end credit card plan authorized , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.532 — OR Code / Title 54 / Chapter 723 / Section 723.532
723.532 Loans to credit union officials
Status: in_force

(1) For the purposes of this section, “management team” means the president or chief executive officer of a credit union or an individual who holds a position in a credit union of vice president or higher who has policymaking authority or authority to approve loans.

(2) A credit union may make a loan to a director, a member of the credit union’s management team, the chief credit officer or a member of the credit union’s supervisory and credit committees if the credit union makes the loan under the following conditions:

(a) The loan complies with the provisions of this chapter that apply to loans to other borrowers and is not on terms more favorable than terms extended to other borrowers.

(b) Intentionally left blank —Ed.

(A) Except as provided in subparagraph (B) of this paragraph, if the combined aggregate amount of loans to an individual described in this subsection exceeds five percent of the credit union’s equity or $100,000, whichever is less, the board of directors must approve making the loans in excess of the specified aggregate amount.

(B) The aggregate amount of loans specified in subparagraph (A) of this paragraph does not include a loan that is:

(i) For an amount that is equal to or less than the conforming loan limit that the Federal Housing Finance Agency specifies, or $400,000, whichever is greater; and

(ii) Secured by a first lien on the borrower’s principal residence.

(c) The combined aggregate amount of loans to all individuals described in this subsection may not exceed 10 percent of the credit union’s assets.

(d) If a loan to a director, a member of the credit union’s management team, the chief credit officer or a member of the credit union’s supervisory or credit committee is not subject to approval by the board of directors under paragraph (b) of this subsection, after the loan is approved, the loan must be reported to the board of directors at the next meeting of the board of directors.

(3) Intentionally left blank —Ed.

(a) Except as provided in paragraph (b) of this subsection, a director, officer or committee member may not become a surety or guarantor for a loan or advance made by the credit union unless the board of directors approves.

(b) A director, officer or committee member may become a surety or guarantor for the spouse or children of the director, officer or committee member without the approval of the board of directors.

(4) The Director of the Department of Consumer and Business Services may waive the requirements of this section by rule or order at a credit union’s request. The Director of the Department of Consumer and Business Services may establish by rule a higher amount than the amount set in subsection (2)(b) of this section and may specify by rule the type of loans to directors, officers or committee members that the board of directors of the credit union must approve.

(5) A director, a member of the credit union’s management team, the chief credit officer or a member of the credit union’s supervisory or credit committee may not participate in approving or disbursing a loan in which the director, member of the credit union’s management team, chief credit officer or member of the credit union’s supervisory or credit committee has a direct or indirect financial interest. [1975 c.652 §58; 1985 c.206 §2; 1985 c.762 §98; 1987 c.286 §9; 1997 c.832 §7; 1999 c.185 §44; 2009 c.234 §8; 2011 c.327 §3]

Source: Section 723.532 — Loans to credit union officials; waiver; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.122 — OR Code / Title 54 / Chapter 723 / Section 723.122
723.122 Bond or letter of credit
Status: in_force

(1) A credit union shall obtain and maintain a fidelity bond or irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act) , that includes coverage in accordance with rules of the Director of the Department of Consumer and Business Services, to protect the credit union against losses caused by occurrences such as fraud, dishonesty, forgery, embezzlement, misappropriation, misapplication of duty and all acts of agents, directors, officers, committee members, employees or attorneys of the credit union. The minimum amount of the bond or letter of credit is based on the amount of the credit union’s total assets in accordance with the following table:

Total Assets Minimum Amount

of Bond

or Letter of Credit

$0 to $4,000,000 $250,000 or

coverage equal

to the credit

union’s total

assets, whichever

is less.

$4,000,001 to $50,000,000 $100,000 plus

$50,000 for each

$1,000,000 of total

assets or fraction

of total assets

over $1,000,000.

$50,000,001 to $500,000,000 $2,550,000 plus

$10,000 for each

$1,000,000 of total

assets or fraction

of total assets

over

$50,000,000,

with a maximum

of $5,000,000.

More than $500,000,000 1% of the credit

union’s total

assets rounded

to the nearest

$100,000,000,

with a maximum

of $9,000,000.

(2) A fidelity bond or letter of credit must include a faithful performance clause to cover the chief financial officer. The director must approve the fidelity bond or letter of credit and may require additional amounts as the director considers necessary.

(3) Claims upon a fidelity bond or letter of credit that exceed one percent of the credit union’s reserves and undivided earnings or that are related to the errors or omissions of an officer, director or committee member must be reported to the director. [1975 c.652 §15; 1987 c.286 §2; 1991 c.331 §124; 1995 c.319 §1; 1997 c.249 §216; 1997 c.631 §542; 1997 c.832 §2; 1999 c.185 §10; 2001 c.308 §1; 2009 c.234 §2; 2013 c.480 §1]

Source: Section 723.122 — Bond or letter of credit; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.380 — OR Code / Title 54 / Chapter 726 / Section 726.380
726.380 Loss of or injury to pledge
Status: in_force

(1) A pawnbroker is liable for the loss of a pledge or a part of a pledge or for an injury to a pledge that results from failure to exercise reasonable care. Reasonable care includes maintaining sufficient insurance coverage against possible loss as a result of fire, theft and burglary so as to protect the interest of the pledgor for the amount of the loan.

(2) Intentionally left blank —Ed.

(a) A pawnbroker may store large items, including items identified in paragraph (c) of this subsection, off the premises of the business location at which the pawnbroker makes the pledge loan only if:

(A) The pawnbroker and the pledgor agree in writing that the pawnbroker may store the large item as described in this paragraph;

(B) The pawnbroker maintains a business location at which the pawnbroker displays a license the Director of the Department of Consumer and Business Services issued under ORS 726.080 (Issuance and denial of license) ; and

(C) The off-premises location complies with all requirements this chapter or the director sets forth for pawnbroker business locations with respect to security, bonding, insurance and notice.

(b) A pawnbroker may have only one off-premises location at which the pawnbroker stores large items for each business location for which the pawnbroker has the license described in paragraph (a)(B) of this subsection.

(c) A pawnbroker shall hold a pledge in a gated, secured facility that is designed, constructed, furnished and maintained to present physical deterrents to a person’s ability to enter into the facility without authorization and remove the pledge, if the pledge is:

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

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

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

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

(d) The director by rule may define “large items” for the purposes of this subsection.

(3) The pawnbroker has the burden of proof to establish due care if a pledge is lost.

(4) The pawnbroker has a first lien on any pledge for the amount of the pledge loan and interest in all cases except where goods are stolen or where a prior lien exists by virtue of any provision of law. [Amended by 1979 c.202 §5; 2013 c.261 §4; 2019 c.10 §3]

Source: Section 726.380 — Loss of or injury to pledge; storage of large items off premises; lien on pledge; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.492 — OR Code / Title 54 / Chapter 723 / Section 723.492
723.492 Trust account
Status: in_force

Any trust account may be paid, on request, to any trustee. Unless the credit union has received written notice that the beneficiary has a vested interest not dependent upon the beneficiary surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the credit union showing that the decedent survived all other persons named on the account as either trustee or beneficiary. Payment may be made, on request, to the beneficiary upon presentation to the credit union of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees. [1999 c.185 §34]

Source: Section 723.492 — Trust account; payment to trustee; payment to others , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.360 — OR Code / Title 54 / Chapter 726 / Section 726.360
726.360 Spurious pawn tickets
Status: in_force

If a pawn ticket is presented to a pawnbroker which purports to be the one issued by the pawnbroker, but which is found to be spurious, the pawnbroker may seize and retain it without any liability whatsoever to the holder thereof. Any such pawn ticket so seized shall be delivered or mailed immediately to the Director of the Department of Consumer and Business Services accompanied by a letter of explanation. [Amended by 1987 c.373 §73]

Source: Section 726.360 — Spurious pawn tickets , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.602 — OR Code / Title 54 / Chapter 723 / Section 723.602
723.602 Investment of funds
Status: in_force

A credit union may invest funds not used in loans to members in:

(1) Securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or an agency of the United States or in a trust or trusts established directly or collectively in the securities, obligations or instruments described in this subsection.

(2) Obligations of a state of the United States, the agencies or instrumentalities of the federal government, the District of Columbia, the Commonwealth of Puerto Rico and the several territories organized by Congress, or a political subdivision of a state, district, commonwealth or territory identified in this subsection.

(3) Certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank or savings and loan association.

(4) Loans to or in shares or deposits of other credit unions.

(5) Stocks, membership units or other ownership interests in, or loans to, a corporation, limited liability company or mutual association in an aggregate amount not to exceed five percent of assets, if:

(a) The purposes for which the corporation, limited liability company or mutual association is organized are primarily to service or otherwise assist credit union operations; or

(b) The corporation, limited liability company or mutual association provides goods or services associated with the routine operations of the credit union, the investment or loan is reasonably related to the credit union’s use or potential use of the goods or services provided, the investment or loan is made in accordance with any rules governing such investments or loans as may be adopted by the Director of the Department of Consumer and Business Services and the credit union receives prior approval for the investment or loan from the director.

(6) Shares of a credit union cooperative society organized under the laws of this state or of the laws of the United States in a total amount not exceeding one percent of the shares, deposits and surplus of the credit union.

(7) Loans to a national or state credit union association or corporation of which the credit union is a member, except that the loans must be limited to not more than five percent of the assets of the credit union.

(8) Other investments the Director of the Department of Consumer and Business Services approves by rule or order. [1975 c.652 §64; 1987 c.286 §11; 1999 c.185 §48; 2005 c.95 §9; 2011 c.327 §4; 2021 c.125 §3; 2023 c.57 §4]

Source: Section 723.602 — Investment of funds; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.450 — OR Code / Title 54 / Chapter 723 / Section 723.450
723.450 Payment on shares and deposits
Status: in_force

Shares, share certificates, deposits and deposit certificates may be withdrawn for payment to the account holder or to third parties in accordance with the manner and procedures established by the board of directors. The board of directors may restrict one class of shares so that a share in the class may not be redeemed, withdrawn or transferred except upon termination of membership in the credit union. [1985 c.801 §7]

Source: Section 723.450 — Payment on shares and deposits; restriction on class of shares , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.466 — OR Code / Title 54 / Chapter 723 / Section 723.466
723.466 Disposition of deposit on death of depositor
Status: in_force

(1) On the death of a member of a credit union, if the deposit to the credit of the deceased member is $25,000 or less, the credit union may, upon receipt of an affidavit from a person claiming the deposit as provided in subsection (3) of this section, or a declaration from the Department of Human Services or the Oregon Health Authority as provided in subsection (4) of this section, pay the moneys on deposit:

(a) To the surviving spouse on demand of the surviving spouse at any time after the death of the member;

(b) If there is no surviving spouse, to the Oregon Health Authority or the Department of Human Services, on demand of the authority or the department no less than 46 days and no more than 75 days after the death of the member when there is a preferred claim arising under ORS 411.708 (Recovery of supplemental income program assistance from certain estates) , 411.795 (Claim against estate of deceased recipient of general assistance) or 416.350 (Recovery of medical assistance) ;

(c) If there is no surviving spouse and no authority or department claim, to the member’s surviving children 18 years of age or older;

(d) If there is no surviving spouse, authority claim, department claim or surviving child 18 years of age or older, to the member’s surviving parents;

(e) If there is no surviving spouse, authority claim, department claim, surviving child 18 years of age or older or surviving parent, to the member’s surviving brothers and sisters 18 years of age or older; or

(f) If there is no surviving spouse, authority claim, department claim, surviving child 18 years of age or older, surviving parent or surviving brothers or sisters 18 years of age or older, to any other surviving heir of the member.

(2) Intentionally left blank —Ed.

(a) A credit union may not pay moneys on deposit under subsection (1)(c) to (f) of this section earlier than 46 days after the death of the member.

(b) A credit union may not pay moneys on deposit under subsection (1)(c) to (f) of this section earlier than 76 days after the death of the member unless the financial institution obtains prior verbal or written authorization from the Oregon Health Authority or its designated representative and the Department of Human Services or its designated representative.

(3) An affidavit or declaration submitted under this section must:

(a) State where and when the member died;

(b) State that the total deposits of the deceased member in all financial institutions in this state do not exceed $25,000;

(c) Show the relationship of the affiant or declarant to the deceased member; and

(d) Embody a promise to pay the expenses of last sickness, funeral expenses and just debts of the deceased member out of the deposit, to the full extent of the deposit if necessary, in the order of priority prescribed by ORS 115.125 (Order of payment of expenses and claims) , and to distribute any remaining moneys to the persons who are entitled to those moneys by law.

(4) A credit union shall accept from the Department of Human Services or the Oregon Health Authority, without additional requirements, a declaration under penalty of perjury meeting the requirements of subsection (3) of this section, provided that the declaration is submitted no earlier than 46 days after the death of the depositor and no later than 76 days after the death of the depositor. A declaration submitted under this section must be signed by the declarant and must include the following sentence immediately above the signature line of the declarant: “I hereby declare under penalty of perjury that I am authorized by the Department of Human Services or the Oregon Health Authority to make this declaration, that the above statement is true to the best of my knowledge and belief, and that I understand that it is subject to penalty for perjury.”

(5) In the event the member died intestate without known heirs, an estate administrator of the State Treasurer appointed under ORS 113.235 (Appointment of estate administrators by State Treasurer) shall be the affiant and shall receive the moneys for deposit into the Unclaimed Property and Estates Fund as escheated property and subject to claims under ORS 116.253 (Recovery of escheated property) .

(6) The credit union shall determine the relationship of the affiant or declarant to the deceased member. However, payment of the moneys in good faith to the affiant or declarant discharges and releases the transferor from any liability or responsibility for the transfer in the same manner and with the same effect as if the property had been transferred, delivered or paid to a personal representative of the estate of the deceased member.

