justicedao/ipfs_state_laws huggingface dataset:
441-505-2000 Regular Meetings of Banking Institution Board of Directors (1) For purposes of this rule: (a) “Regular meeting” means a meeting established by the banking institution’s bylaws or by board resolution that fix the time, date and location of the meeting on a re-occurring basis. (b) “Special meeting” means a meeting not held on a re-occurring basis and under notice given to the board of directors consistent with the banking institution’s articles of incorporation or the bylaws. (2) The board of directors of a banking institution shall hold a minimum of four regular meetings during each calendar year. No more than 100 days shall pass between any two regular meetings. (3) Notwithstanding section (2) of this rule, if the director reasonably believes that the condition of a banking institution warrants additional regular meetings, the director may require the banking institution to hold regular board meetings at a frequency to be determined by the director. The director may also require the institution’s board of directors to convene special meetings as necessary. Statutory/Other Authority: ORS 707.670 Statutes/Other Implemented: ORS 707.670 History: FCS 1-2014, f. & cert. ef. 2-12-14
441-505-2005 Conducting Stockholder Meetings Remotely Oregon chartered commercial banks, Oregon trust companies, and Oregon stock savings banks may conduct stockholder meetings remotely by means of telephone conference, video conference, or similar means of communications that allows all persons, physically or remotely participating in the meeting, to communicate with each other, provided that participation is controlled and limited to those entitled to attend, and the identity of participants is determinable and reasonably verifiable. Stockholders attending the annual meeting remotely and all other stockholder meetings held in accordance with this rule shall be considered as “present” for purposes of the meetings and in accordance with ORS 707.621. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: 706.610 & 707.621 History: FSR 22-2020, adopt filed 09/17/2020, effective 09/21/2020 FSR 19-2020, temporary adopt filed 03/27/2020, effective 03/27/2020 through 09/22/2020
441-505-2010 Dividend Excess of Retained Earnings An institution may not pay dividends in an amount that exceeds the institution’s retained earnings except with the prior written approval of the director of the Department of Consumer and Business Services. Statutory/Other Authority: ORS 706.795 Statutes/Other Implemented: ORS 707.410 & 707.415 History: FSR 23-2020, adopt filed 11/23/2020, effective 11/23/2020 FSR 21-2020, temporary adopt filed 06/18/2020, effective 06/18/2020 through 12/14/2020
441-505-2020 Exchange of Real Property for Stock (1) An Oregon commercial bank, trust company or savings bank that applies for permission to accept real property in exchange for stock at the initial formation of capital shall file the following documents with the Director before accepting or committing to accept real property and improvements in exchange for stock: (a) An appraisal within the scope of licensure of a General Appraiser or Residential Appraiser certified by the Oregon Appraiser Certification and Licensure Board, or like person approved by the Director in the case of real property located outside of this state, that is dated or updated within 30 days of the application, provided there is no material change to the appraised property within the 30 day period; (b) Commitments or sales of stock for cash received to the date of the application; and (c) A business plan adopted by the board: (A) That includes the intended use or disposition of the property within a period that is consistent with the Bank Act for such property; and (B) That shows a prudent and reasonable business purpose for such an exchange. (2) The Director shall consider the business plan, capital adequacy, liquidity and management capabilities in determining whether the proposal is prudent and reasonable. Statutory/Other Authority: ORS 707.050 Statutes/Other Implemented: ORS 707.050 History: FCS 1-1998, f. & cert. ef. 3-31-1998
