Source: https://www.oregonlaws.org/ors/2007/716.610
Timestamp: 2020-02-25 12:58:17
Document Index: 275287079

Matched Legal Cases: ['§1', '§1', '§5', '§6', '§380', '§33', '§5', '§32', '§68', '§2', '§4', '§5', '§56', '§11', '§62']

ORS 716.610 - General powers - 2007 Oregon Revised Statutes
2007 ORS Vol. 16 Chapter 716 Section 716.610
2007 ORS 716.610¹
• licensing as insurance producer
A savings bank, subject to the restrictions and limitations contained in this chapter, may:
(1) Receive time deposits and demand deposits of money without restriction.
(2) Offer time and savings accounts and other kinds of deposit accounts, including but not limited to automatic savings to checking transfer accounts and negotiable order of withdrawal accounts, to individuals and nonprofit corporations.
(3) Exercise by its board of directors or authorized officers or agents, subject to law, all powers necessary to carry on the business of savings banks.
(4) Pay depositors when requested by them, by drafts upon deposits to the credit of the savings bank in any city in the United States, and charge current rates of exchange for the drafts.
(5) Borrow money, and pledge securities to secure the money borrowed, but any amount borrowed in excess of 20 percent of deposits shall first be approved in writing by the Director of the Department of Consumer and Business Services. The failure to obtain the approval of the director shall not make an excess loan invalid as to the lender.
(6) Collect or protest promissory notes or bills of exchange owned by the savings bank or held by it as collateral, and charge the usual fees for the collection or protest.
(7) Sell gold or silver received in payment of interest or principal of obligations owned by the savings bank, or from depositors in the ordinary course of business.
(8) Become a member of the Federal Reserve Bank or the Federal Home Loan Bank of the district in which the savings bank is located.
(9) Conduct a trust business and exercise all the powers of a trust company as defined by ORS 709.150 (General powers of trust companies) upon compliance with the laws of this state relating to the regulations of a trust business.
(10) Be licensed as an insurance producer as required by ORS 744.053 (Requirements to be licensed as insurance producer for class of insurance) to transact one or more of the classes of insurance described in ORS 744.062 (Issuance of insurance producer license) except for title insurance. With respect to the exercise of the power granted under this subsection, other than the maintenance of any insurance license granted to a savings bank prior to September 27, 1987, or the licensing of the savings bank to transact types of limited class insurance, as that term is defined in ORS 744.052 (Definitions), designated by the Director of the Department of Consumer and Business Services:
(a) The conduct by the savings bank of insurance producer activities shall be subject to the approval of the director. The director shall base consideration for approval on the condition of the savings bank, the adequacy of a formal business plan for the insurance activities and the existence of satisfactory management for the insurance activity.
(b) The director may revoke or restrict the ongoing authority of the savings bank to engage in the insurance producer activity if the condition of the savings bank substantially deteriorates or if the insurance activities are adversely affecting the savings bank.
(c) The savings bank shall file a written report with the director no later than March 31 each year disclosing the insurance activities of the savings bank. The required contents of the report shall be established by the director by rule. The reports filed with the director under this paragraph shall be available for public inspection in the office of the director.
(d) The savings bank shall not in any manner use customer information obtained from another insurance producer to promote, develop or solicit insurance business for the savings bank unless the other insurance producer consents to such use of the customer information. [Amended by 1955 c.690 §1; 1957 c.167 §1; 1969 c.211 §5; 1971 c.219 §6; 1973 c.797 §380; 1981 c.192 §33; 1987 c.916 §5; 1989 c.331 §32; 1989 c.701 §68; 1993 c.52 §2; 1995 c.334 §4; 1997 c.831 §5; 2001 c.191 §56; 2003 c.363 §11; 2003 c.364 §62a]
1 Legislative Counsel Committee, CHAPTER 716—Savings Banks, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­716.­html (2007) (last ac­cessed Feb. 12, 2009).
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 716, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­716ano.­htm (2007) (last ac­cessed Feb. 12, 2009).