(7) A probate proceeding is not necessary to establish the right of the surviving spouse, Oregon Health Authority, Department of Human Services, surviving children, surviving parents, surviving brothers and sisters or an estate administrator of the State Treasurer to withdraw the deposits upon the filing of the affidavit or declaration. If a personal representative is appointed in an estate where a withdrawal of deposits was made under this section, the person withdrawing the deposits shall account for them to the personal representative.

(8) When a credit union transfers moneys under subsection (1) of this section, the transferor may require the transferee to furnish the transferor with a written indemnity agreement, indemnifying the transferor against loss for moneys paid to the extent of the amount of the deposit.

(9) Intentionally left blank —Ed.

(a) Moneys disbursed to the Department of Human Services under subsection (1) of this section may be made payable only to the department.

(b) Moneys disbursed to the Oregon Health Authority under subsection (1) of this section may be made payable only to the authority.

(10) This section is subject to the rights of other parties to the account under ORS 723.474 (Definitions for ORS 723.474 to 723.498) to 723.498 (Designation of agent for account) . [1999 c.185 §21; 2003 c.395 §24; 2005 c.381 §28; 2007 c.369 §3; 2009 c.11 §93; 2009 c.595 §1115; 2011 c.720 §218; 2017 c.51 §2; 2019 c.678 §77; 2021 c.424 §25; 2023 c.84 §2]

Source: Section 723.466 — Disposition of deposit on death of depositor , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.582 — OR Code / Title 54 / Chapter 723 / Section 723.582
723.582 Share and deposit insurance
Status: in_force

(1) Each credit union shall secure insurance on shares and deposits from the National Credit Union Administration under the Federal Credit Union Act or its successor, or from any other insuring organization that provides comparable coverages and is approved by the Director of the Department of Consumer and Business Services. Any one share of a member, as designated in the bylaws of the credit union, may be excluded from the requirement for insurance.

(2) The director may make available condition and examination reports to the appropriate insuring organization and may accept any report of examination made by such organization. The director may appoint the appropriate insuring organization as liquidating agent of an insured credit union. [1975 c.652 §62; 1977 c.549 §1; 1985 c.801 §9; 1987 c.286 §10; 1999 c.185 §46]

Source: Section 723.582 — Share and deposit insurance , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.276 — OR Code / Title 54 / Chapter 723 / Section 723.276
723.276 Executive officers
Status: in_force

(1) The board of directors shall elect an executive officer, whom the directors may designate as chairperson of the board or president, a vice chairperson of the board or one or more vice presidents, a treasurer and a secretary. The treasurer and the secretary may be the same individual. The persons that the board of directors elects are the executive officers of the corporation.

(2) The terms of the officers are one year, unless the bylaws prescribe a different term. Officers may continue to serve until the successors of the officers are chosen and have duly qualified.

(3) The bylaws must prescribe the duties of the officers. [1975 c.652 §30; 1987 c.286 §4; 1991 c.635 §9; 2009 c.234 §6; 2013 c.480 §3; 2019 c.45 §1; 2023 c.57 §2]

Source: Section 723.276 — Executive officers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.016 — OR Code / Title 54 / Chapter 723 / Section 723.016
723.016 Form of articles and bylaws
Status: in_force

In order to simplify the organization of credit unions, the Director of the Department of Consumer and Business Services shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. The articles of incorporation and bylaws shall be available without charge to persons desiring to organize a credit union. [1975 c.652 §5; 1985 c.762 §87]

Source: Section 723.016 — Form of articles and bylaws , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.022 — OR Code / Title 54 / Chapter 725a / Section 725a.022
725A.022 License application
Status: in_force

(1) An applicant for a license as a payday loan lender or a title loan lender shall apply to the Director of the Department of Consumer and Business Services in writing on a form and in a manner that the director prescribes by rule. An application for a license as a payday loan lender or a title loan lender must:

(a) List the applicant’s name, residence address and business address;

(b) Name and list the residence address and business address for the applicant’s officers and directors, if the applicant is a corporation, or for the applicant’s members, if the applicant is a partnership, limited liability company or other association;

(c) Identify the county and city in which, and the street address, if any, at which the applicant will conduct business; and

(d) Provide other information the director requires.

(2) Intentionally left blank —Ed.

(a) At the time the applicant submits an application under this section, the applicant shall pay to the director a license fee in an amount the director sets under ORS 725A.028 (License fee) . Except as provided in paragraph (b) of this subsection, the license fee is not refundable.

(b) If the director for cause does not issue a license or if the applicant withdraws the application after the director has investigated the applicant, the director shall refund the license fee, less an amount the director retains to pay the administrative and investigative costs the director incurred in connection with the application. [2010 c.23 §4]

Source: Section 725A.022 — License application; contents; fee; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.002 — OR Code / Title 54 / Chapter 723 / Section 723.002
723.002 Short title
Status: in_force

This chapter shall be known and may be cited as the “Oregon Credit Union Act.” [1975 c.652 §2; 1985 c.762 §78; 1985 c.801 §1; 1987 c.158 §152; 1987 c.373 §63; 1987 c.650 §2]

Source: Section 723.002 — Short title , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.230 — OR Code / Title 54 / Chapter 725 / Section 725.230
725.230 Revocation and suspension of licenses
Status: in_force

(1) The Director of the Department of Consumer and Business Services may revoke a license under this chapter upon 10 days’ notice to the licensee stating the contemplated action and in general the grounds for the action and after giving the licensee reasonable opportunity for a hearing, if the director finds that:

(a) The licensee failed to pay the annual license fee or to comply with a demand, ruling or requirement of the director made pursuant to this chapter or, if the licensee is a corporation, to comply with provisions of law that require the licensee to keep the corporation in good standing;

(b) The licensee has violated a provision of this chapter or a rule made by the director under the authority of this chapter;

(c) The licensee employs mortgage loan originators licensed under ORS 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) and failed to:

(A) File with the director and to maintain a corporate surety bond required under ORS 86A.227 (Corporate surety bond required) ; or

(B) Certify to the director in a form and manner the director specifies by rule that the licensee has independently verified that every individual the licensee hired or intends to hire as a mortgage loan originator meets the requirements set forth in ORS 86A.186 (Mortgage loan originator criminal records checks) and 86A.200 (Definitions) to 86A.239 (Display of license and unique identifier) ;

(d) The licensee, in connection with the activities of a mortgage loan originator:

(A) Failed to maintain a corporate surety bond as provided in ORS 86A.227 (Corporate surety bond required) ;

(B) Failed to comply with:

(i) The Truth in Lending Act, 15 U.S.C. 1601 et seq. and Regulation Z, 12 C.F.R. part 226, as in effect on October 1, 2009;

(ii) The Real Estate Settlement Procedures Act, 12 U.S.C. 2601 et seq. and Regulation X, 24 C.F.R. part 3500, as in effect on January 1, 2010;

(iii) The Equal Credit Opportunity Act, 15 U.S.C. 1691 et seq. and Regulation B, 12 C.F.R. 202.9, 202.11, 202.12 and 202.14, as in effect on July 30, 2009; or

(iv) 12 U.S.C. 5101 et seq. and regulations adopted under 12 U.S.C. 5101 et seq.;

(e) The licensee employed a device, scheme or artifice to defraud or engage in an act, practice or course of business that operates or would operate as a fraud or deceit;

(f) The licensee knowingly made an untrue statement of a material fact or omitted from a statement a material fact that would make the statement not misleading in light of the circumstances under which the licensee made the statement;

(g) The licensee made or filed or caused to be made or filed with the director a statement, report or document that the licensee knew was false in a material respect or matter; or

(h) A fact or condition exists that, if the fact or condition had existed at the time the licensee originally applied for the license, clearly would have warranted the director in refusing originally to issue the license.

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

(3) The director may revoke or suspend only the particular license with respect to which grounds for revocation or suspension may occur or exist, or, if the director finds that the grounds for revocation or suspension are of general application to all or more than one of the licensee’s offices, the director may revoke or suspend all the licenses or such number of the licenses issued to the licensee as the grounds for revocation or suspension apply to, as the case may be. [Amended by 1955 c.71 §10; 1985 c.762 §123; 2009 c.863 §35]

Source: Section 725.230 — Revocation and suspension of licenses , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.345 — OR Code / Title 54 / Chapter 725 / Section 725.345
725.345 Open-end loan plan
Status: in_force

(1) As used in this section and ORS 725.347 (Open-end credit card plan authorized) , “open-end loan plan” means a plan or arrangement, the agreement for which expressly states that it is made pursuant to this section under which loans are made, and under which:

(a) The licensee may permit the borrower to obtain advances of money from the licensee from time to time or the licensee may advance money on behalf of the borrower from time to time as directed by the borrower;

(b) The unpaid principal balances and interest or consideration are debited to an account;

(c) Interest or consideration is calculated on the unpaid principal balance in the borrower’s account from time to time, which balance may include all advances made on behalf of the borrower and all charges authorized under ORS 725.340 (Interest and other charges) and this section; and

(d) The borrower has the privilege of paying the unpaid balance in full or in installments.

(2) A licensee may make loans under an open-end loan plan and may contract for and receive interest or consideration only as provided in ORS 725.340 (Interest and other charges) .

(3) A security interest in real or personal property may be taken to secure an open-end loan plan. Any security interest in real or personal property shall be promptly released if there has been no outstanding balance for 12 months and the borrower either does not have or surrenders the unilateral right to create a new outstanding balance or if the account is terminated at the borrower’s request and paid in full.

(4) ORS 725.050 (Prohibited transactions) (2), 725.340 (Interest and other charges) (2) and 725.360 (Licensee duty toward borrowers) (1), (2) and (4) do not apply to any open-end loan plan.

(5) The open-end loan plan agreement shall contain the name and address of the borrower and of the licensee and shall disclose the date of the agreement, the method of determining the minimum periodic payments which will be required to pay the initial and any subsequent advances, the conditions under which interest or consideration may be imposed, the method of determining the principal balance upon which interest or consideration may be imposed, the method of determining the amount of the interest or consideration, each periodic rate and the range of balances to which each rate is applicable and the corresponding annual percentage rate in accordance with Regulation Z promulgated by the Board of Governors of the Federal Reserve System under section 105 of the Consumer Credit Protection Act (15 U.S.C. 1604), and the nature of the security taken.

(6) Except for an account which the licensee deems to be uncollectible or with respect to which delinquency collection procedures have been instituted, the licensee shall deliver or cause to be delivered to the borrower, for each billing cycle at the end of which there is an unpaid balance of more than $1 in the account or with respect to which interest or consideration is imposed, a statement setting forth the outstanding balance in the account at the beginning of the billing cycle, the nature, date and amount of any subsequent advance during the cycle, the amounts and dates of payments credited to the account during the billing cycle, the amount of any interest or consideration debited to the account during the billing cycle, each periodic rate and the range of balances to which each rate is applicable and the corresponding annual percentage rate in accordance with Regulation Z promulgated by the Board of Governors of the Federal Reserve System under section 105 of the Consumer Credit Protection Act (15 U.S.C. 1604), the balance on which the interest or consideration was calculated, a statement of how that balance was determined, the closing date of the billing cycle, the outstanding balance on that closing date and the minimum monthly payment required. [1977 c.522 §2; 1981 c.412 §16; 1983 c.37 §36d; 1985 c.370 §2; 2007 c.603 §4]

Source: Section 725.345 — Open-end loan plan; interest; security for plan; necessary disclosures , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.235 — OR Code / Title 54 / Chapter 725 / Section 725.235
725.235 Procedure for license denial, revocation or suspension
Status: in_force

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

(2) Conduct of hearings, issuance of orders and judicial review of rules and orders shall be as provided in ORS chapter 183. [1971 c.734 §176; 1985 c.762 §124; 1987 c.650 §14]

Source: Section 725.235 — Procedure for license denial, revocation or suspension , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.075 — OR Code / Title 54 / Chapter 726 / Section 726.075
726.075 Grounds for denial of license
Status: in_force

The Director of the Department of Consumer and Business Services may not grant a license to engage in the business of pawnbroker to any person if any person named in the application submitted pursuant to ORS 726.060 (Application for license) :

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

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

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

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

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

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

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

(8) Is the subject of an order that was issued by the regulatory authority of another state or of the federal government with authority over such banking institutions, credit unions, consumer finance companies or savings associations, that was entered within the past five years and that subjects the person to a civil penalty or removes the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company. [1977 c.135 §55; 1985 c.762 §137; 2009 c.541 §47; 2011 c.597 §294]

Source: Section 726.075 — Grounds for denial of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.152 — OR Code / Title 54 / Chapter 723 / Section 723.152
723.152 General powers
Status: in_force

In addition to the powers conferred by the general corporation law a credit union may, subject to the restrictions and limitations contained in this chapter and the credit union’s bylaws:

(1) Make contracts.

(2) Sue and be sued.

(3) Adopt, use and alter a common seal.

(4) Acquire, lease, hold and dispose of property, either in whole or in part, necessary or incidental to the credit union’s operations.

(5) At the discretion of the board of directors, require any person admitted to membership to pay an entrance fee or annual membership fee, or both.

(6) Receive savings from members of the credit union in the form of various classes of shares, deposits or deposit certificates, deposit accounts or special-purpose thrift accounts.

(7) Receive from members of the credit union or from another credit union deposits or deposit certificates, deposit accounts or various classes of shares payable on nonnegotiable request.

(8) Lend the credit union’s funds to members of the credit union and to other credit unions as provided in this chapter.

(9) Acquire and lease personal property at the request of a member of the credit union who wishes to lease the property on terms requiring payment, during the term of the lease, of rents that exceed the total expenditures made by the credit union for the acquisition, ownership, financing and protection of the property. Rents may include residual value payments that are the obligation of a responsible third party.

(10) Borrow from any source in accordance with policy established by the board of directors and issue debentures pursuant to a plan approved by the Director of the Department of Consumer and Business Services. The debentures shall be subordinate to the shares and deposits of the credit union.

