justicedao/ipfs_state_laws huggingface dataset:
441-646-0030 Use of Social Security Number (1) Materials or documentation of a transaction or service are requested by a consumer when the consumer initiated the contact with the person that mails the documents to the consumer, such as a loan application started by the consumer by telephone, tax returns prepared from information the consumer left with a tax preparer, or periodic updated or renewal materials for a product or service purchased by the consumer. (2) A person that prints a Social Security number on materials mailed to a consumer concerning a transaction or service requested by the consumer may not print the Social Security number on any part of the materials visible to the general public. (3) When the consumer does not initiate contact with the person, and there is no federal or state law requiring the Social Security number to be printed on the materials, a person may not print the consumer’s unredacted Social Security number on materials mailed to the consumer. (4) A person may use or print a Social Security number for internal verification or administrative purposes, including materials sent outside of the person’s business, when the SSN is not visible to, or accessible by, the general public. (5) Persons are strongly encouraged to use a number other than the consumer’s Social Security number to identify the consumer. If a person does use the consumer’s Social Security number for identification, the person’s plan to safeguard personal information under ORS 646A.622, including Social Security numbers, must specify reasonable procedures that: (a) Prevent unauthorized access to the Social Security number; and (b) Require electronic or physical transmission of the Social Security number to persons outside of the person’s business to be accomplished through secure means, such as encryption or the use of a redacted Social Security number. Statutory/Other Authority: ORS 646A.626 Statutes/Other Implemented: ORS 646A.620 & 646A.622 History: FCS 10-2008, f. & cert. ef. 11-5-08
441-646-0040 Safeguarding of Personal Information Protecting the security, confidentiality and integrity of personal information extends to: (1) Electronic and paper methods of storing personal information; (2) Electronic, paper and verbal methods of transmitting personal information; and (3) All methods of disposing of personal information. Statutory/Other Authority: ORS 646A.626 Statutes/Other Implemented: ORS 646A.622 History: FCS 10-2008, f. & cert. ef. 11-5-08
441-710-0020 Membership in General The rules in this section create procedures for establishing and expanding the membership of a credit union. These rules do not invalidate or change the field of membership of any credit union approved prior to March 31, 2000. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.172 History: FCS 2-2005, f. & cert. ef. 8-25-05 FCS 6-2000, f. & cert. ef. 3-31-00 FCS 2-1989, f. 1-18-89, cert. ef. 2-1-89, Renumbered from 805-072-0050
441-710-0035 Community Charter Applications A credit union applying for a community charter must complete an application to include at least the following information: (1) Written authorization for the application signed by the Board of Directors. (2) Bylaws or amendment to bylaws showing current and revised field of membership. (3) Identification of the area the credit union wishes to serve and the total population of the proposed community. Quote source for the population figures. (4) If the area to be served consists of more than one precinct, district, city, county, or other defined boundaries, a detailed description of how the persons in the area interact or share interests. (5) Map of proposed well-defined local community, neighborhood or rural district. (6) Most recent monthly financial statement, including income and expense statement; and (7) Business plan showing how credit union will provide service to proposed community, pro forma financial statements for the first three years of operation including assumptions used, and facility locations. The plan should include information on services and products offered by the institution. (8) If the credit union applying for a community charter wishes to continue credit union services to a former group or former groups in accordance with ORS 723.172, the credit union must comply with the application requirements set forth in OAR 441-710-0071. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.172(2) & 723.172(5) History: FCS 12-2010, f. 11-29-10, cert. ef. 12-1-10 FCS 6-2000, f. & cert. ef. 3-31-00
441-710-0037 Procedures for Amending Bylaws on Community Charter Field of Membership (1) When a credit union wishes to expand its field of membership, it shall amend its bylaws to describe the geographic boundaries to be added to the field of membership. The proposed amendment to the bylaws and the application for approval of the amendment filed with the Director shall include: (a) The bylaw that defines the field of membership of the credit union with the text of the proposed amendment to the bylaw showing the new language underlined and deleted language, if any, bracketed; (b) Map of proposed well-defined local community, neighborhood or rural district, showing both the existing field of membership and the proposed field of membership to be added; (c) The credit union’s most recent financial statement; (d) An updated plan of business for the credit union that takes into account the implications of the anticipated increased membership, deposits, responsibilities and effect on capital level of the credit union; (e) An updated budget; and (f) Any other evidence in support of the application. (2) Any requirement in section (1) of this rule may be waived as it relates to a particular application, if the Director determines that complying with the requirement is not necessary for the purposes of carrying out the provisions of ORS Chapter 723. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.022 & 723.172(8) History: FCS 6-2000, f. & cert. ef. 3-31-00