441-505-3010 Insurance Activity Report (1) Applicability. (a) Except as provided in subsection (b) of this section, this rule applies to: (A) All Oregon banks, Oregon savings banks and Oregon trust companies that acquire subsidiaries or invest in companies that engage in or intend to engage in insurance agency activities as a licensee under ORS 744.002; and (B) All bank holding companies that are subject to ORS 715.075. (b) Any entity described in subsection (a) that received permission from the Director to conduct insurance activities prior to the effective date of this rule is not required to reapply for permission but is required to comply with the reporting requirements in section (4) of this rule. (2) Application for Permission. Applicant shall file a written request for permission with the Director. The request shall: (a) Describe the activities to be performed; (b) Identify the persons who will provide the services, including a description of any arrangement with third party companies; (c) Provide a business plan for this activity; and (d) If a subsidiary or investment in a separate insurance agency is involved, additionally describe the details of the transaction including amount to be invested and identity of additional shareholders, if any. (3) The Director shall issue to the applicant, upon completion of the review, an order granting or denying permission to engage in insurance activities. (4) Report. All entities engaged in insurance activities under this rule shall file a report with the Director. (a) The report shall be on the Director’s Form, “REPORT OF INSURANCE ACTIVITIES” and shall disclose for the preceding calendar year: (A) Total number of insurance policies sold; (B) Insurance policies sold in each class of insurance described in ORS 744.062(1); (C) Total premium income from insurance policies sold; (D) Total commission income from insurance policies sold; (E) Number of annuity policies sold as a replacement of the customer’s existing annuity policy; (F) Number of annuity policies sold under the Internal Revenue Service section 1035 exchange provisions; (G) Number of annuity policies sold to customers aged 70 years or older; and (H) Amendments since the last reporting period to the institution’s business plan for insurance activity. (b) The report shall be filed annually no later than March 31 of each year. Statutory/Other Authority: ORS 708A.120(7) & 716.594 Statutes/Other Implemented: ORS 708A.120(7) & 716.594 History: FCS 6-2007, f. & cert. ef. 10-22-07 FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-505-0000 Suspended by FCS 3-1997(Temp), f. 10-6-97 FCS 10-1988, f. & cert. ef. 4-18-88, Renumbered from 805-002-0055
441-505-3020 Property Acquired for or Used for Place of Business; Disposition if Not Used (1) An institution shall sell or dispose of real property referred to in ORS 708A.175: (a) Purchased for future location or expansion of its business, if the real estate is not so used within two years after the date of acquisition; or (b) Formerly used as a place to carry on the business of the institution, if it is not reused for a business purpose within two years after the business use is discontinued. (2) The Director may grant an extension of the two-year period if justified by an asset utilization plan which is consistent with the institution’s business plan. (3) The Director shall also consider the capital adequacy, liquidity, profitability, cash flow and management capabilities in determining whether the proposal is prudent and reasonable. Statutory/Other Authority: ORS 708A.175 Statutes/Other Implemented: ORS 708A.175 History: FCS 2-2004, f. & cert. ef. 8-5-04 FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-580-0030 BB 13, f. & ef. 3-5-76, Renumbered from 805-024-0115
441-505-3030 Appraisal Required (1) The market value of real estate acquired by an institution pursuant to ORS 708A.175 shall be established by a real property appraisal that is current if the recorded value is equal to or greater than $400,000. A bank may defer obtaining an appraisal for a maximum period of three months following acquisition of such property if the initial recorded value is based on an appropriate evaluation that is current at the time of the acquisition. (2) If the recorded value of the real estate acquired pursuant to ORS 708A.175 is less than $400,000, the market value shall be established by a real property appraisal or evaluation that is current at the time of such acquisition. (3) An appraisal or evaluation is current if dated no more than one year prior to the acquisition. (4) The real property appraisal or evaluation must be reviewed by appropriate institution officers to determine whether it is a reliable indicator of the value and condition of the real estate acquired and complies with applicable standards for preparation of such appraisals or evaluations. (5) If the carrying (book) value of the real estate exceeds the market value less costs to sell, the difference shall be immediately charged off. (6) ORS 708A.590, as relevant, shall thereafter be followed. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 708A.175(3) History: FSR 2-2023, amend filed 03/28/2023, effective 04/01/2023 FSR 4-2017, f. & cert. ef. 2-1-17 FCS 6-2007, f. & cert. ef. 10-22-07 FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-580-0050 BB 13, f. & ef. 3-5-76, Renumbered from 805-024-0130