(11) Discount and sell any eligible obligations, subject to rules adopted by the Director of the Department of Consumer and Business Services.

(12) Sell all or substantially all of the credit union’s assets or purchase all or substantially all of the assets of another credit union, subject to the approval of the Director of the Department of Consumer and Business Services.

(13) Invest surplus funds as provided in this chapter.

(14) Make deposits in legally chartered banks, savings banks, savings and loan associations, trust companies and credit unions.

(15) Assess charges to a member of the credit union in accordance with the credit union’s bylaws for the member’s failure to meet the member’s obligations to the credit union promptly.

(16) Hold membership in other credit unions organized under this chapter or other state or federal laws, and in other associations and organizations composed of credit unions.

(17) Declare dividends, pay interest on deposit and deposit certificate accounts and pay interest refunds to borrowers as provided in this chapter.

(18) Offer products and services reasonably related to the purposes of a credit union as set forth in ORS 723.006 (“Credit union” defined) .

(19) Receive deposits from the federal government or this state, or any agency or political subdivision thereof.

(20) Make donations or contributions to any civic, charitable, political or community organization as authorized by the board of directors.

(21) Act as a custodian of qualified pension funds of members of the credit union if permitted by federal law.

(22) Purchase or make available insurance for the credit union’s directors, officers, agents, employees and members.

(23) Allow members of the credit union to use share accounts, deposit accounts or deposit certificate accounts as share draft accounts as provided in ORS 723.434 (Share draft accounts) .

(24) Provide digital signature verification or other electronic authentication services to members of the credit union.

(25) Act as trustee or custodian for members of the credit union under any written trust instrument or custodial agreement in connection with a tax-advantaged savings plan authorized under the Internal Revenue Code, including but not limited to individual retirement, deferred compensation, education savings and health savings accounts, provided that the trust instrument or custodial agreement requires all funds subject to the instrument or agreement to be invested exclusively in share or deposit accounts in the credit union. The State of Oregon, or the applicable instrumentality or municipality, is considered to be a member of the credit union with respect to such deposits, except that the state or other instrumentality or municipality is not entitled to vote, hold office or otherwise participate in the management or operation of the credit union.

(26) Indemnify the directors, officers, employees and committee members or other volunteers of the credit union in accordance with the provisions of the credit union’s articles, bylaws and the indemnification provisions of ORS chapter 60.

(27) Sell negotiable checks, including traveler’s checks, money orders and other money transfer instruments, including domestic and international electronic funds transfers, to persons eligible for credit union membership under ORS 723.172 (Credit union membership) , whether or not such persons are members of the credit union.

(28) For a fee, cash checks and money orders and send or receive domestic and international electronic funds transfers for persons eligible for credit union membership under ORS 723.172 (Credit union membership) , whether or not such persons are members of the credit union. The fee a credit union may charge for cashing checks or money orders in accordance with this subsection may not exceed the following amounts, as appropriate:

(a) For a check or money order issued by the federal government or an agency of the federal government, by this state or an agency of this state, by any other state or political subdivision thereof or by the government of the municipality in which a person is cashing the check or money order, or for a check that is a payroll check drawn against an account held in a financial institution in this state:

(A) $5 or two percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order provides valid and current government-issued photo identification; or

(B) $5 or 2-1/2 percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order does not provide valid and current government-issued photo identification.

(b) For a check or money order not described in paragraph (a) of this subsection:

(A) $5 or three percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order provides valid and current government-issued photo identification; or

(B) $5 or 3-1/2 percent of the face value of the check or money order, whichever is greater, if the person cashing the check or money order does not provide valid and current government-issued photo identification.

(29) Exercise other powers that are necessary to carry out the credit union’s purpose. [1975 c.652 §16; 1981 c.290 §3; 1983 c.37 §36b; 1985 c.762 §93; 1985 c.801 §2; 1987 c.650 §4; 1999 c.185 §11; 2001 c.104 §287; 2001 c.308 §2; 2003 c.405 §10; 2005 c.95 §4; 2007 c.343 §3]

Source: Section 723.152 — General powers; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.032 — OR Code / Title 54 / Chapter 723 / Section 723.032
723.032 Places of business
Status: in_force

(1) A credit union may establish a place of business or change the credit union’s place of business within this state 30 days after notifying the Director of the Department of Consumer and Business Services in writing.

(2) A credit union may establish one or more mobile facilities to engage in credit union operations. Mobile facilities of a credit union that have the membership described in ORS 723.172 (Credit union membership) (3)(a) may operate in this state or in other states. Mobile facilities of a credit union that have the membership described in ORS 723.172 (Credit union membership) (3)(b) may operate only within the well-defined local community, neighborhood or rural district that the credit union serves.

(3) A credit union may establish additional places of business 30 days after notifying the director in writing. The director may limit or restrict a credit union’s ability to establish additional places of business upon written notice to the credit union if the director determines that an addition would adversely affect the credit union’s safety and soundness.

(4) A credit union may share office space with one or more credit unions and contract with a person or corporation to provide facilities or personnel. [1975 c.652 §8; 1977 c.135 §44; 1991 c.635 §3; 1997 c.832 §1; 1999 c.185 §55; 2005 c.95 §1; 2007 c.343 §2; 2009 c.234 §1; 2015 c.458 §1]

Source: Section 723.032 — Places of business; mobile facilities , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.026 — OR Code / Title 54 / Chapter 725a / Section 725a.026
725A.026 Grounds for disapproving license application
Status: in_force

(1) The Director of the Department of Consumer and Business Services may disapprove an application submitted under ORS 725A.022 (License application) and deny a license to the applicant if a person named in the application:

(a) Cannot meet financial obligations as the obligations mature, has liabilities that exceed assets or is in a financial condition that prevents the person from conducting business with safety to consumers;

(b) Engaged in dishonest, fraudulent or illegal practices or conduct in a business or profession;

(c) Failed to comply with or knowingly or repeatedly violated a provision of or a rule adopted under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) ;

(d) Was convicted of a crime, an essential element of which is fraud;

(e) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing a practice or conduct in connection with making payday loans, title loans or consumer loans; or

(f) Is subject to an order in which:

(A) The director imposed a fine or other civil penalty on the person under the Bank Act, ORS chapter 723, 725 or 726 or ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) ;

(B) The director removed the person from an office in an entity regulated under the Bank Act, ORS chapter 723 or 725 or ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) ; or

(C) A state or federal agency with authority over banking institutions, savings associations, credit unions or consumer finance companies, within a five-year period before the applicant submitted an application under ORS 725A.022 (License application) :

(i) Imposed a fine or other civil penalty on the person; or

(ii) Removed the person from an office in a state banking institution, a national bank, a state or federal savings association, a state or federal credit union or a consumer finance company.

(2) If the director denies a license to an applicant under this section, the director shall provide the applicant with a reasonable opportunity for a hearing under ORS chapter 183. [2010 c.23 §6]

Source: Section 725A.026 — Grounds for disapproving license application , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.515 — OR Code / Title 54 / Chapter 725a / Section 725a.515
725A.515 Required notifications from licensee to director
Status: in_force

(1) Intentionally left blank —Ed.

(a) A licensee shall notify the Director of the Department of Consumer and Business Services in writing at least 30 days before the licensee:

(A) Relocates or closes the licensee’s principal place of business or a branch office in this state; or

(B) Opens a branch office that the licensee did not list in an application under ORS 725A.506 (Application for licensing) .

(b) In a notice under paragraph (a) of this subsection, the licensee shall list, as applicable:

(A) The new address to which the licensee relocates the licensee’s principal place of business or any branch office; and

(B) The address for any new branch office the licensee opens.

(2) Intentionally left blank —Ed.

(a) A licensee shall notify the director in writing not later than 30 days after:

(A) Any appointment, resignation or other change occurs in the licensee’s controllers, registered agents or managers; or

(B) Any material change occurs in the information that the licensee submitted in an application under ORS 725A.506 (Application for licensing) .

(b) The licensee shall provide in a notice under paragraph (a)(A) of this subsection the name, address and title of any new controller, registered agent or manager the licensee appoints.

(3) Intentionally left blank —Ed.

(a) A licensee shall notify the director in writing not later than 10 days after:

(A) Filing for bankruptcy or reorganization;

(B) A controller, registered agent or manager of the licensee becomes subject to an indictment that is related in any manner to the licensee’s activities;

(C) The licensee receives notice of a final order issued in this or another state that:

(i) Demands that the licensee cease and desist from any act;

(ii) Suspends or revokes a license or registration; or

(iii) Constitutes any other formal or informal regulatory action against the licensee;

(D) The licensee registers or changes and uses or operates under an assumed business name;

(E) The licensee ceases doing business or ceases servicing student loans; or

(F) Any other change in the licensee’s operations or governance occurs in a manner or with an effect that the director determines by rule is significant enough to warrant the licensee notifying the director.

(b) A licensee shall specify in a notice under paragraph (a)(C) of this subsection the reasons any final order sets forth for taking a regulatory action against the licensee.

(c) A licensee shall identify in a notice under paragraph (a)(E) of this subsection the location in which the licensee stores records related to student loan servicing in this state and shall provide the name and contact information for an individual with authority to provide access to the records.

(4) A licensee shall notify the director immediately if the licensee changes registered agents or if the name or address of the licensee’s registered agent in this state changes. In the notice, the licensee shall update the name and address of the registered agent. [2021 c.651 §6]

Source: Section 725A.515 — Required notifications from licensee to director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.280 — OR Code / Title 54 / Chapter 726 / Section 726.280
726.280 Register and records of licensee
Status: in_force

(1) Every pawnbroker shall keep a register in which the pawnbroker records in ink or in electronic form:

(a) The date of the transaction.

(b) The serial number of the pledge loan.

(c) The name and address of the pledgor, or if a person acting as agent for a disclosed principal makes a pledge, the name and address of the principal and the agent.

(d) An identifying description of the pledge.

(e) The amount of the pledge loan.

(f) The date on which the pledge loan was canceled.

(g) A notation as to whether the pledge was redeemed or renewed, or whether the pledge was forfeited.

(h) A notation that indicates that a lien search of the pledge has been conducted in the pledgor’s county of residence or with the state agency that is responsible for recording liens on the category of property to which the pledge belongs.

(2) All entries in the register must be made in the English language and must be open to the inspection of any public official, police officer or any other person who is duly authorized or empowered by the laws of this state to make an inspection.

(3) Every pawnbroker shall maintain an alphabetical file from which can be determined the total obligations of any one pledgor.

(4) Subject to the provisions of this chapter, the Director of the Department of Consumer and Business Services may prescribe the form of other books and records the pawnbroker must keep. All records shall be preserved and available for at least two years after making the final entry on any pledge loan recorded in the books or records. [Amended by 1979 c.202 §3; 1987 c.373 §72; 2007 c.360 §7; 2013 c.261 §2]

Source: Section 726.280 — Register and records of licensee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 726.250 — OR Code / Title 54 / Chapter 726 / Section 726.250
726.250 Investigations and examinations
Status: in_force

(1) Intentionally left blank —Ed.

(a) For the purpose of discovering violations of this chapter or securing information required by the Director of the Department of Consumer and Business Services under this chapter, the director at any time, either personally or by an examiner or other employee of the Department of Consumer and Business Services, may investigate the pledge loans and business and examine the books, accounts, records and files used in the pledge loans and business of every pawnbroker and of every person that the director has reason to believe is acting as a pawnbroker without a license, whether that person acts or claims to act as principal or agent, or under or without the authority of this chapter.

(b) For the purposes of paragraph (a) of this subsection:

(A) Every pawnbroker and person that the director has reason to believe is acting as a pawnbroker without a license shall give the director, examiner or other employee of the department free access to the person’s place of business, books, accounts, papers, records, files, safes and vaults; and

(B) The director, examiner or other employee may:

(i) Compel the attendance of witnesses and examine the witnesses under oath; and

(ii) Require the production of documents or records.

(c) The actual cost of each examination shall be paid to the director by every person examined. The director may maintain an action for recovery of costs in any court of competent jurisdiction.

(2) As often as the director determines necessary, the director, examiner or other employee of the department shall make an examination of the pledge loans and business, office records and files of each licensed pawnbroker. The examination shall occur at the licensed location of the pawnbroker.

(3) As often as the director determines necessary, each licensed pawnbroker shall submit to the director for examination, at the office of the director, those books, records and documents prescribed by the director by rule. [Amended by 1973 c.449 §1; 1985 c.762 §140; 2003 c.176 §2; 2005 c.338 §28; 2007 c.360 §6]

Source: Section 726.250 — Investigations and examinations; cost , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.250 — OR Code / Title 54 / Chapter 725 / Section 725.250
725.250 Surrender of license
Status: in_force

(1) Any licensee may surrender any license issued to the licensee by delivering written notice to the Director of the Department of Consumer and Business Services that the licensee thereby surrenders the license.

(2) Intentionally left blank —Ed.

(a) A licensee shall surrender any license issued to the licensee under which there has been no material loan activity for a period of 12 consecutive months.

(b) For purposes of this subsection, “material loan activity” includes new loans, refinancing of existing loans or formal extensions of existing loan repayment provisions in excess of 30 days.

(3) Surrender of a license under subsection (1) or (2) of this section shall not affect the licensee’s civil or criminal liability for acts committed prior to surrender. [Amended by 1985 c.762 §125; 1999 c.469 §5]

Source: Section 725.250 — Surrender of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.114 — OR Code / Title 54 / Chapter 723 / Section 723.114
723.114 Annual fees paid by credit unions
Status: in_force

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

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

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

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

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

(c) The amount the director needs to establish and maintain a reasonable emergency fund. [1985 c.762 §92; 1987 c.171 §6; 1987 c.373 §64; 2009 c.541 §39]

Source: Section 723.114 — Annual fees paid by credit unions; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.512 — OR Code / Title 54 / Chapter 725a / Section 725a.512
725A.512 Requirement to maintain liquidity, operating reserves and tangible net worth
Status: in_force

(1) A licensee shall maintain in accordance with generally accepted accounting principles sufficient liquidity, operating reserves and tangible net worth to permit the licensee to adequately meet all costs, expenses and other financial requirements related to servicing student loans in this state. The Director of the Department of Consumer and Business Services may specify by rule the standards a licensee must meet to comply with the requirements set forth in this subsection.