441-710-0070 Procedures for Amending Bylaws on Field of Membership (1) When a credit union wishes to expand its field of membership, it shall amend its bylaws to describe the group or groups to be added to the field of membership. The proposed amendment to the bylaws and the application for approval of the amendment filed with the Director shall include: (a) The bylaw that defines the field of membership of the credit union with the text of the proposed amendment to the bylaw showing the new language underlined and deleted language, if any, bracketed; (b) The credit union’s most recent financial statement; (c) An updated plan of business for the credit union that takes into account the implications of the anticipated increased membership, deposits, responsibilities and effect on capital level of the credit union; (d) An updated budget; (e) If the amendment proposes to add a separate employment group to the field of membership; the names and addresses of individuals who represent the group; (f) If the amendment proposes to add a group with a separate bond of occupation or association, the credit union shall submit evidence: (A) That the group does not contain more than 3,000 members; (B) That the group could not feasibly or reasonably establish a new credit union due to a lack of volunteer resources, financial resources or other factors important to the likelihood of successful formation of a new credit union; or (C) That the group proposes to transfer to the credit union in connection with a merger, consolidation or transfer approved by the director, or in connection with the liquidation of another credit union. (g) Any other evidence in support of the application, including relevant correspondence from the group to be added. (2) Any requirement in section (1) of this rule may be waived by the Director if the requirement is not necessary for the purposes of that application. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.022, 723.156 & 723.172 History: FCS 2-2005, f. & cert. ef. 8-25-05 FCS 2-2004, f. & cert. ef. 8-5-04 FCS 6-2000, f. & cert. ef. 3-31-00 FCS 2-1989, f. 1-18-89, cert. ef. 2-1-89, Renumbered from 805-072-0075
441-710-0071 Application to Serve Former Occupational Groups and Associational Members (1) In accordance with ORS 723.172, all community credit unions that wish to continue credit union services to an occupational or associational group or groups shall file an application to serve the these groups on a form provided by the director. The application form shall require the community credit union to supply the following information: (a) The credit union’s name; the date of conversion; and the communities it serves. (b) The names of the former occupational or associational group or groups that the credit union wishes to serve and information showing that the occupational or associational group or groups have offices within the credit union’s community boundaries. (c) Information showing that the occupational or associational group or groups were within the credit union’s field of membership before it converted to a community charter and the date when the by-laws were amended to include the occupational or associational group or groups in the credit union’s field of membership. (d) Information showing the number of individuals within the occupational group or groups or association or associations that do not live or work within the credit union’s geographic boundaries, and the basis for credit union membership such as whether the individuals are directors, officers, employees, members, partners, personal representatives, trustees or volunteers of the corporation, limited liability company, partnership or association, trust, estate or other entity. (e) Information showing that the credit union has the ability to serve the new credit union members who do not live or work within the community boundaries without sacrificing safety and soundness requirements including addressing the implications of how increased credit union membership, deposits, and responsibilities may effect the credit union’s capital or net worth ratio. Statutory/Other Authority: ORS 723.172 Statutes/Other Implemented: ORS 723.172 History: FSR 11-2020, minor correction filed 03/23/2020, effective 03/23/2020 FCS 12-2010, f. 11-29-10, cert. ef. 12-1-10
441-710-0240 Limitations on Ownership of Fixed Assets Under ORS 723.152(4), a credit union has the power to acquire, lease, hold and dispose of property necessary or incidental to its operations. A credit union’s ownership of fixed assets is limited as described by OAR 441-710-0240 to 441-710-0270. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.152 History: FCS 2-2005, f. & cert. ef. 8-25-05 BB 4-1982, f. 8-24-82, cert. ef. 9-1-82, Renumbered from 805-072-0305
441-710-0260 Investment in Fixed Assets (1) A credit union shall not, without the prior approval of the Director, invest in fixed assets if the aggregate of all such investments exceeds five percent of total assets. (2) A credit union shall submit such statements and reports as the Director may require in support of a request for approval of an investment in fixed assets in excess of the limit specified by section (1) of this rule. Such reports and statements shall include, but need not be limited to: (a) A narrative, describing the proposal in terms of costs, usage, location and method of financing; (b) Current financial data; and (c) A pro forma projected balance sheet and statements of income and expenses for each of the ensuing three years based upon the assumption that the proposal will be approved. (3) If the Director determines that the proposal will not adversely affect the credit union, an aggregate dollar amount or percentage of assets will be approved for investment in fixed assets for that credit union. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.152 History: FCS 2-2005, f. & cert. ef. 8-25-05 BB 4-1982, f. 8-24-82, cert. ef. 9-1-82, Renumbered from 805-072-0315
