Source: https://www.oregonlaws.org/ors/2007/192.555
Timestamp: 2020-05-29 19:27:43
Document Index: 384655435

Matched Legal Cases: ['§2', '§24', '§25', '§4', '§3', '§1', '§1', '§1', '§68', '§5']

ORS 192.555 - Disclosure of financial records prohibited - 2007 Oregon Revised Statutes
2007 ORS Vol. 5 Chapter 192 Section 192.555
Defini­tions for ORS 192.550 to 192.595
Disclosure to Depart­ment of Human Services
Civil liability for viola­tion of ORS 192.550 to 192.595
ORS 192.555¹
(1) Except as provided in ORS 192.557 (Disclosure to Department of Human Services), 192.559 (Disclosure to state court), 192.560 (Authorization by customer for disclosure), 192.565 (Disclosure under summons or subpoena), 192.570 (Disclosure under search warrant) and 192.585 (Procedure for disclosure to law enforcement agency) or as required by ORS 25.643 (Disclosure of information on obligors by financial institutions) and 25.646 (Disclosure of financial records of customers by financial institutions) and the Uniform Disposition of Unclaimed Property Act, ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436):
(a) No financial institution shall provide any financial records of any customer to a state or local agency.
(b) No state or local agency shall request or receive from a financial institution any financial records of customers.
(2) Subsection (1) of this section shall not preclude a financial institution, in its discretion, from initiating contact with, and thereafter communicating with and disclosing customer financial records to:
(a) Appropriate state or local agencies concerning any suspected violation of the law.
(b) The office of the State Treasurer if the records relate to state investments in commercial mortgages involving the customer. The records and the information contained therein are public records but shall be exempt from disclosure under ORS 192.410 (Definitions for ORS 192.410 to 192.505) to 192.505 (Exempt and nonexempt public record to be separated) unless the public interest in disclosure clearly outweighs the public interest in confidentiality. However, the following records in the office shall remain open to public inspection:
(A) The contract or promissory note establishing a directly held residential or commercial mortgage and information identifying collateral;
(B) Any copy the office retains of the underlying mortgage note in which the office purchases a participation interest; and
(C) Any information showing that a directly held loan is in default.
(c) An appropriate state or local agency in connection with any business relationship or transaction between the financial institution and the customer, if the disclosure is made in the ordinary course of business of the financial institution and will further the legitimate business interests of the customer or the financial institution.
(3) Nothing in ORS 192.550 (Definitions for ORS 192.550 to 192.595) to 192.595 (Severability) prohibits any of the following:
(a) The dissemination of any financial information which is not identified with, or identifiable as being derived from, the financial records of a particular customer.
(b) The examination by, or disclosure to, the Department of Consumer and Business Services of financial records which relate solely to the exercise of its supervisory function. The scope of the department’s supervisory function shall be determined by reference to statutes which grant authority to examine, audit, or require reports of financial records or financial institutions.
(c) The furnishing to the Department of Revenue of information by the financial institution, whether acting as principal or agent, as required by ORS 314.360 (Information returns).
(d) Compliance with the provisions of ORS 708A.655 (Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box), 722.660 (Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box) or 723.844 (Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box).
(4) Notwithstanding subsection (1) of this section, a financial institution may:
(a) Enter into an agreement with the Oregon State Bar that requires the financial institution to make reports to the Oregon State Bar whenever a properly payable instrument is presented for payment out of an attorney trust account that contains insufficient funds, whether or not the instrument is honored by the financial institution; and
(b) Submit reports to the Oregon State Bar concerning instruments presented for payment out of an attorney trust account under a trust account overdraft notification program established under ORS 9.132 (Trust account overdraft notification program). [1977 c.517 §§2, 8 (1); 1985 c.565 §24; 1987 c.373 §25; 1987 c.438 §4; 1993 c.131 §3; 1993 c.274 §1; 1993 c.695 §1; 1997 c.142 §1; 1999 c.80 §68; 1999 c.506 §5]
District court did not err in denying defendant opportunity to es­tab­lish that state officials seized financial records used against him at trial in viola­tion of Oregon law as evidence seized in compliance with federal law is admissible without regard to state law. U.S. v. Chavez-Vernaza, 844 F2d 1368 (1987)
285B.132
Contracts with financial institu­tions for capital access