(2) Intentionally left blank —Ed.

(a) If a licensee fails to meet the applicable standards for liquidity, operating reserves and tangible net worth set forth in subsection (1) of this section, the director may take and retain possession of the licensee’s property, business and assets located in this state until the licensee returns, under the director’s supervision or oversight, to compliance with the applicable standards.

(b) In taking and retaining possession of the licensee’s property, business and assets under paragraph (a) of this subsection, the director shall conduct an inventory appropriate for establishing a receivership for the licensee and file a copy of the inventory with:

(A) The Department of Consumer and Business Services; and

(B) Each of the licensee’s controllers, at the last address for each controller that the director has in the director’s records.

(3) If a licensee refuses to permit the director to take and retain possession of the licensee’s property, business and assets under subsection (2) of this section or if the director can show that the interests of the licensee’s borrowers or creditors require the appointment of a receiver, the director may apply to the circuit court in the county in which the licensee’s principal place of business in this state is located for an order to appoint a receiver to take and retain possession of, operate or liquidate the licensee’s property, business and assets. The court may appoint the director as the receiver.

(4) If, 60 days after the date on which the director took possession of a licensee’s property, business and assets under subsection (2) of this section, the licensee has not returned to compliance with the applicable standards described in subsection (1) of this section, the director shall liquidate the licensee’s property, business and assets and revoke the licensee’s license to service student loans in this state. If the director is not the receiver for the licensee’s property, business and assets, the director shall apply to the circuit court in the county in which the licensee’s principal place of business in this state is located for an order to appoint the director or another person as receiver. [2021 c.651 §5]

Source: Section 725A.512 — Requirement to maintain liquidity, operating reserves and tangible net worth; taking possession of licensee’s property for failure to meet requirement; appointment of receiver , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725.385 — OR Code / Title 54 / Chapter 725 / Section 725.385
725.385 Duty to give notice of defalcation to law enforcement officer, director
Status: in_force

(1) A director or officer of a licensee who has reason to believe that a defalcation has occurred at any office of the licensee shall give the information to the appropriate local, state or federal law enforcement officer having jurisdiction of the violation.

(2) A licensee shall notify the Director of the Department of Consumer and Business Services of any defalcation that occurs at any office of the licensee within five days after the discovery of the defalcation. When directed by the director to do so, the licensee shall cause an audit to be made of the business of the licensed office where the defalcation occurred, in accordance with the director’s instructions. [1979 c.88 §38; 1987 c.650 §18]

Source: Section 725.385 — Duty to give notice of defalcation to law enforcement officer, director; audit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.502 — OR Code / Title 54 / Chapter 723 / Section 723.502
723.502 Purposes
Status: in_force

A credit union may make loans to members of the credit union for such purpose and upon such security and terms as the credit committee, credit manager or loan officer approves. A person who is not a member of the credit union may be a guarantor or co-obligor on a credit union’s loan to a member of the credit union. [1975 c.652 §52; 1981 c.412 §8; 2007 c.343 §7]

Source: Section 723.502 — Purposes; terms , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.190 — OR Code / Title 54 / Chapter 725 / Section 725.190
725.190 Report of licensee
Status: in_force

(1) On or before February 15 of each year, or on such other date established by the Director of the Department of Consumer and Business Services by rule, every licensee shall file a report with the director. The report shall contain relevant information required by the director concerning the business and operations during the preceding calendar year of each licensed place of business conducted by the licensee within the state. The report shall be in the form prescribed by the director.

(2) Every licensee who fails to file any report required under this chapter within the time specified may be subject to a penalty of $10 per day for each day’s delay. [Amended by 1955 c.71 §8; 1973 c.428 §2; 1985 c.762 §120; 1999 c.469 §3; 2005 c.21 §13]

Source: Section 725.190 — Report of licensee; penalty for failure to report , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.260 — OR Code / Title 54 / Chapter 725 / Section 725.260
725.260 Effect of revocation, suspension or surrender of license
Status: in_force

The revocation, suspension or surrender of any license shall not impair or affect the rights or obligations of any preexisting lawful contract between the licensee and any borrower. [Amended by 1955 c.71 §11]

Source: Section 725.260 — Effect of revocation, suspension or surrender of license , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.522 — OR Code / Title 54 / Chapter 723 / Section 723.522
723.522 Line of credit
Status: in_force

The credit committee, credit manager, or loan officer may approve in advance upon their own motion or upon application by a member, a line of credit, and advances may be granted to such member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such extension of credit. [1975 c.652 §56; 1987 c.286 §8]

Source: Section 723.522 — Line of credit , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.526 — OR Code / Title 54 / Chapter 723 / Section 723.526
723.526 Other loan programs
Status: in_force

(1) Loans to credit union members may be shared with other credit unions, corporations or financial organizations.

(2) A credit union may participate in guaranteed loan programs of the federal government, the State of Oregon or any other state.

(3) A credit union may purchase the conditional sales contracts, notes and similar instruments of its members.

(4) A credit union may purchase the leases of its members if the leases satisfy the requirements of ORS 723.152 (General powers) (9). [1975 c.652 §57; 1999 c.185 §43]

Source: Section 723.526 — Other loan programs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.010 — OR Code / Title 54 / Chapter 725a / Section 725a.010
725A.010 Definitions
Status: in_force

As used in ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) :

(1) Intentionally left blank —Ed.

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

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

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

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

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

(2) “Earnings” means salary, wages or other compensation for service.

(3) Intentionally left blank —Ed.

(a) “Lender” means an individual, corporation, association, firm, partnership, limited liability company or joint stock company that is engaged in the business of making loans.

(b) “Lender” does not include a financial institution or a trust company, as those terms are defined in ORS 706.008 (Additional definitions for Bank Act) .

(4) “Licensee” means a person licensed under ORS 725A.024 (License application approval) .

(5) “Nationwide Multistate Licensing System” means a system that the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, or assignees of the Conference of State Bank Supervisors or the American Association of Residential Mortgage Regulators, develop and maintain for participating state agencies to use in licensing and registering mortgage loan originators, as defined in ORS 86A.200 (Definitions) , and other persons that provide nondepository financial services.

(6) Intentionally left blank —Ed.

(a) “Payday loan” means a loan of not more than $50,000, other than a purchase money loan, in which:

(A) The primary purpose is personal, family or household use;

(B) The loan agreement specifies a term of not more than 60 days or specifies that a payday loan lender may demand repayment within 60 days; and

(C) The evidence of the loan is usually a check or electronic repayment agreement provided by or on behalf of the borrower.

(b) “Payday loan” does not include a loan with a term longer than 60 days in which a lender may accelerate repayment if the borrower defaults.

(7) “Payday loan lender” means a lender that is engaged in the business of making loans, at least 10 percent of which are payday loans.

(8) “Title loan” means:

(a) A loan of not more than $50,000, other than a purchase money loan, in which:

(A) The title to a motor vehicle, recreational vehicle, boat or mobile home is security for the loan;

(B) The loan agreement specifies a term of not more than 60 days and requires the borrower to repay the entire amount in a single payment; and

(C) The lender is a title loan lender;

(b) A loan of a type substantially equivalent to a loan described in paragraph (a) of this subsection that the Director of the Department of Consumer and Business Services designates by rule or order as a title loan; or

(c) A sale-leaseback arrangement between a consumer and a purchaser for a motor vehicle, recreational vehicle, boat or mobile home in an amount that does not exceed $50,000 if:

(A) The title and all rights to the motor vehicle, recreational vehicle, boat or mobile home do not transfer from the consumer to the purchaser in a bona fide sale of the motor vehicle, recreational vehicle, boat or mobile home or the consumer retains equity in the motor vehicle, recreational vehicle, boat or mobile home after the consumer’s sale to the purchaser;

(B) The purchaser and the consumer agree within 60 days of the date on which the consumer sells the motor vehicle, recreational vehicle, boat or mobile home to the purchaser that the consumer has an option to or will repurchase the motor vehicle, recreational vehicle, boat or mobile home from the purchaser for a nominal price or a price other than the market value, determined at the time the lease expires, of the motor vehicle, recreational vehicle, boat or mobile home;

(C) During the term in which the consumer leases the motor vehicle, recreational vehicle, boat or mobile home, the purchaser or an agent of the purchaser holds a check, electronic repayment agreement or other evidence of the consumer’s agreement to repurchase the motor vehicle, recreational vehicle, boat or mobile home that was provided by or on behalf of the consumer; or

(D) The director by rule or order designates the sale-leaseback arrangement as a title loan.

(9) “Title loan lender” means a lender that is engaged in the business of making loans, at least 10 percent of which are title loans. [2010 c.23 §1; 2019 c.106 §7]

Source: Section 725A.010 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.032 — OR Code / Title 54 / Chapter 725a / Section 725a.032
725A.032 Business name and location
Status: in_force

(1) A licensee may not conduct a business that is subject to ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) except under the name and at the place of business named in the license. The licensee at all times shall display the license conspicuously in the licensee’s place of business.

(2) A licensee that changes the location at which the licensee conducts business as a payday loan lender or title loan lender shall notify the Director of the Department of Consumer and Business Services in writing and return the licensee’s license. The director shall amend the license to reflect the new location and return the amended license to the licensee.

(3) The director may allow the licensee to change the location in which the licensee conducts business as a payday loan lender or title loan lender to a location outside the city named in the original license only if the director determines that the new location will serve substantially the same community that the location named in the original license served.

(4) If the director disapproves the proposed new location, the director shall immediately notify the licensee of the disapproval and return the license unchanged to the licensee. [2010 c.23 §9]

Source: Section 725A.032 — Business name and location , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.340 — OR Code / Title 54 / Chapter 726 / Section 726.340
726.340 Loss, destruction or theft of pawn ticket
Status: in_force

If a pawn ticket or memorandum is lost, destroyed or stolen, the pledgor shall notify the pawnbroker of the loss, destruction or theft in writing. The pawnbroker shall treat receipt of the notice as a stop against the pledge loan, and thereafter the provisions of ORS 726.310 (Person entitled to redeem pledge) and 726.320 (Redemption by mail) do not apply to the pledge loan. Before delivering the pledge or issuing a new pawn ticket, the pawnbroker may require the pledgor to make an affidavit of the alleged loss, destruction or theft and may charge a fee of not more than $3 for the lost, destroyed or stolen ticket. Not more than five days after receiving notice of the loss, destruction or theft of the ticket, the pawnbroker shall permit the pledgor either to redeem the pledge or to receive a new ticket upon paying accrued interest. The pawnbroker shall incur no liability for permitting the pledgor to redeem the pledge or receive a new ticket unless the pawnbroker has previously received written notice of an adverse claim. This section does not limit or affect the pawnbroker’s legal liability in cases where goods are stolen or other legal defects exist in the pledgor’s title with respect to the pledge. [Amended by 2007 c.360 §8; 2009 c.372 §2]

Source: Section 726.340 — Loss, destruction or theft of pawn ticket; affidavit; liability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.042 — OR Code / Title 54 / Chapter 723 / Section 723.042
723.042 Interstate credit unions
Status: in_force

"…the law exempts “financial institutions” as defined under Oregon’s Revised Statute 706.008, which has a narrower definition than the GLBA’s equivalent term, and in effect exempts only traditional banks and credit unions." Bibliographic info

(1) A credit union chartered under this chapter may operate in another state unless prohibited by the laws of the other state. Oregon is the home state for any credit union chartered under this chapter.

(2) A credit union organized under the laws of another state may conduct business as a credit union in this state with the approval of the Director of the Department of Consumer and Business Services under the conditions described in subsection (3) of this section. Oregon is the host state for any credit union chartered under the laws of any other state and conducting business as a credit union in this state. The state that charters the credit union is the home state of the credit union.

(3) The director may issue a branch certificate to a credit union chartered in another state for the purposes of operating in this state if all of the following conditions are met:

(a) The credit union is organized under a credit union law substantially similar to this chapter;

(b) The credit union files an application that includes an agreement to comply with all rules prescribed by the director;

(c) The credit union agrees to submit an annual or other regular report of examination from the supervising agency of the state in which it is chartered;

(d) The credit union agrees to authorize the examination of its parent credit union by the director and to pay the fee determined under ORS 723.114 (Annual fees paid by credit unions) ;

(e) The field of membership of the credit union meets the definition of membership as defined in ORS 723.172 (Credit union membership) ;

(f) The credit union acknowledges that laws of this state relating to consumer protection apply to transactions with residents of this state;

(g) The credit union has account insurance comparable to that required for credit unions incorporated under this chapter;

(h) The credit union designates and maintains an agent for the service of process in this state; and

(i) The credit union submits quarterly financial reports as required by the director.

(4) The director may suspend or revoke the certificate of any credit union for which Oregon is the host state for any violation of the provisions of this chapter or rules or orders issued by the director. [1975 c.652 §10; 1981 c.412 §6; 1985 c.762 §89; 1987 c.373 §63b; 1999 c.185 §5]

Source: Section 723.042 — Interstate credit unions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.390 — OR Code / Title 54 / Chapter 726 / Section 726.390
726.390 Interest rates and charges
Status: in_force

(1) Intentionally left blank —Ed.

(a) Except as provided in paragraph (b) of this subsection, a pawnbroker may not charge, contract for or receive interest at a rate in excess of three percent per month.

(b) A pawnbroker may charge one month’s interest or $3 on pledge loans redeemed within the first month if interest accumulated amounts to less. The pawnbroker may not compound the interest and may not deduct or receive an amount in advance.