441-710-0270 Investment in Premises (1) When real property is acquired for future expansion, at least partial utilization should be accomplished within a reasonable period, which shall not exceed three years unless otherwise approved in writing by the Director. (2) When a credit union acquires unimproved real property for future expansion, the credit union shall at least partially utilize the property within a reasonable period of time, not to exceed six years unless otherwise approved in writing by the Director. (3) After real property acquired for future expansion under sections (1) or (2) of this rule has been held for one year, a board resolution with definitive plans for utilization must be available for inspection by the Director's examiners. (4) Investments in premises will be recorded on the credit union's books in accordance with generally accepted accounting principles. The cost of land shall be carried on the books of the credit union in an account separate from the cost of improvements thereon. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.152 History: FCS 3-2013, f. & cert. ef. 7-19-13 FCS 1-2013(Temp), f. 1-4-13, cert. ef. 2-1-13 thru 7-31-13 FCS 2-2005, f. & cert. ef. 8-25-05 BB 4-1982, f. 8-24-82, cert. ef. 9-1-82, Renumbered from 805-072-0320
441-710-0325 Housing Agency Low Income Rental Housing Fund Client Trust Accounts (1) Every financial institution as defined in ORS 706.008, authorized by law to offer client trust accounts established pursuant to ORS 696.241 and to accept deposits to such accounts in Oregon may: (a) Make available to its depositors, client trust accounts, hereafter designated as Housing Agency Low Income Rental Housing Fund Accounts (“Housing Fund Accounts”); and (b) Pay interest on all funds deposited in each Housing Fund Account at the same rate payable on similar accounts. (2) Each Housing Fund Account shall be created and maintained according to written agreement between the financial institution and participating depositor. Each agreement shall authorize the financial institution to pay all interest earned, net of fees and expenses imposed by the financial institution, to the Housing Agency Low Income Rental Housing Fund designated in Chapter 916, Oregon Laws 1989 and Chapter 716, Oregon Laws 1991. (3) Fees and Expenses: (a) Each Housing Fund Account may be subject to fees and expenses which are reasonable and are customarily assessed by the financial institution for similar accounts; (b) In no event shall a financial institution collect fees and expenses from a Housing Fund Account in excess of earned interest. (4) Interest Remittances and Reports: (a) Each participating financial institution shall remit to the Housing Agency any interest earned on each Housing Fund Account, net of reasonable fees and expenses. Remittance, if any, shall be made at least quarterly; (b) Remittance may be made in a single aggregate installment representing net interest payable from all Housing Fund Accounts maintained by the financial institution; (c) Each participating financial institution shall report to the Housing Agency information as to every Housing Fund Account maintained by the financial institution. The information shall be in writing and include identity of the Housing Fund Account by name, account number, interest earned, fees and charges, and net interest remitted, if any. Reports shall be made at least quarterly and may accompany any remittances. (5) If a financial institution is required to produce tax information returns (Form 1099), the financial institution shall designate the State of Oregon Housing Agency Low Income Rental Housing Fund, as payee or recipient. Tax identification information shall be provided by the Housing Agency to participating financial institutions upon request. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: Ch. 916 OL 1989 & Ch. 716 OL 1991 History: FCS 2-2005, f. & cert. ef. 8-25-05 FCS 8-1989, f. 12-14-89, cert. ef. 1-1-90
441-710-0400 Loans to Officials (1) Any single loan to a person described in ORS 723.532(2) or the aggregate of all outstanding loans for which such person is directly or indirectly obligated to repay which exceeds $100,000 shall be approved by the Board of Directors. (2) If the credit union has a staff of three persons or less, all loans to a person described in ORS 723.532(2) shall be approved by the Board of Directors. (3) This rule shall not apply to loans secured by share or deposit accounts. Statutory/Other Authority: ORS 723.532 Statutes/Other Implemented: ORS 723.532 History: FCS 2-2005, f. & cert. ef. 8-25-05 FCS 3-2001, f. & cert. ef. 2-13-01
441-710-0450 Mergers of Community Charters (1) A community charter credit union may not merge into an occupational or associational credit union unless: (a) The situation involves a well-defined local community, neighborhood or rural district that is underserved by other depository institutions as referenced in ORS 723.172(7)(a) or is an emergency merger under section (2) of this rule. (b) The merger does not impact the safety and soundness of the continuing credit union; and (c) The continuing credit union maintains a service facility within the community boundaries. “Service Facility” means a place where shares are accepted for members’ accounts, loan applications are accepted, and loans are disbursed. This definition includes a credit union owned branch, a shared branch that belongs to the shared branching network, a mobile home, an office operated on a regularly scheduled weekly basis, or a credit union owned electronic facility that meets, at a minimum, these requirements. It does not include an ATM. (2) For purposes of this rule, “emergency merger” involves the director’s determination that: (a) A credit union is insolvent or likely to become insolvent; (b) Expeditious action is necessary; (c) Other reasonable alternatives are not available; and (d) The public interest would best be served by approving the merger. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.172 & 723.682 History: Renumbered from 441-710-0038, FCS 2-2005, f. & cert. ef. 8-25-05 FCS 2-2004, f. & cert. ef. 8-5-04 FCS 6-2000, f. & cert. ef. 3-31-00
