justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 723 — Credit Unions

ORS 723.032. Places of business; mobile facilities. (1) A credit union may establish a place of business or change the credit unions 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 (3)(a) may operate in this state or in other states. Mobile facilities of a credit union that have the membership described in ORS
ORS Chapter 723 — Credit Unions

ORS 723.042. Interstate credit unions. (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; (e) The field of membership of the credit union meets the definition of membership as defined in ORS 723.172; (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.
ORS Chapter 723 — Credit Unions

ORS 723.060. [Amended by 1971 c.681 2; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.070. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.080. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.090. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.100. [Amended by 1955 c.550 3; repealed by 1975 c.652 88] REGULATORY AUTHORITY
ORS Chapter 723 — Credit Unions

ORS 723.102. Rulemaking authority. 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.
ORS Chapter 723 — Credit Unions

ORS 723.106. Reports; late filing penalty; rules. (1) Credit unions shall report to the Director of the Department of Consumer and Business Services annually by a date established by the director on forms supplied and in the manner specified by the director for that purpose. Additional reports may be required. (2) A civil penalty in an amount to be established by rule of the director, but not to exceed $1,000 for each day a report is in arrears shall be levied against the offending credit union unless it is excused for cause by the director.
ORS Chapter 723 — Credit Unions

ORS 723.110. [Amended by 1971 c.681 3; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.112. Examinations. (1) The Director of the Department of Consumer and Business Services shall examine each credit union to determine its condition and whether the credit union is complying with the laws of this state and such other matters as the director may prescribe. For the purpose of conducting an examination or any part thereof, the director may employ an independent consultant determined by the director as qualified to conduct examinations. Except as provided in subsection (3) of this section, examinations under this subsection must be conducted not less frequently than 24 months apart. (2) For purposes of an examination under subsection (1) of this section: (a) Each credit union and all of its officers and agents shall be required to give to representatives of the director full access to all of the credit unions books, papers, securities, records and other sources of information under their control. (b) The director may subpoena witnesses, administer oaths, compel the giving of testimony and require the submission of documents. (3) Instead of an examination under subsection (1) of this section, the director may accept an examination or report made by an agency of the United States Government under statutes of the United States. (4) A report of an examination under subsection (1) of this section shall be forwarded to the executive officer of each credit union within 60 days after completion. The report shall contain comments relative to the management of the affairs of the credit union and also as to the general condition of its assets. Within 45 days after the receipt of the report, the directors and supervisory committee members shall meet to consider matters contained in the report and shall report in writing to the director on the manner in which the credit union is complying or will comply with the directors recommendations.
ORS Chapter 723 — Credit Unions

ORS 723.114. Annual fees paid by credit unions; rules. (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 directors duties; (b) The costs the director will incur in performing the directors 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.
ORS Chapter 723 — Credit Unions

ORS 723.116. Records; rules. A credit union shall maintain all books, records, accounting systems and procedures in accordance with such rules as the Director of the Department of Consumer and Business Services from time to time prescribes. In prescribing such rules, the director shall consider the relative size of a credit union and its reasonable capability of compliance.
ORS Chapter 723 — Credit Unions

ORS 723.122. Bond or letter of credit; rules. (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, 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 unions 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 unions 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 unions 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 unions 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.
ORS Chapter 723 — Credit Unions

ORS 723.126. Enforcement actions. 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.
ORS Chapter 723 — Credit Unions

ORS 723.132. Order to remove officer, director or committee member. The Director of the Department of Consumer and Business Services by order may direct a credit union to remove any officer, director or committee member of the credit union for any reason stated in ORS 723.014.
ORS Chapter 723 — Credit Unions

ORS 723.134. Receipt of deposits from person not a member of credit union; secondary capital accounts; rules. (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 for the purposes of ORS 723.631 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.
ORS Chapter 723 — Credit Unions

ORS 723.156. Exercise of powers of federal credit union. (1) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may exercise any of the powers that were available to a federal credit union as of January 1, 2022. At least 45 days before exercising a power under this subsection, a credit union shall provide to the Director of the Department of Consumer and Business Services written notice of the credit unions intent to exercise the power. The notice must describe the power and specify the statutory or regulatory authority or other legal basis for the federal credit union power the credit union intends to exercise. (2) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may, after obtaining approval from the director and subject to any limitations the director prescribes, exercise any of the powers conferred after January 1, 2022, upon a federal credit union that does business in this state and that is subject to the regulations of the administrator of the National Credit Union Administration or the successor or successors of the administrator, or any of the powers conferred on a credit union that is chartered under the laws of another state and does business in this state, if the director finds that exercising the powers: (a) Serves the public and members convenience and advantage; and (b) Equalizes and maintains the quality of competition among credit unions chartered under the laws of this state, of another state and under federal law. [1975 c.652 17; 1991 c.635 6; 1997 c.832 3; 2013 c.480 2; 2017 c.35 4; 2019 c.45 2; 2021 c.125 1] MEMBERSHIP
ORS Chapter 723 — Credit Unions