(2) A pawnbroker may charge a set-up fee of 10 percent for loans and loan renewals with a minimum charge of $2 and a maximum charge of $250.

(3) A pawnbroker may charge a storage fee of not more than seven percent for loans and loan renewals, with a minimum charge of $2 and a maximum charge of $250.

(4) Except as provided by law, a pawnbroker may not charge, contract for or receive an amount in addition to the interest provided for in this section. [Amended by 1973 c.449 §5; 1979 c.202 §6; 1981 c.192 §44; 1985 c.795 §1; 1997 c.842 §3; 2009 c.372 §3; 2015 c.90 §1; 2023 c.7 §1]

Source: Section 726.390 — Interest rates and charges , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.008 — OR Code / Title 54 / Chapter 723 / Section 723.008
723.008 “Credit union” defined for ORS 723.136 and 723.464 to 723.498
Status: in_force

As used in ORS 723.136 (Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network) and 723.464 (Deposits made in name of minor) to 723.498 (Designation of agent for account) , “credit union” means a credit union organized under this chapter, an interstate credit union doing business in this state or a federal credit union. [1999 c.185 §18; 2001 c.104 §286]

Source: Section 723.008 — “Credit union” defined for ORS 723.136 and 723.464 to 723.498 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.134 — OR Code / Title 54 / Chapter 723 / Section 723.134
723.134 Receipt of deposits from person not a member of credit union
Status: in_force

(1) The Director of the Department of Consumer and Business Services by rule may establish guidelines for determining whether a credit union predominantly serves low-income members. If the director, using the guidelines established in accordance with this subsection, determines that a credit union predominantly serves low-income members, the credit union may:

(a) Receive deposits from a person that is not a member of the credit union and allow the person to hold shares in the credit union; and

(b) Issue secondary capital accounts that are subject to any terms and conditions that the Director of the Department of Consumer and Business Services may prescribe by rule.

(2) For purposes of this section, “secondary capital account” means a deposit or share account that is not insured by the National Credit Union Administration, or another primary share insurer approved by the Director of the Department of Consumer and Business Services, and that is subordinate to all other claims against the credit union, including claims of creditors, owners of share accounts and the National Credit Union Administration or another insurer approved by the Director of the Department of Consumer and Business Services. Secondary capital accounts that the credit union issues in accordance with this section are equity as defined in ORS 723.001 (Definitions) for the purposes of ORS 723.631 (Regular reserve) and for any other purpose.

(3) The powers set forth in this section are in addition to the powers the credit union has under ORS 723.152 (General powers) . [2007 c.343 §5; 2021 c.97 §82]

Source: Section 723.134 — Receipt of deposits from person not a member of credit union; secondary capital accounts; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.631 — OR Code / Title 54 / Chapter 723 / Section 723.631
723.631 Regular reserve
Status: in_force

(1) A credit union shall establish and maintain a regular reserve for contingencies. The Director of the Department of Consumer and Business Services may adopt rules prescribing:

(a) Minimum net worth requirements for credit unions; and

(b) Actions a credit union must take when the net worth of the credit union falls below the applicable minimum net worth requirement.

(2) In addition to the regular reserve required in subsection (1) of this section, a credit union shall establish a reserve for loan losses in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board or a successor organization. [1981 c.192 §38 (enacted in lieu of 723.632); 1995 c.319 §3; 2005 c.95 §10; 2009 c.234 §9]

Source: Section 723.631 — Regular reserve; reserve for loan losses; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.102 — OR Code / Title 54 / Chapter 723 / Section 723.102
723.102 Rulemaking authority
Status: in_force

In accordance with ORS chapter 183, the Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out this chapter. [1975 c.652 §11; 1985 c.762 §90; 1991 c.331 §123; 1991 c.635 §4; 1999 c.185 §6]

Source: Section 723.102 — Rulemaking authority , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.184 — OR Code / Title 54 / Chapter 723 / Section 723.184
723.184 State deemed member with respect to deferred compensation deposits
Status: in_force

Notwithstanding any other provision of this chapter, a credit union may receive deposits from the State of Oregon of moneys belonging to the Deferred Compensation Fund established under ORS 243.411 (Deferred Compensation Fund) . With respect to such deposits, the State of Oregon shall be deemed to be a member of the credit union, except that the state shall not be entitled to vote, hold office or otherwise participate in the management or operation of the credit union. [1977 c.721 §17; 1997 c.179 §31]

Source: Section 723.184 — State deemed member with respect to deferred compensation deposits; restrictions on membership , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.478 — OR Code / Title 54 / Chapter 723 / Section 723.478
723.478 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 party 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 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 of the account, during their lifetimes, beneficial rights between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary. [1999 c.185 §27]

Source: Section 723.478 — Ownership of multiple-party accounts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.518 — OR Code / Title 54 / Chapter 725a / Section 725a.518
725A.518 Supervisory powers of director
Status: in_force

(1) The Director of the Department of Consumer and Business Services has general supervisory authority over:

(a) Each licensee in this state;

(b) Any person that services a student loan in this state, if the person is subject to ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) or if the director required the person to obtain a license under ORS 725A.503 (Prohibition on servicing student loan without license) (3); and

(c) Any person that had a license that the director withdrew, canceled, suspended, conditioned or revoked, if the person continues to service a student loan.

(2) Intentionally left blank —Ed.

(a) The authority described in subsection (1) of this section includes the authority to examine a licensee or a person described in subsection (1) of this section at any time.

(b) The director may charge and collect from a licensee or a person the director examines under this section the costs the director incurs in conducting the examination.

(3) In order to conduct an examination under this section, the director may:

(a) Retain attorneys, accountants or other professionals and specialists as examiners, auditors or investigators.

(b) Enter into agreements or relationships with other government officials or regulatory associations to share resources, to use and create standardized methods, procedures, documents, databases, records, information or evidence, to reduce the director’s regulatory burden or to improve efficiency.

(c) Participate in multistate examinations that the Conference of State Bank Supervisors or the federal Consumer Financial Protection Bureau schedules and conducts. In conducting an examination under this paragraph, the director shall follow the protocol that the conference or bureau establishes for the examination.

(d) Accept and rely on examination or investigation reports from other government officials in this or another state.

(4) Books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information, material or evidence the director obtains in an examination under this section is confidential and subject to the provisions of ORS 705.137 (Information that is confidential or not subject to disclosure) , except that a borrower may request to inspect material related to the borrower’s student loan that the director by rule specifies is available for inspection. The director shall authenticate the borrower’s identity before disclosing any material to the borrower.

(5) The director may adopt rules for the purpose of implementing ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) . [2021 c.651 §7]

(Required Practices, Prohibitions and Enforcement)

Source: Section 725A.518 — Supervisory powers of director; examination of licensee; charge for costs of examination; multistate cooperation; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 726.400 — OR Code / Title 54 / Chapter 726 / Section 726.400
726.400 Loan period
Status: in_force

(1) Unless a pledgor and a pawnbroker agree to a longer loan period and the longer loan period is written on the pawn ticket, a pledge loan must be made for a period of 60 days. A pledge may be redeemed and the pledge loan repaid at any time before the loan period expires. A pawn ticket must clearly state the expiration date of the loan.

(2) A pledgor and a pawnbroker may agree to renew a pledge loan for successive periods of 60 days or longer. A loan is a renewal of the original loan if the pledgor pays only the interest and the fees on the loan or pays a portion of the principal, the interest and the fees on the loan and accepts another pledge loan from the pawnbroker on the same pledge on the same day.

(3) Except for a pledge that secures a pledge loan of $500 or less, the pawnbroker may not deem a pledge to be forfeited until:

(a) The pawnbroker notifies the pledgor that the pledge is at risk of forfeiture after the period described in subsection (1) of this section expires; and

(b) The pledgor has had an opportunity to redeem the pledge as provided in this section.

(4) Intentionally left blank —Ed.

(a) Except as provided in paragraph (b) of this subsection, the notice described in subsection (3) of this section must be in writing and delivered postpaid in a securely closed envelope addressed to the pledgor at the last-known address shown on the pawnbroker’s record by regular mail.

(b) At the time the pawnbroker makes or renews the loan, the pledgor may agree in writing to receive the notice described in subsection (3) of this section by electronic mail or other electronic means instead of by regular mail.

(5) Intentionally left blank —Ed.

(a) Delivery of a notice under this section occurs when the notice is mailed or sent electronically as provided in this section. The pawnbroker shall bear any postal costs for the notice.

(b) As evidence of delivery of the notice described in paragraph (a) of this subsection, the pawnbroker shall keep for at least two years:

(A) A copy of, and the returned envelope for, each notice the pawnbroker sends by regular mail; and

(B) An electronic record of each notice the pawnbroker sends by electronic mail or other electronic means.

(6) A pledgor has a grace period of 30 days after the pledge loan period expires or 30 days after the delivery date specified in subsection (5) of this section of the notice required under this section, whichever date is later, in which to redeem the pledge or to renew the loan by paying any renewal fee and all the accrued interest and fees to date. There is no grace period after a renewal expires.

(7) A pledge is forfeited if the pledge is not redeemed within the renewal period, if any, or within 30 days after the loan period expires or 30 days after the delivery date specified in subsection (5) of this section of a notice given under this section, whichever date is later. The pawnbroker acquires the pledgor’s title and interest in the forfeited pledge and the right to hold and dispose of the pledge as the pawnbroker’s own property. [Amended by 1973 c.449 §6; 1979 c.202 §7; 1981 c.192 §45; 1985 c.795 §2; 1997 c.842 §5; 2009 c.372 §5; 2010 c.14 §1; 2014 c.54 §2; 2017 c.56 §1]

Source: Section 726.400 — Loan period; renewal; forfeiture of pledge; notice; period for redeeming pledge , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725.410 — OR Code / Title 54 / Chapter 725 / Section 725.410
725.410 Enforcement actions
Status: in_force

The Director of the Department of Consumer and Business Services may institute any action or other proceeding that the director considers necessary for enforcing any provision of this chapter or any rule, order or action adopted, issued or taken by the director under this chapter. [1987 c.215 §17]

Source: Section 725.410 — Enforcement actions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.395 — OR Code / Title 54 / Chapter 725 / Section 725.395
725.395 Director to give notice of suspected defalcation to law enforcement agency
Status: in_force

If the Director of the Department of Consumer and Business Services has reason to believe that a defalcation has occurred at an office of a licensee, the director may give the information concerning the violation to the appropriate federal, state or local law enforcement agency having jurisdiction of the violation. This section does not apply, however, if the licensee has reported the information to the appropriate law enforcement officer under ORS 725.385 (Duty to give notice of defalcation to law enforcement officer, director) . [1979 c.88 §40; 1985 c.762 §133]

Source: Section 725.395 — Director to give notice of suspected defalcation to law enforcement agency; exceptions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.432 — OR Code / Title 54 / Chapter 723 / Section 723.432
723.432 Trust accounts
Status: in_force

Shares may be issued and deposits may be held in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in the beneficiary’s own right, shall be permitted to vote, obtain loans, hold office or be required to pay an entrance or membership fee. [1975 c.652 §48; 1977 c.555 §17]

Source: Section 723.432 — Trust accounts , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.636 — OR Code / Title 54 / Chapter 723 / Section 723.636
723.636 Charges to regular reserve
Status: in_force

(1) Subject to subsection (2) of this section, the board of directors of a credit union may authorize losses to be charged to the regular reserve after first depleting the balance of the undivided earnings account and other appropriations of undivided earnings designated by the management of the credit union or by the regulatory authorities.

(2) An authorization may be made under subsection (1) of this section only if the charge will not cause the net worth of the credit union to fall below any minimum net worth requirement prescribed by the Director of the Department of Consumer and Business Services under ORS 723.631 (Regular reserve) . The authorization must state the amount charged to the regular reserve and include an explanation of the need for the charge.

(3) Upon application of a credit union, the director may approve a charge to the regular reserve that will cause the net worth of the credit union to fall below any minimum net worth requirement prescribed by the director under ORS 723.631 (Regular reserve) . [1975 c.652 §66; 1981 c.192 §39; 1999 c.185 §49; 2005 c.95 §11]

Source: Section 723.636 — Charges to regular reserve , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.990 — OR Code / Title 54 / Chapter 725a / Section 725a.990
725A.990 Penalties
Status: in_force

(1) The Director of the Department of Consumer and Business Services may assess a civil penalty of not more than $2,500 against a person who violates a provision of ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) or a rule the director adopted or final order the director issued under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) . The director, in addition to imposing a penalty under this subsection for the violation, may revoke the licensee’s license.

(2) A civil penalty under this section must be imposed as provided in ORS 183.745 (Civil penalty procedures) .

(3) Except as provided in subsection (4) of this section, moneys collected under this section must be paid to the State Treasurer and credited as provided in ORS 705.145 (Consumer and Business Services Fund) .

(4) In addition to any other penalty provided by law, the director may assess against a person who makes a payday loan or title loan in violation of ORS 725A.020 (Licensing requirement) a civil penalty in an amount equal to the interest the person receives that exceeds nine percent per annum. The director shall pay all moneys collected under this subsection to the Department of State Lands for the benefit of the Common School Fund. [2010 c.23 §28]

Source: Section 725A.990 — Penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.192 — OR Code / Title 54 / Chapter 723 / Section 723.192
723.192 Individual liability
Status: in_force

The members of the credit union shall not be personally or individually liable for the payment of the debts of the credit union. [1975 c.652 §22; 1981 c.903 §10]

Source: Section 723.192 — Individual liability , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.312 — OR Code / Title 54 / Chapter 725 / Section 725.312
725.312 Inspection and examination of licensees
Status: in_force

(1) Each licensee is subject to inspection by the Director of the Department of Consumer and Business Services. The director shall conduct an examination of each licensee to determine whether the licensee is complying with the provisions of this chapter and rules adopted thereunder and to secure information required by the director under this chapter. The examinations of a licensee shall be conducted not more than 24 months apart.