441-505-3040 Real Estate Sales Contracts Property sold under a contract of sale shall be carried as Real Estate Sold Under Contract until the contract is paid out or sold. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 708A.195 History: FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-580-0060 BB 13, f. & ef. 3-5-76, Renumbered from 805-024-0140
441-505-3046 Contents of Foreclosure Notices The sender of a notice form required by 2008 Or Laws, ch. 19, § 20 and as amended by 2009 Or Laws ch. 864, § 1 (Enrolled Senate Bill 628) must enter in the form and format adopted by this rule: (1) The statewide telephone contact number for handling consumer queries as 800-SAFENET (800-723-3638) (2) The telephone number of the Oregon State Bar’s Lawyer Referral Service as 503-684-3763; (3) The Oregon State Bar’s Lawyer Referral Service toll-free number as 800-452-7636; (4) The website address of the Oregon State Bar as http://www.osbar.org; (5) The website address for the organization providing more information and a directory of legal aid programs as http://www.oregonlawhelp.org; (6) The toll-free consumer mortgage foreclosure information number as 800-SAFENET (800-723-3638); and (7) Information on federal loan modification programs as http://www.makinghomeaffordable.gov/. Statutory/Other Authority: ORS 86.737 Statutes/Other Implemented: ORS 86.737 History: FCS 13-2011(Temp), f. & cert. ef. 12-15-11 thru 6-12-12 FCS 9-2008, f. 10-15-08, cert. ef. 10-16-08; FCS 6-2009(Temp), f. 8-21-09 thru 2-17-10; FCS 11-2009, f. 12-2-09, cert. ef. 12-7-09
441-505-3050 Guidelines for Exceeding Restrictions on Ownership of Real and Personal Property Used in Business (1) A request for authorization to exceed the limitations of ORS 708A.560 shall contain: (a) Details of the proposal; (b) The reasons relied on for exceeding the limitations; (c) An asset utilization plan which is consistent with the institution’s business plan; and (d) Such additional information required by the Director. (2) The Director shall also consider the capital adequacy, liquidity, profitability, cash flow and management capabilities in determining whether the proposal is prudent and reasonable. Statutory/Other Authority: ORS 708A.560 Statutes/Other Implemented: ORS 708A.560 History: FCS 1-1998, f. & cert. ef. 3-31-98, Renumbered from 441-580-0080 BB 4-1978, f. 7-18-78, cert. ef. 7-20-78, Renumbered from 805-024-0160
441-505-3070 Combining Loans to Separate Borrowers (1) For purposes of ORS 708A.295, the phrase “obligations in the name of one person for the benefit of another person” shall include the following situations: (a) When proceeds of an obligation of a borrower are to be used for the direct benefit of the other person, as defined by OAR 441-505-3075, to the extent of the proceeds so used; or (b) When a common enterprise exists between the borrower and the other person, as defined by OAR 441-505-3080. (2) For the purposes of calculating if the loans and other obligations of a person to an Oregon commercial bank outstanding at any time exceed 15 percent of the Oregon commercial bank’s capital, the Oregon commercial bank shall include or aggregate obligations meeting the requirements under OAR 441-505-3075 or 441-505-3080 with obligations made to a borrower in the borrower’s individual capacity. (3) Obligations that are outstanding prior to the effective date of this rule may be renewed or extended as long as no additional funds, other than those funds the Oregon commercial bank agreed to lend prior to the effective date of this rule, are granted to either person in violation of OAR 441-505-3070 to 441-505-3080. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 708A.295 History: FSR 4-2020, minor correction filed 03/23/2020, effective 03/23/2020 FCS 4-2009, f. & cert. ef. 8-7-09
441-505-3075 Existence of a Direct Benefit (1) The amount of money received from an obligation incurred by a borrower will be considered to be for the direct benefit of another person and will be attributed to the other person when the amount of money received is transferred to another person, or the assets purchased with the money received are transferred to another person. (2) This rule does not apply to bona fide transactions made in good faith where the money received from a loan obligation is used to acquire property, goods, or services. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 708A.295 History: FCS 4-2009, f. & cert. ef. 8-7-09