441-710-0505 Late Charge Fees The following charges apply to late reports filed by the credit union with the director. The fine is for each day the report is late: (1) Quarterly call reports; $100; (2) Supervisory Committee Report, $10; (3) Examination report reply, $10; (4) Monthly reports when required by the director, $10. The reports may include, but are not limited to: (a) Financial statement, including income and expenses; (b) Board of Director minutes. Statutory/Other Authority: ORS 723.102, 723.185 & 723.630 Statutes/Other Implemented: ORS 723.114 History: FSR 1-2023, amend filed 01/24/2023, effective 01/31/2023 Renumbered from 441-710-0015, FCS 2-2005, f. & cert. ef. 8-25-05 FCS 6-1991, f. 10-29-91, cert. ef. 11-1-91 FCS 5-1991(Temp), f. & cert. ef. 9-30-91
441-710-0510 Annual Audit; Qualified Persons to Perform; Content; Time for Filing, Reporting Action Taken (1) The person performing the comprehensive annual audit required by ORS 723.322 must be qualified by knowledge and experience to perform credit union audits and must be approved by the Director as so qualified. (2) The audit should test whether or not the accounting systems and methods used by the credit union, and the accounts of the credit union, accurately reflect the condition of the business. The auditor shall prepare the audit report in accordance with the guidelines furnished by the Director. The audit report shall include a management letter; and the management letter shall include, but need not be limited to: (a) An evaluation of the soundness of the credit union; (b) An evaluation of its internal controls; (c) The state of its compliance with applicable statutes and rules; and (d) An evaluation of the extent and effectiveness of its use of generally accepted accounting principles. (3) A copy of the audit, including the management letter, shall be filed with the Director by the auditor within 30 days after the report is delivered to the credit union. Within 65 days after the audit report is received by the credit union, the credit union shall report to the Director the action it has taken or is taking in response to the report. (4) Each credit union must file a notice with the director within 15 days after the engagement of a new independent auditor, or the resignation or dismissal of the independent auditor previously engaged. The notice must include the reasons for the event in reasonable detail. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.322 History: Renumbered from 441-710-0080, FCS 2-2005, f. & cert. ef. 8-25-05 BB 4-1982, f. 8-24-82, cert. ef. 9-1-82, Renumbered from 805-072-0150
441-710-0515 Required “Additional Reports” Defined (1) As used in ORS 723.106(1), “additional reports” includes call reports of condition, lists of officers and other management officials, Supervisory committee audits, management letters, liquidity reserve reports, and other reports required by the Director. (2) If a credit union is investing in or has loans outstanding to a CUSO, “additional reports” as used in ORS 723.106(1) includes reports and other information of the CUSO of the kinds described by section (1) of this rule. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.106 History: Renumbered from 441-710-0090, FCS 2-2005, f. & cert. ef. 8-25-05 BB 1-1984, f. & cert. ef. 2-8-84, Renumbered from 805-072-0155 BB 4-1982, f. 8-24-82, cert. ef. 9-1-82
441-710-0520 Reports and Filings When Credit Union Invests in CUSO (1) When a credit union first invests in or loans funds to a CUSO, the credit union shall, within 30 days after the funds are first invested or loaned, file with the Director a copy of: (a) The charter, articles of association or incorporation, or partnership agreement, of the CUSO; (b) The bylaws of the CUSO; and (c) The most recent financial statement of the CUSO. (2) Any amendments of the documents described by section (1) of this rule shall be filed with the Director by the credit union within 30 days after the amendment becomes effective. (3) While a credit union has funds invested in or loaned to a CUSO, the credit union shall each year file the annual financial statement of the CUSO with the Director within 30 days after the statement is issued. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.106 & 723.602 History: Renumbered from 441-710-0100, FCS 2-2005, f. & cert. ef. 8-25-05 BB 1-1984, f. & cert. ef. 2-8-84, Renumbered from 805-072-0156
441-710-0525 Duty to Report Changes in Accounting Systems, Methods or Procedures (1) A credit union shall report to the Director any major change that affects bookkeeping or accounting systems, methods and procedures at least 60 days prior to implementation of the change to permit the Director to schedule examinations appropriately. (2) Any contract or agreement by a credit union to purchase accounting services shall include a clause acknowledging the right of the Director or authorized representatives to examine any and all records of the credit union on the premises of the servicer. Statutory/Other Authority: ORS 723.102 Statutes/Other Implemented: ORS 723.116 & 723.152 History: Renumbered from 441-710-0110, FCS 2-2005, f. & cert. ef. 8-25-05 BB 4-1982, f. 8-24-82, cert. ef. 9-1-82, Renumbered from 805-072-0160