(2) In addition to examinations under subsection (1) of this section, the director may conduct examinations of a licensee at other times as the director deems necessary.

(3) For purposes of any examination under this section:

(a) The director shall have free access to the place of business and to the books, accounts, safes and vaults of the licensee.

(b) The director may conduct an examination without prior notice to the licensee.

(c) The director shall have authority to examine under oath all persons whose testimony the director may require in order to conduct the examination. [1987 c.215 §14]

Source: Section 725.312 — Inspection and examination of licensees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.170 — OR Code / Title 54 / Chapter 726 / Section 726.170
726.170 Reinstatement or issuance of new license
Status: in_force

The Director of the Department of Consumer and Business Services may reinstate any suspended license or issue a new license to a pawnbroker whose license has been revoked, upon the pawnbroker’s compliance with the provisions of law or any demand, ruling or requirement lawfully made by the director pursuant to and within the authority of this chapter. For such reinstatement or issuance of a new license a fee of $25 shall be paid.

Source: Section 726.170 — Reinstatement or issuance of new license; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 725a.506 — OR Code / Title 54 / Chapter 725a / Section 725a.506
725A.506 Application for licensing
Status: in_force

(1) Intentionally left blank —Ed.

(a) A person that is subject to the requirement to obtain or renew a license under ORS 725A.503 (Prohibition on servicing student loan without license) shall submit an application to the Director of the Department of Consumer and Business Services in the manner, on a form and with the contents that the director specifies by rule.

(b) The director by rule may require an applicant to submit the application described in paragraph (a) of this subsection to the Nationwide Multistate Licensing System instead of, or in addition to, submitting the application to the director.

(2) Intentionally left blank —Ed.

(a) An applicant shall submit with or as part of an application under subsection (1) of this section:

(A) Fingerprints from all of the applicant’s controllers and managers;

(B) A unique identifier that the applicant applies for and receives from the Nationwide Multistate Licensing System;

(C) The name and address of the applicant’s registered agent in this state;

(D) The street address of the applicant’s principal place of business and of each branch office in this state at or from which the applicant will service a student loan;

(E) The name of the manager of each branch office the applicant maintains in this state;

(F) The assumed business name, if any, that the applicant intends to use or under which the applicant intends to operate; and

(G) Other information the director requires to conduct a state and national criminal background history and background check and evaluate the application.

(b) The director by rule may modify or waive, for an application to renew a license, any requirement under paragraph (a) of this subsection that the director determines is not necessary for evaluating or approving the application for renewal.

(3) At the time an applicant submits an application under subsection (1) of this section, the applicant shall also:

(a) Pay to the director a fee in an amount that the director specifies by rule. The director shall specify a fee that is sufficient, when aggregated with fees from other applicants, to meet the director’s cost of administering ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) .

(b) Submit to the director a corporate surety bond or irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act) , that runs to the State of Oregon in an amount the director specifies by rule. If the applicant seeks to renew a license and previously submitted a corporate surety bond or irrevocable letter of credit, the applicant shall show that the corporate surety bond or irrevocable letter of credit remains effective in the amount the director specifies.

(4) Intentionally left blank —Ed.

(a) Except as provided in paragraph (c) of this subsection, the director may not issue or renew a license under this section unless the director finds that:

(A) The applicant submitted a complete application that does not contain a material misstatement;

(B) The application identifies a registered agent in this state;

(C) The application names a manager for each of the applicant’s branch offices in this state;

(D) The applicant and the applicant’s controllers, registered agents and managers have not pleaded guilty or no contest in, or been convicted by, a state, federal, foreign or military court:

(i) In the seven years before the date of the application, if the plea or conviction was for a felony, or for a misdemeanor an essential element of which involved a false statement or dishonesty; or

(ii) At any time before the date of the application if the plea or conviction was for a felony an element of which was fraud, dishonesty, a breach of trust or laundering a monetary instrument;

(E) The applicant and the applicant’s controllers, registered agents and managers have demonstrated adequate financial responsibility, character and general fitness to command the confidence of the community and warrant a determination that the applicant will operate honestly, fairly and efficiently under the provisions of ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) ;

(F) The applicant has paid the fee and submitted the corporate surety bond or irrevocable letter of credit required under subsection (3) of this section; and

(G) The applicant has passed the director’s background checks and has satisfied any other criteria for evaluating the applicant’s financial responsibility and fitness that the director specifies by rule.

(b) An applicant need not report a conviction on an application under this section if the conviction was later pardoned or expunged.

(c) Intentionally left blank —Ed.

(A) The director shall:

(i) Find that an applicant that services a student loan under a contract with the United States Secretary of Education under 20 U.S.C. 1087f meets the criteria set forth in paragraph (a) of this subsection without the need to comply with the procedures set forth in subsections (2) and (3) of this section, except that the applicant must pay the fee required under subsection (3) of this section and identify a registered agent in this state or appoint the director as the applicant’s registered agent; and

(ii) Issue and renew a license for an applicant that is described in and complies with the provisions of sub-subparagraph (i) of this subparagraph.

(B) Except as otherwise provided in this paragraph, a licensee that obtains a license under this paragraph is subject to all of the requirements and conditions set forth in ORS 725A.500 (Definitions) to 725A.530 (Ombudsman) .

(d) A licensee that obtained a license under paragraph (c) of this subsection shall notify the director in writing within seven days after the date on which the contract described in paragraph (c)(A) of this subsection expires or terminates. At the expiration or termination of the contract, the licensee becomes subject to the criteria set forth in this subsection and subsections (2) and (3) of this section and, to continue to service a student loan in this state, must meet the criteria within 30 days after the date on which the contract expires or terminates. The director shall suspend the license of a licensee described in this paragraph that fails to meet the criteria.

(5) Intentionally left blank —Ed.

(a) Except as provided in paragraph (c) of this subsection, the director may deny, revoke or decline to renew a license if an applicant, a licensee or a person that services a student loan:

(A) Does not meet the criteria set forth in subsection (4) of this section that the director has not waived or modified under subsection (2)(b) of this section;

(B) Engages in a course of conduct that violates state or federal law or that constitutes fraudulent, deceptive or dishonest dealing;

(C) Has had a license to service a student loan denied or revoked in another jurisdiction;

(D) Fails or refuses to comply with the director’s written request under ORS 725A.524 (Investigation of complaints) to respond to a complaint against the applicant or licensee; or

(E) Fails or refuses to comply with a final order the director issued.

(b) The director shall provide a licensee with notice and an opportunity for a hearing under ORS chapter 183 before revoking or declining to renew a license.

(c) The director may not deny, revoke or decline to renew a license the director issues under subsection (4)(c) of this section, but the director may place conditions on issuing or renewing the license.

(6) Intentionally left blank —Ed.

(a) A license that the director issues or renews under this section expires on December 31 of the calendar year in which the director issued or renewed the license and is not transferable or assignable. A licensee shall display a copy of the license at the licensee’s principal place of business and at each branch office in this state at or from which the licensee services a student loan.

(b) An applicant that intends to renew a license shall apply for the renewal at least 30 days before the license expires.

(c) A licensee may reinstate a license that has expired only if the licensee applies to renew the license under this section within the time permitted by the Nationwide Multistate Licensing System.

(d) A licensee may not service a student loan during a period in which the licensee has applied to reinstate a license unless the director has given conditional approval to the licensee. The conditional approval may specify which accounts the licensee may service and which services the licensee may provide during the period in which the licensee’s application for reinstatement is pending.

(e) A licensee that ceases servicing student loans in this state or otherwise ceases transacting business in this state shall, within 10 days after doing so, surrender to the director any unexpired license the director issued under this section. A licensee’s surrender of a license under this paragraph does not reduce or eliminate any civil or criminal liability that arises from any of the licensee’s acts or omissions that occurred before the surrender. [2021 c.651 §3]

Source: Section 725A.506 — Application for licensing; required contents; fee; bonding; power of director to issue, deny, revoke or refuse to renew license; date of expiration; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.530 — OR Code / Title 54 / Chapter 725a / Section 725a.530
725A.530 Ombudsman
Status: in_force

(1) The Director of the Department of Consumer and Business Services shall appoint or designate an ombudsman within the Department of Consumer and Business Services for the purposes set forth in subsection (2) of this section.

(2) The ombudsman that the director appoints or designates under subsection (1) of this section shall, in consultation with the director or with other individuals the director designates:

(a) Receive, review and attempt to resolve complaints from borrowers. The ombudsman may consult or collaborate with student loan servicers, institutions of higher education, federal regulators or regulators in this state or other states and any other person that participates in activities related to student loans.

(b) Compile and analyze data on complaints from borrowers.

(c) Assist borrowers in understanding the borrowers’ rights and responsibilities under the terms of the borrowers’ student loans.

(d) Provide information about problems that borrowers have with student loans and recommend methods for addressing the problems to the public, to state agencies in this state or in other states, to members of the Legislative Assembly and to other persons that have an interest in student loans or in lending and servicing practices related to student loans.

(e) Monitor and analyze the substance and implementation of federal, state and local laws, regulations, rules and policies related to student loans and borrowers and recommend any changes the ombudsman deems necessary.

(f) Review the history of any student loan for which the borrower has provided consent for the review.

(g) Publicize the ombudsman’s availability and the services that the ombudsman provides to borrowers and other persons that participate in activities related to student loans.

(h) Establish an education program for borrowers that, at a minimum, discusses key loan terms, documentation requirements, monthly payment obligations, income-based repayment options, loan forgiveness opportunities and requirements, and disclosure requirements. The ombudsman may provide the program or may contract with a vendor to provide a program that meets standards the ombudsman specifies. The ombudsman or vendor may provide the program remotely or electronically.

(i) Take any other action that is necessary to implement the duties described in this section.

(3) By July 1 of each year, the director shall submit a report to a committee or interim committee of the Legislative Assembly related to higher education that:

(a) Summarizes the ombudsman’s activities in implementing this section;

(b) Evaluates the effectiveness of the ombudsman and the ombudsman’s activities in implementing this section and makes recommendations for any changes that are necessary in the ombudsman’s powers or responsibilities; and

(c) Recommends changes in law or rule or in the application or implementation of laws or rules related to servicing student loans that are necessary to achieve regulatory compliance among student loan servicers and otherwise to reduce the incidence of problems and complaints from borrowers. [2021 c.651 §11]

Source: Section 725A.530 — Ombudsman; duties; report to Legislative Assembly , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.026 — OR Code / Title 54 / Chapter 723 / Section 723.026
723.026 Use of name exclusive
Status: in_force

With the exception of a credit union organized under this chapter or of any other credit union act, or an association of credit unions or a recognized chapter thereof, any person using a name or title containing the words “credit union” or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union shall be fined not more than $500 or imprisoned not more than one year, or both, and may be permanently enjoined from using such words in its name. [1975 c.652 §7; 1985 c.762 §88]

Source: Section 723.026 — Use of name exclusive; criminal penalty , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.498 — OR Code / Title 54 / Chapter 723 / Section 723.498
723.498 Designation of agent for account
Status: in_force

Nothing in ORS 723.426 (Joint accounts) , 723.432 (Trust accounts) , 723.474 (Definitions for ORS 723.474 to 723.498) , 723.476 (Application of ORS 723.478, 723.480 and 723.482) or 723.478 (Ownership of multiple-party accounts) shall preclude a party to an account from adding the name of another person to the account with the designation of “agent.” The agent shall have no present or future interest in the sums on deposit in the account, but the credit union may honor requests for payment from the accounts by the agent, unless the principal is deceased at the time the payment is requested and the credit union has actual knowledge of the death. Payments from the account by the credit union at the request of the agent shall discharge the credit union from all claims for amounts so paid. [1999 c.185 §37]

Source: Section 723.498 — Designation of agent for account; powers of agent , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.702 — OR Code / Title 54 / Chapter 723 / Section 723.702
723.702 Organization
Status: in_force

Any central credit union may be organized and operated under this chapter with all the rights and powers of any credit union organized under this chapter, except those granted to a corporate central credit union under ORS 723.730 (Corporate central credit union) , and shall be subject to all provisions of this chapter not inconsistent with ORS 723.702 (Organization) to 723.730 (Corporate central credit union) . Such a credit union shall use the term “central” in its official name. [1975 c.652 §73; 1985 c.762 §100; 1999 c.185 §52]

Source: Section 723.702 — Organization; name , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.292 — OR Code / Title 54 / Chapter 723 / Section 723.292
723.292 Meetings of directors
Status: in_force

The board of directors of a credit union shall hold regular meetings. The Director of the Department of Consumer and Business Services may specify by rule the minimum frequency of meetings of the board of directors. [1975 c.652 §33; 1999 c.185 §15; 2009 c.234 §7; 2011 c.327 §1; 2017 c.35 §3]

Source: Section 723.292 — Meetings of directors; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.286 — OR Code / Title 54 / Chapter 723 / Section 723.286
723.286 Executive committee
Status: in_force

From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board. [1975 c.652 §32]

Source: Section 723.286 — Executive committee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.370 — OR Code / Title 54 / Chapter 725 / Section 725.370
725.370 Lawful loans in other jurisdictions not affected by this chapter
Status: in_force

This chapter does not affect loans made or payable in other jurisdictions and lawful where made or payable. [Amended by 1979 c.88 §42; 2007 c.472 §1; 2010 c.23 §33]

Source: Section 725.370 — Lawful loans in other jurisdictions not affected by this chapter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.001 — OR Code / Title 54 / Chapter 723 / Section 723.001
723.001 Definitions
Status: in_force

As used in this chapter, unless the context requires otherwise:

(1) “Assets” means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union.

(2) “Capital” means a credit union’s reserves, undivided earnings and allowances for loan loss.

(3) “Corporate central credit union” means a cooperative organization whose members consist primarily of other credit unions and whose purposes are:

(a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services;

(b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents;

(c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and

(d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services.