441-505-3080 Existence of a Common Enterprise A common enterprise will be deemed to exist and obligations of separate borrowers will be aggregated when any of the following occur: (1) When the expected source of repayment for each obligation is the same for each borrower and neither borrower has another source of income from which the obligation (together with the borrower's other obligations) may be fully repaid. An employer will not be treated as a source of repayment under this paragraph because of wages and salaries paid to an employee, unless the standards of section (2) of this rule are met; (2) When obligations are incurred: (a) By borrowers who are related directly or indirectly through common control, including where one borrower is directly or indirectly controlled by another borrower; and (b) Substantial financial interdependence exists between or among the borrowers. “Substantial financial interdependence” exists when 50 percent or more of one borrower's gross receipts or gross expenditures on an annual basis are derived from transactions with the other borrower. Gross receipts and expenditures include gross revenues/expenses, inter-company loans, dividends, capital contributions, and similar receipts or payments; (3) When separate persons borrow from a bank to acquire a business enterprise of which those borrowers will own more than 50 percent of the voting securities or voting interests, in which case a common enterprise is deemed to exist between the borrowers for purposes of combining the acquisition loans; or (4) When the Director determines, based upon an evaluation of the facts and circumstances of particular transactions, that a common enterprise exists. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 708A.295 History: FCS 4-2009, f. & cert. ef. 8-7-09
441-505-3085 Lending Limit Rules for Loans to Partnerships (1) Obligations to a partnership, joint venture, or association are obligations to each member of the partnership, joint venture, or association. This rule does not apply to limited partners in limited partnerships or to members of joint ventures or associations if the partners or members, by the terms of the partnership or membership agreement, are not held generally liable for the obligations or actions of the partnership, joint venture, or association, and those provisions are valid under applicable law. (2)(a) Obligations to members of a partnership, joint venture, or association are not attributed to the partnership, joint venture, or association unless either OAR 441-505-3075 or 441-505-3080 is met. Both 441-505-3075 and 441-505-3080 are met between a member of a partnership, joint venture or association and such partnership, joint venture or association, when obligations are made to the member to purchase an interest in the partnership, joint venture or association. (b) Obligations to members of a partnership, joint venture, or association are not attributed to other members of the partnership, joint venture, or association unless either OAR 441-505-3075 or 441-505-3080 are met. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 708A.295 History: FCS 4-2009, f. & cert. ef. 8-7-09
441-505-3090 Interest Rate Swap Transactions (1) An Oregon bank may engage in interest rate swap transactions and pledge bank assets to counterparties to secure the transactions. (2) The Oregon bank’s aggregate risk exposure, at any time, to each of its counterparties shall not exceed the bank’s legal lending limit. The bank’s risk exposure under an interest rate swap transaction shall be estimated using any of the methods considered acceptable for national banks by the Office of the Comptroller of the Currency. Statutory/Other Authority: ORS 706.790 Statutes/Other Implemented: ORS 706.795 History: FSR 4-2017, f. & cert. ef. 2-1-17 FCS 2-2013, f. & cert. ef. 1-23-13 FCS 5-2012(Temp), f. 8-7-12, cert. ef. 8-8-12 thru 2-4-13