ORS 723.176. Business and nonbusiness organizations as members. Business and nonbusiness organizations composed of individuals who are eligible for membership, or whose employees are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals.
ORS Chapter 723 — Credit Unions

ORS 723.182. Other credit unions as members. Any credit union organized under the laws of this state may permit membership of any other credit union organized under the laws of this state, of any other state or of the United States.
ORS Chapter 723 — Credit Unions

ORS 723.184. State deemed member with respect to deferred compensation deposits; restrictions on membership. 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. 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.
ORS Chapter 723 — Credit Unions

ORS 723.186. Members who leave field of membership. A member who leaves the credit unions field of membership may be permitted to retain the members membership in the credit union.
ORS Chapter 723 — Credit Unions

ORS 723.192. Individual liability. The members of the credit union shall not be personally or individually liable for the payment of the debts of the credit union.
ORS Chapter 723 — Credit Unions

ORS 723.196. Meeting of members; mail or electronic ballots. (1) The annual meeting and any special meetings of the members of the credit union shall be held at the time and in the manner indicated by the bylaws. (2) At meetings described in subsection (1) of this section, a member has one vote, irrespective of the amount of that members shareholdings. A member may not vote by proxy, but a member may vote by mail or electronic ballot if allowed by the bylaws of the credit union. The board of directors shall establish procedures to safeguard the confidentiality and integrity of the voting process. As used in this subsection, electronic has the meaning given that term in ORS 84.004. (3) The board may establish a minimum age as a qualification of eligibility to vote at meetings of the members.
ORS Chapter 723 — Credit Unions

ORS 723.202. Withdrawal and expulsion of members; request for reinstatement. (1) Subject to subsection (2) of this section, a credit union may expel any member of the credit union who: (a) Has not carried out the members engagements with the credit union; (b) Creates an undue risk of loss to the credit union, as determined in accordance with the bylaws of the credit union; (c) Has been convicted of a criminal offense; (d) Fails to comply with the provisions of this chapter or of the credit unions articles, bylaws or policies; (e) Threatens, harasses or abuses any member, employee, board or committee member or agent of the credit union; or (f) Habitually neglects to pay the members debts or becomes insolvent or bankrupt. (2) A credit union that expels a member shall inform the member in writing of the reasons for the expulsion and give the expelled member reasonable opportunity to request the credit unions board of directors to reinstate the member. Members of a credit union who withdraw or are expelled shall not be relieved of any liability to the credit union. The amounts paid in on shares or deposited by such members, together with any dividends credited to their shares and any interest which has accrued on their deposits, shall be repaid to them in the order of their withdrawal or expulsion, as funds become available therefor, but the credit union may deduct from such payments any sums due to the credit union from such members.
ORS Chapter 723 — Credit Unions

ORS 723.210. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.220. [Repealed by 1959 c.106 23]
ORS Chapter 723 — Credit Unions

ORS 723.250. [Amended by 1959 c.106 9; 1967 c.279 4; 1971 c.681 8; 1973 c.147 1; repealed by 1975 c.652 88] DIRECTION OF AFFAIRS
ORS Chapter 723 — Credit Unions

ORS 723.252. Election of directors and appointment of credit committee and credit manager. (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 unions members in the manner provided in the credit unions 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.
ORS Chapter 723 — Credit Unions

ORS 723.256. Record of board and committee members. Within such time as the Director of the Department of Consumer and Business Services may establish, a record of the names and addresses of the members of the board, committees and all officers of the credit union shall be filed with the director on forms provided and in the manner prescribed by the director.
ORS Chapter 723 — Credit Unions

ORS 723.260. [Amended by 1959 c.106 10; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.262. Vacancies. (1) Subject to subsection (2) of this section, the board of directors may fill any vacancies occurring in the board until successors elected at the next annual meeting have qualified. (2) If a vacancy occurring in the board reduces the number of directors to five or fewer, the board shall fill the vacancy until a successor elected at the next annual meeting has qualified. (3) The board shall also fill vacancies in the credit and supervisory committees or in the office of credit manager.
ORS Chapter 723 — Credit Unions

ORS 723.266. Compensation of officials. A credit union may pay to the credit unions directors, supervisory committee members or members of other committees established by the board of directors or pursuant to bylaws reasonable compensation for service as directors or committee members. A credit union may reimburse directors or committee members while the directors or committee members are on official business for necessary expenses incidental to performing the official business.
ORS Chapter 723 — Credit Unions

ORS 723.270. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.272. Conflicts of interest. 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.
ORS Chapter 723 — Credit Unions

ORS 723.276. Executive officers. (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.
ORS Chapter 723 — Credit Unions

ORS 723.282. Authority of directors. The board of directors shall have the general direction of the business affairs, funds and records of the credit union.
ORS Chapter 723 — Credit Unions

ORS 723.286. Executive committee. 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.
ORS Chapter 723 — Credit Unions

ORS 723.290. [Amended by 1959 c.106 12; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.292. Meetings of directors; rules. 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.