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

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

(6) “Equity” means a credit union’s reserves and undivided earnings.

(7) “Home state” means the state in which the credit union is chartered.

(8) “Host state” means the state in which a credit union conducts business, but that is not the home state.

(9) “Interstate credit union” means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating in this state and in one or more other states.

(10) “Official” means any of the following:

(a) An individual who is or was a director or officer of the credit union; or

(b) An individual who is or was a member of a credit union’s credit committee or supervisory committee.

(11) “Regular reserve” means an irrevocable reserve set aside to cover losses. [1985 c.762 §80; 1987 c.158 §151; 1987 c.373 §62; 1987 c.650 §1; 1993 c.744 §25; 1995 c.319 §7; 1999 c.185 §1]

Source: Section 723.001 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.338 — OR Code / Title 54 / Chapter 723 / Section 723.338
723.338 Duty to notify law enforcement officers of violations of Oregon Credit Union Act
Status: in_force

(1) If a director, officer or committee member of a credit union has reason to believe that a person has violated any provision of the Oregon Credit Union Act for which criminal prosecution is provided, such official shall give the information relative to the violation to the appropriate federal, state or local law enforcement officer having jurisdiction of the violation, and to the Director of the Department of Consumer and Business Services.

(2) If the matter is referred to the Attorney General or to a district attorney, such official promptly shall investigate the violation and institute such action against the person as the information and investigation requires or justifies. The cost of the investigation and action shall be paid by the county or state in the manner in which other criminal actions are paid. [1979 c.88 §33]

Source: Section 723.338 — Duty to notify law enforcement officers of violations of Oregon Credit Union Act; investigations; costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.084 — OR Code / Title 54 / Chapter 725a / Section 725a.084
725A.084 Suspension or removal of officer or director of licensee
Status: in_force

(1) If the Director of the Department of Consumer and Business Services finds that an officer or director of a licensee is dishonest, reckless or incompetent or refuses to comply with the law, with a rule the Department of Consumer and Business Services adopted or with a written requirement or instruction the department imposed or issued, the Director of the Department of Consumer and Business Services may order the licensee to suspend the licensee’s officer or director from the officer or director’s office or position.

(2) The Director of the Department of Consumer and Business Services, for any of the reasons set forth in ORS 725A.026 (Grounds for disapproving license application) , may order a licensee to remove an officer or director of the licensee from office. [2010 c.23 §24]

Source: Section 725A.084 — Suspension or removal of officer or director of licensee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725.310 — OR Code / Title 54 / Chapter 725 / Section 725.310
725.310 Investigation and examination by director
Status: in_force

(1) For discovering violations of this chapter and securing information required by the Director of the Department of Consumer and Business Services under this chapter, the director at any time may investigate the loans and business, including the books, accounts, records and files used in the loans and business, of every person licensed or required to be licensed under this chapter.

(2) For purposes of subsection (1) of this section:

(a) A person licensed or required to be licensed under this chapter shall give the director free access to the person’s place of business, books, accounts, safes and vaults.

(b) The director may:

(A) Make an investigation without prior notice to the person being investigated.

(B) Compel the attendance of witnesses and examine the witnesses under oath.

(C) Require the production of documents or records.

(3) Each person examined under this section shall pay the actual cost of an investigation to the director. The director may maintain an action for the recovery of the costs in any court of competent jurisdiction. [Amended by 1955 c.71 §12; 1973 c.428 §3; 1981 c.412 §14; 1985 c.762 §127; 1987 c.215 §15; 1999 c.469 §6; 2005 c.338 §24]

Source: Section 725.310 — Investigation and examination by director , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 726.030 — OR Code / Title 54 / Chapter 726 / Section 726.030
726.030 Construction of chapter
Status: in_force

Nothing in this chapter shall be construed or held to limit the rights, powers or privileges granted to any person by any law of this state or of the United States whereby the loaning of money or extending of credit is regulated, provided, that such person is operating in compliance with the provisions of such law.

Source: Section 726.030 — Construction of chapter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.172 — OR Code / Title 54 / Chapter 723 / Section 723.172
723.172 Credit union membership
Status: in_force

(1) As used in this section:

(a) “Organization” means a corporation, limited liability company, partnership or association, trust, estate or other entity and a director, officer, employee, member, partner, personal representative, trustee or volunteer of the corporation, limited liability company, partnership or association, trust, estate or other entity.

(b) “Well-defined local community, neighborhood or rural district” means one or more adjacent precincts, districts, cities, counties or other boundaries defined by the state or a unit of local government or by a state or local government agency.

(2) The membership of a credit union is limited to and consists of the incorporators to the articles of incorporation and other persons within the common bond set forth in the bylaws that have been duly admitted as members, have paid any required entrance fee or membership fee and have complied with any other requirements that the articles of incorporation or bylaws specify.

(3) Credit union membership may include:

(a) One or more groups, each having a common bond of occupation or association; or

(b) Persons who live or work in, or organizations located within, a well-defined local community, neighborhood or rural district.

(4) Credit union membership may also include any of the immediate family of a person who is eligible for membership in the credit union under subsection (3) of this section. For the purposes of this subsection, “immediate family” includes an eligible member’s foster parent or legally appointed guardian.

(5) In determining whether adjacent precincts, districts, cities, counties or other boundaries defined by the state or a unit of local government or by any state or local government agency form a well-defined local community, neighborhood or rural district, the Director of the Department of Consumer and Business Services shall consider:

(a) Interactions or shared interests that tie the precincts, districts, cities, counties or other boundaries together;

(b) The size of the population of the proposed well-defined local community, neighborhood or rural district;

(c) The size of the geographic area of the proposed well-defined local community, neighborhood or rural district; and

(d) Other criteria that the director considers relevant in accordance with the purposes of this chapter.

(6) Intentionally left blank —Ed.

(a) A credit union may not add a group with a separate bond of occupation or association to the credit union’s membership unless, at the time the credit union adds the group to the credit union’s membership, the group does not contain more than 3,000 members.

(b) The limitation in paragraph (a) of this subsection does not apply to:

(A) A group the director determines could not feasibly or reasonably establish a new credit union because the group lacks volunteer resources, financial resources or other factors the director considers important for successfully forming a new credit union; or

(B) A group transferred to the credit union in connection with a merger, consolidation or transfer the director approved, or in connection with the liquidation of another credit union.

(7) Notwithstanding subsection (3) of this section, a credit union, the membership of which includes one or more groups that have a common bond of occupation or association, may add to the credit union’s membership persons who live or work in, or organizations located within, a well-defined local community, neighborhood or rural district if:

(a) The director determines that the well-defined local community, neighborhood or rural district is underserved by other depository institutions, as defined in section 19(b)(1)(A) of the Federal Reserve Act, 12 U.S.C. 461(b)(1)(A), based on data of the National Credit Union Administration and the federal banking agencies, as defined in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. 1813; and

(b) The credit union establishes and maintains an office or facility in the well-defined local community, neighborhood or rural district at which credit union services are available.

(8) In reviewing a proposed amendment to a credit union’s bylaws that would include an additional group within the credit union’s membership, the director shall consider:

(a) Whether, within the preceding year, the credit union has engaged in any unsafe or unsound practice that is material;

(b) Whether the credit union has the capitalization, administrative capability and financial resources to serve the additional group; and

(c) Other factors the director may prescribe by rule. [1975 c.652 §18; 1999 c.730 §1; 2009 c.234 §3; 2015 c.458 §2]

Source: Section 723.172 — Credit union membership; rules , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.494 — OR Code / Title 54 / Chapter 723 / Section 723.494
723.494 Discharge of credit union for payments made
Status: in_force

Payment made pursuant to ORS 723.486 (Multiple party account) , 723.488 (Joint account) , 723.490 (P.O.D. account) or 723.492 (Trust account) discharges the credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account between parties, P.O.D. payees or beneficiaries, or their successors. The protection given by this section does not extend to payments made after a credit union has received written notice from any party able to request present payment that states that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in any demand for withdrawal if the credit union is to be protected under this section. No other notice or any other information shown to have been available to a credit union shall affect its right to the protection provided by this section. The protection provided by this section shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in or withdrawn from multiple-party accounts. [1999 c.185 §35]

Source: Section 723.494 — Discharge of credit union for payments made; conditions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.015 — OR Code / Title 54 / Chapter 725 / Section 725.015
725.015 Construction of chapter
Status: in_force

Nothing in this chapter shall be construed or held to limit the rights, powers or privileges granted to any person by any law of this state or of the United States whereby the loaning of money or extending of credit is regulated, provided that such person is operating in compliance with the provisions of such law. [Formerly 725.040]

Source: Section 725.015 — Construction of chapter , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.480 — OR Code / Title 54 / Chapter 723 / Section 723.480
723.480 Multiple-party accounts
Status: in_force

(1) Sums remaining on deposit at a credit union at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties against the estate of the decedent. If there are two or more surviving parties, their respective ownerships during their lifetimes shall be in proportion to their previous ownership interests under ORS 723.478 (Ownership of multiple-party accounts) , augmented by an equal share for each survivor of any interest the decedent may have owned in the account immediately before death. The right of survivorship continues between the surviving parties.

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

(a) Upon the death of one of two or more original parties, the rights to any sums remaining on deposit are governed by subsection (1) of this section.

(b) Upon the death of the sole original party or the survivor of two or more original parties, any sums remaining on deposit belong to the P.O.D. payee or payees, if surviving, or to the survivor of them if one or more die before the original party. If two or more P.O.D. payees survive, there is no right of survivorship in the event of death of a P.O.D. payee thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(3) If the account is a trust account:

(a) Upon the death of one of two or more trustees, the rights to any sums remaining on deposit are governed by subsection (1) of this section.

(b) Upon the death of the sole trustee or the survivor of two or more trustees, any sums remaining on deposit belong to the person or persons named as beneficiaries, if surviving, or to the survivor of them if one or more die before the trustee, unless there is clear and convincing evidence of a contrary intent. If two or more beneficiaries survive, there is no right of survivorship in the event of death of any beneficiary thereafter unless the terms of the account or deposit agreement expressly provide for survivorship between them.

(4) In other cases, the death of any party to a multiple-party account has no effect on beneficial ownership of the account, other than to transfer the rights of the decedent as part of the estate of the decedent.

(5) A right of survivorship arising under this section or from the express terms of the account, a beneficiary designation in a trust account or a P.O.D. payee designation cannot be changed by will.

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

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

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

(7) A credit union is not liable for distributing sums remaining on deposit at the death of a party to a joint account to a surviving party or parties in accordance with the account agreement unless, prior to distributing sums to a surviving party or parties:

(a) The credit union has received notice of an adverse claim under ORS 723.468 (Adverse claim to deposit) ; and

(b) The adverse claimant proceeds as required under ORS 723.468 (Adverse claim to deposit) . [1999 c.185 §28; 2003 c.256 §2]

Source: Section 723.480 — Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 726.010 — OR Code / Title 54 / Chapter 726 / Section 726.010
726.010 Definitions
Status: in_force

As used in this chapter:

(1) “Pawnbroker” means a person, copartnership, association or corporation that:

(a) Lends money at a rate of interest greater than 10 percent per annum on the deposit or pledge of personal property;

(b) Purchases personal property on the direct or implied condition of selling the personal property back at a stipulated price that would amount to paying interest or consideration in excess of 10 percent per annum; or

(c) Does business as a storage warehouse operator and lends money at a rate of interest greater than 10 percent per annum upon goods, wares, merchandise or personal property pledged or deposited as collateral security.

(2) Intentionally left blank —Ed.

(a) “Personal property” means tangible property a person owns, including:

(A) Chattels and movables, such as merchandise, furniture, goods, machinery, tools and equipment, supplies and media;

(B) Pledges that are not required to be registered with the Department of Transportation;

(C) Snowmobiles, as defined in ORS 801.490 (“Snowmobile.”) ;

(D) Trailers that have a loaded weight of not more than 8,000 pounds and that are designed or manufactured, or are otherwise suitable, for carrying a boat, snowmobile or all-terrain vehicle; and

(E) Equipment used for farming.

(b) “Personal property” does not include:

(A) Pledges that are required to be registered with the Department of Transportation, unless the pledge is a snowmobile or a trailer described in paragraph (a) of this subsection;

(B) Choses in action;

(C) Securities or printed evidence of indebtedness; or

(D) Intangible property.

(3) “Pledge” means personal property deposited with a pawnbroker in the course of the business of the pawnbroker.

(4) “Pledgor” means a person who delivers a pledge into the possession of a pawnbroker, unless the person discloses that the person is or was acting for another, in which event “pledgor” means the disclosed principal.

(5) “Pledge loan” means a loan that a pawnbroker makes to a pledgor and that is secured by a pledge. [Amended by 1971 c.168 §1; 1985 c.762 §135; 1987 c.373 §71; 1993 c.744 §27; 2013 c.261 §1]

Source: Section 726.010 — Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html (accessed May 26, 2025).
ORS § 723.316 — OR Code / Title 54 / Chapter 723 / Section 723.316
723.316 Chief credit officer
Status: in_force

The board of directors of a credit union may appoint a chief credit officer in lieu of a credit committee to approve or disapprove loans under conditions that the board prescribes. If the board appoints a chief credit officer in lieu of a credit committee, the provisions of ORS 723.302 (Duties of credit committee) to 723.312 (Loan officers) do not apply and the credit union may not make a loan unless the chief credit officer approves the loan, except that the chief credit officer may appoint one or more loan officers with the power to approve loans subject to limitations or conditions that the chief credit officer prescribes. [1975 c.652 §38; 2011 c.327 §2]

Source: Section 723.316 — Chief credit officer , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.050 — OR Code / Title 54 / Chapter 725a / Section 725a.050
725A.050 Director’s power to examine or investigate
Status: in_force

(1) The Director of the Department of Consumer and Business Services, to secure information the director requires and to ensure compliance with ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) and rules the director adopts under ORS 725A.010 (Definitions) to 725A.092 (Rules) and 725A.990 (Penalties) :

(a) May at any time investigate a licensee or a person required under ORS 725A.020 (Licensing requirement) to obtain a license.