441-505-4010 Exemption for Banking Institutions (1) An exemption is created under ORS 709.030(4) from the trust company certificate of authority and deposit requirements for: (a) A non-Oregon institution or extranational institution when the entities are involved in any activity described in section (2) of this rule; and (b) A non-Oregon institution or extranational institution that indirectly engages in any activity covered in section (2) of this rule because of its beneficial interest in a pool of notes secured by real estate mortgages or trust deeds. (2) The exemption applies to: (a) The taking, acquiring, holding and enforcement of notes secured by real estate mortgages or trust deeds or making commitments to purchase such notes; (b) The foreclosing of mortgages and trust deeds in the courts of this state, acquiring the mortgaged property, holding and operating the property for a period not exceeding five years or disposal of the property. Statutory/Other Authority: ORS 709.030(4)(g) Statutes/Other Implemented: ORS 709.030(4)(g) History: FSR 5-2020, minor correction filed 03/23/2020, effective 03/23/2020 FCS 9-2009, f. 9-15-09, cert. ef. 9-25-09 FCS 6-2007, f. & cert. ef. 10-22-07 FCS 1-1998, f. & cert ef. 3-31-98
441-505-4020 Exemption for Out of State Trust Company An exemption from the trust company certificate of authority and deposit requirements is created under ORS 709.030(4) for an out-of-state trust company that: (1) Has no office in this state; (2) Is regulated in its home state by an authority comparable to the Division of Financial Regulation; and (3) Does not engage in soliciting trust business in Oregon. Statutory/Other Authority: ORS 709.030(4)(g) Statutes/Other Implemented: ORS 709.030(4)(g) History: FSR 10-2019, minor correction filed 07/03/2019, effective 07/03/2019 FCS 6-2007, f. & cert. ef. 10-22-07 FCS 1-1998, f. & cert ef. 3-31-98
441-505-4030 Trust Company Exemption; Court Appointed Fiduciaries (1) As authorized by ORS 709.030(4)(g), an exemption from trust company certificate of authority requirements under 709.005(1) is hereby created for any person appointed as a personal representative, trustee or conservator by a court of competent jurisdiction, provided that the court requires the person to post a bond suitable to the size of the estate for which the appointment is made. (2) As authorized by ORS 709.030(4)(g), an exemption from trust company certificate of authority requirements under 709.005(1) is hereby created for any person appointed as a Personal Representative, as defined in 111.005, or as a Special Administrator as described in 113.005, by a court of competent jurisdiction. Statutory/Other Authority: ORS 706.795 & 709.030 Statutes/Other Implemented: ORS 708A.535 & 709.030 History: FCS 6-2007, f. & cert. ef. 10-22-07 FCS 3-2002, f. & cert. ef. 10-25-02
441-505-6010 Deposits Required by Extranational Institutions (1) The deposit required to be posted by extranational institutions under ORS 713.025(2) shall be: (a) Five percent of the total liability of each office in this state to Oregon based depositors, plus all acceptances, but excluding accrued expenses and amounts due to and other liabilities of offices, branches, agencies and subsidiaries of the extranational institution; and (b) An additional $2,500,000 for the protection of depositors and the public interest. (2) The requirements of subsection (1)(a) shall be adjusted quarterly by the institution with notice to the Director, based on growth or loss of Oregon based deposits for the ending quarter, provided the amount of change is in excess of $25,000. Statutory/Other Authority: ORS 713.025 Statutes/Other Implemented: ORS 713.025(2) History: FCS 1-1998, f. & cert ef. 3-31-98
441-646-0010 Definitions As used in ORS 646A.600 to 646A.628 and this division 646, unless the context requires otherwise: (1) “Continuing violation” means the same activity extending longer than one day that violates the Oregon Consumer Identity Theft Protection Act. (2) “Harm,” for purposes of the notification requirement, is limited to monetary loss. Statutory/Other Authority: ORS 646A.626 Statutes/Other Implemented: ORS 646A.604 & 646A.624 History: FCS 10-2008, f. & cert. ef. 11-5-08
441-646-0020 Expenses of Providing Notification (1) A person may calculate the expenses of providing notification by including reasonable and necessary expenses for: (a) Staff time to generate a contact list of affected consumers; (b) Paper to be used to print the notice; (c) Printing or photocopying costs; (d) Envelopes to be used to mail the notice; and (e) First-class postage. (2) A person may not include the following costs to calculate the expenses of providing notification: (a) Attorney fees to draft or review the notice; or (b) Toll-free telephone line to be made available to consumers with additional questions. Statutory/Other Authority: ORS 646A.626 Statutes/Other Implemented: ORS 646A.604 History: FCS 10-2008, f. & cert. ef. 11-5-08