(b) Shall examine a licensee not less than once every two years and may inspect and examine the licensee at other times that the director determines are necessary.

(2) For purposes of subsection (1) of this section:

(a) A licensee or a person required to obtain a license as a payday loan lender or title loan lender is subject to inspection and shall give the director free access to the licensee’s or person’s place of business, books, accounts, records, files, safes and vaults.

(b) The director may:

(A) Conduct an investigation or examination without prior notice to the person the director investigates or examines.

(B) Compel the attendance of a witness or other person from whom the director requires testimony necessary to conduct an investigation or examination and examine the witness or person under oath.

(C) Require a licensee or a person required to obtain a license as a payday loan lender or title loan lender to produce books, accounts, records, files or other documents.

(c) A person may not knowingly give or cause to be given to the director a document or an oral or written statement or report that is false in any material respect.

(3) If the director investigates or examines under this section a licensee or a person required to obtain a license as a payday loan lender or title loan lender, the licensee or person shall pay the director for the actual cost of the investigation or examination. The director may maintain an action to recover the cost in a court of competent jurisdiction. [2010 c.23 §14]

Source: Section 725A.050 — Director’s power to examine or investigate; costs , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725a.524 — OR Code / Title 54 / Chapter 725a / Section 725a.524
725A.524 Investigation of complaints
Status: in_force

(1) If the Director of the Department of Consumer and Business Services receives a complaint concerning a person that services a student loan, the director:

(a) Shall notify the person of the complaint, provide a copy of the complaint in the notice and require the person to respond to the complaint and to the director within 30 days after the date of the notice;

(b) May investigate the complaint and require the person to provide books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information, material or evidence necessary for the director’s investigation; and

(c) May investigate the person and the person’s policies and practices with respect to servicing a student loan and require the person to provide books, accounts, papers, records, files, documentation and other information, material or evidence necessary for the director’s investigation.

(2) Intentionally left blank —Ed.

(a) Except as provided in paragraph (b) of this subsection, books, accounts, papers, records, files, correspondence, contracts and agreements, disclosures, documentation and other information, material or evidence the director receives or possesses as a consequence of an investigation under subsection (1) of this section are confidential unless state or federal law or a court order permits or requires disclosure.

(b) The director may share any item listed in paragraph (a) of this subsection with any state or federal agency.

(3) The director may charge and collect from a person the director investigates under this section the costs the director incurs in conducting the investigation.

(4) This section does not apply to:

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

(b) A financial holding company or bank holding company, both as defined in ORS 706.008 (Additional definitions for Bank Act) , if the financial holding company or bank holding company does no more than control an affiliate or subsidiary, as defined in 12 U.S.C. 1841(d), and does not engage in business as a student loan servicer. [2021 c.651 §9]

Source: Section 725A.524 — Investigation of complaints; confidentiality of materials obtained in investigation; exceptions; charge for costs of investigation , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 723.312 — OR Code / Title 54 / Chapter 723 / Section 723.312
723.312 Loan officers
Status: in_force

(1) The credit committee may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to such limitations or conditions as the credit committee prescribes.

(2) Loan applications not approved by a loan officer may be reviewed by the credit committee. [1975 c.652 §37; 1987 c.286 §6]

Source: Section 723.312 — Loan officers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.110 — OR Code / Title 54 / Chapter 725 / Section 725.110
725.110 Requirement that licensee be qualified to conduct business in this state
Status: in_force

A license shall not be granted to any person under this chapter unless the person is legally qualified to conduct business in this state. [Amended by 1999 c.469 §1]

Source: Section 725.110 — Requirement that licensee be qualified to conduct business in this state , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 725.360 — OR Code / Title 54 / Chapter 725 / Section 725.360
725.360 Licensee duty toward borrowers
Status: in_force

Every licensee shall:

(1) Deliver to the borrower at the time any loan is made a statement in the English language showing in clear and distinct terms:

(a) The name and address of the borrower and of the licensee.

(b) The amount and the date of the loan and of its maturity or terms of payment.

(c) The rate of interest agreed upon or consideration to be charged therefor.

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

(2) Make available to the borrower upon request a plain and complete receipt for all payments made on account of any such loan at the time such payments are received by the licensee, specifying the amount applied to interest, if any, the date to which the interest is paid, the amount applied to principal, if any, and the unpaid principal balance of such loan, if any remains.

(3) Permit payment to be made in advance in any amount on any loan at any time.

(4) Upon repayment of the loan in full or upon renewal thereof, mark indelibly such obligation signed by the borrower with the word “Paid” or “Renewed.” In the case of repayment in full the licensee also shall do the following:

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

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

(c) Return any assignment given by the borrower.

(d) Return to the borrower the canceled note evidencing the loan or alternatively, acknowledge in writing to the borrower that the loan has been repaid. [Amended by 1971 c.450 §4; 1973 c.428 §5; 1975 c.567 §3; 1987 c.650 §17; 2001 c.445 §182]

Source: Section 725.360 — Licensee duty toward borrowers , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.516 — OR Code / Title 54 / Chapter 723 / Section 723.516
723.516 Installments
Status: in_force

A member may receive a loan in installments, or in one sum, and may pay the whole or any part of the member’s loan on any day on which the office of the credit union is open for business. [1975 c.652 §55]

Source: Section 723.516 — Installments , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725.319 — OR Code / Title 54 / Chapter 725 / Section 725.319
725.319 False information in course of investigation or examination prohibited
Status: in_force

A person may not knowingly give or cause to be given to the Director of the Department of Consumer and Business Services any document or any oral or written statement or report that is false in any material respect, in the course of any investigation or examination by the director under this chapter. [1987 c.215 §12]

Source: Section 725.319 — False information in course of investigation or examination prohibited , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).
ORS § 723.474 — OR Code / Title 54 / Chapter 723 / Section 723.474
723.474 Definitions for ORS 723.474 to 723.498
Status: in_force

As used in ORS 723.474 (Definitions for ORS 723.474 to 723.498) to 723.498 (Designation of agent for account) , unless the context requires otherwise:

(1) “Account” means a contract of deposit of funds between a member and a credit union and includes a checking account, savings account, certificate of deposit and share account.

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

(3) “Joint account” means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship.

(4) “Multiple-party account” means a joint account, a P.O.D. account or a trust account. “Multiple-party account” does not include:

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

(b) Accounts controlled by one or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, charitable or civic organization, or a regular fiduciary or trust account where the relationship is established other than by deposit agreement.

(5) “Net contribution” of a party to a joint account means the sum of all deposits made to the account by or for the party, less all withdrawals made by or for the party that have not been paid to or applied to the use of any other party, plus a pro rata share of any interest or dividends included in the current balance. “Net contribution” includes any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.

(6) “Party” means a person who, by the terms of the multiple-party account, has a present right, subject to request, to payment from a multiple-party account. A P.O.D. payee or beneficiary of a trust account is a party only after the account becomes payable to the payee or beneficiary by reason of the payee or beneficiary surviving the original party or trustee. “Party” includes a guardian, conservator, personal representative or assignee, including an attaching creditor, of a party. “Party” also includes a person identified as a trustee of an account, whether or not a beneficiary is named, but does not include any named beneficiary unless the named beneficiary has a present right of withdrawal.

(7) “Payment” of sums on deposit includes withdrawal, payment on check or other directive of a party, any pledge of sums on deposit by a party and any setoff, deduction or other disposition of all or part of an account pursuant to a pledge.

(8) “P.O.D. account” means an account payable on request:

(a) To one person during the lifetime of the person and upon the death of the person to one or more P.O.D. payees; or

(b) To one or more persons during their lifetimes and upon the death of all of them to one or more P.O.D. payees.

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

(10) “Request” means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the credit union. If the credit union conditions withdrawal or payment on advance notice, for purposes of ORS 723.474 (Definitions for ORS 723.474 to 723.498) to 723.498 (Designation of agent for account) , the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.

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

(12) “Trust account” means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the credit union, and there is no subject of the trust other than the sums on deposit in the account. It is not essential that payment to the beneficiary be mentioned in the deposit agreement. A trust account does not include a regular trust account under a testamentary trust, a trust agreement that has significance apart from the account, or a fiduciary account arising from a fiduciary relationship such as attorney-client.

(13) “Withdrawal” includes payment to a third person pursuant to check or other directive of a party. [1999 c.185 §25]

Source: Section 723.474 — Definitions for ORS 723.474 to 723.498 , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.136 — OR Code / Title 54 / Chapter 723 / Section 723.136
723.136 Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network
Status: in_force

(1) The Director of the Department of Consumer and Business Services may enter into cooperative, coordinating and information sharing agreements with another credit union supervisory agency, with the Financial Crimes Enforcement Network established by order of the United States Secretary of the Treasury or with an organization affiliated with or representing one or more credit union supervisory agencies. The director may enter into the agreements in order to examine or supervise a non-Oregon institution branch or other office or place of business located in this state or to examine or supervise a branch of a credit union that is chartered in Oregon and is located in another state. The director may accept an agency report made pursuant to an agreement entered into under this section in lieu of the director’s own examination or investigation. The agreement may resolve conflicts of laws and specify the manner in which examination, supervision and application processes will be coordinated between this state and the home state of the non-Oregon institution. The director may also share information with the Federal Home Loan Bank and the directors of the Federal Home Loan Bank.

(2) The director may enter into a contract with a credit union supervisory agency that has concurrent jurisdiction over a credit union operating a branch or other office or place of business in this state to engage the services of the agency’s examiners at a reasonable rate of compensation or to provide the services of the director’s examiners to the agency at a reasonable rate of compensation. The contract is exempt from competitive bidding requirements under the provisions of ORS chapters 279A and 279B. The contract may resolve conflicts of laws and specify the manner in which examination, supervision and application processes will be coordinated between this state and the home state of the non-Oregon institution.

(3) The director may enter into joint examinations or joint enforcement actions with other credit union supervisory agencies that have concurrent jurisdiction over a non-Oregon institution branch or other office or place of business located in this state or a branch of a credit union that is chartered in Oregon and is located in another state. Conducting a joint examination or enforcement action under this subsection does not prevent the director from conducting an independent examination or enforcement action at any time if the director determines that carrying out the director’s responsibilities or ensuring compliance with the laws of this state requires the independent action. With respect to examinations or enforcement actions that involve non-Oregon institutions, the director may recognize:

(a) The exclusive authority of the credit union supervisory agency of the home state of the non-Oregon institution over corporate governance matters; and

(b) The primary responsibility of the credit union supervisory agency of the home state of the non-Oregon institution over safety and soundness matters.

(4) The director may share fees collected from non-Oregon institutions under the provisions of this chapter with another credit union supervisory agency or an organization affiliated with or representing one or more credit union supervisory agencies in accordance with agreements between the agency or organization and the director. [1999 c.185 §39; 2003 c.794 §324; 2009 c.541 §41]

Source: Section 723.136 — Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network; contracts for use of credit union examiners; joint examination or enforcement; fees , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 723.412 — OR Code / Title 54 / Chapter 723 / Section 723.412
723.412 Deposit and deposit certificate accounts
Status: in_force

(1) A credit union may receive savings in deposit and deposit certificate accounts from its members and other credit unions, subject to such conditions as the board of directors establishes.

(2) Deposit and deposit certificate accounts differ from shares and share certificates in that a predeclared rate of return, as determined from time to time at such rates and upon such classes of deposit and deposit certificate accounts as are established by the board of directors, shall be established on deposit accounts.

(3) Interest may be paid on deposits and deposit certificates at various rates with due regard to the conditions that pertain to each type of account such as minimum balance, notice and time requirements.

(4) In the event of liquidation of a credit union, shares and share certificates shall be subordinate to the claims of depositors and other creditors. [1975 c.652 §44; 1985 c.801 §8]

Source: Section 723.412 — Deposit and deposit certificate accounts; interest; priority , https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html (accessed May 26, 2025).
ORS § 725a.036 — OR Code / Title 54 / Chapter 725a / Section 725a.036
725A.036 License reinstatement
Status: in_force

The Director of the Department of Consumer and Business Services may reinstate a license the director revoked if the licensee:

(1) Complies with applicable provisions of law;

(2) Complies with a demand, ruling or requirement the director issues or imposes; and

(3) Pays a fee of $25. [2010 c.23 §11]

Source: Section 725A.036 — License reinstatement; fee , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725A.­html (accessed May 26, 2025).
ORS § 725.910 — OR Code / Title 54 / Chapter 725 / Section 725.910
725.910 Civil penalties
Status: in_force

(1) The Director of the Department of Consumer and Business Services may assess against any person who violates any provision of this chapter, or any rule or final order of the director under this chapter, a civil penalty in an amount determined by the director of not more than $2,500. In addition, if a licensee commits such a violation, the director may revoke the license of the licensee.

(2) Civil penalties under this section shall be imposed as provided in ORS 183.745 (Civil penalty procedures) .

(3) Except as provided in subsection (4) of this section, all moneys collected under this section shall be paid to the State Treasurer and credited as provided in ORS 705.145 (Consumer and Business Services Fund) .

(4) In addition to any other penalty provided by law, the director may assess against any person who lends money without the license required under this chapter a civil penalty in an amount equal to the interest received that exceeds nine percent per annum. The director shall pay all moneys collected under this subsection to the Department of State Lands for the benefit of the Common School Fund. [1975 c.544 §59; 1981 c.412 §17; 1985 c.762 §134; 1987 c.215 §16; 1987 c.373 §70; 1991 c.734 §98; 2001 c.445 §203]

Source: Section 725.910 — Civil penalties , https://www.­oregonlegislature.­gov/bills_laws/ors/ors725.­html (accessed May 26, 2025).