justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 708a — Regulation of Institutions

ORS 708a.505. Discharge of institution from liability for payments made; conditions. A payment that an insured institution makes under ORS 708A.485, 708A.490, 708A.495 or 708A.500 discharges the insured institution from all claims for amounts the insured institution paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees or beneficiaries, or successors of the parties, P.O.D. payees or beneficiaries. The protection given by this section does not extend to payments an insured institution makes after receiving a written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the person that gives the notice withdraws the notice, the successor of any deceased party must concur in any demand for withdrawal in order for the protections that this section provides to extend to the insured institution. Any other notice or information shown to have been available to an insured institution does not affect the insured institutions right to protection under this section. The protection that this section provides does not affect the rights of parties in disputes between the parties or the parties successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.510. Right of institution to setoff; amount. Without qualifying any other statutory or common law right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to an insured institution, the insured institution has a right to setoff against the account in which the party has or had a present right of withdrawal immediately before the partys death. The amount of the account that is subject to setoff is the proportion to which the debtor is, or was immediately before the death of the debtor, beneficially entitled and, in the absence of proof of net contributions, to an equal share with all parties that have present rights of withdrawal.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.535. Granting security interests in institution assets. (1) An institution may only grant security interests in its assets: (a) To secure its indebtedness to a Federal Reserve Bank or Federal Home Loan Bank. (b) To secure its borrowings from others with a maturity of 90 days or less, provided the value of the assets pledged shall not be more than 50 percent greater than the amount borrowed. If the value of the assets pledged is more than 25 percent greater than the amount borrowed or if the amount borrowed is greater than the stockholders equity of the bank, the transaction shall first be approved in writing by the Director of the Department of Consumer and Business Services. (c) To secure its deposits that are not insured by the Federal Deposit Insurance Corporation provided: (A) The value of aggregate assets pledged does not exceed 20 percent of its stockholders equity; and (B) The prior written approval of the director is obtained. (d) To secure public funds pursuant to ORS 295.001 to 295.108, trust funds awaiting investment or distribution, or trust funds deposited with it by an institution. (2) Notwithstanding any other provision of state law, when an institution grants a security interest in assets to secure public funds, the depositor of the public funds and any bailee of pledged securities or other assets shall be entitled to the status of a lien creditor as defined in ORS 79.0102. (3) An institution shall grant a security interest in its assets only when authorized by a general or specific prior resolution of its board of directors. (4) As used in this section, public funds means deposits belonging to: (a) The State of Oregon that may be deposited to the official credit of the State Treasurer, and funds that may be deposited in an official capacity by any state officer, board or commission. (b) Any county within this state deposited to the official credit of the county treasurer, including the funds of any irrigation or drainage district organized under the laws of this state, or any school district within this state where funds of the school district are deposited with the county treasurer, and funds that may be deposited in an official capacity by any county officer. (c) Any port, port commission, dock or dock commission within this state that may be deposited to the credit of the port, port commission, dock or dock commission, or the treasurer thereof. (d) Any city within this state deposited to the official credit of the city treasurer, and funds that may be deposited in an official capacity by any officer of any municipal corporation. (e) Any school district within this state. (f) Any district organized under the laws of this state with the power to levy taxes. (g) Any housing authority organized and operating pursuant to ORS 456.055 to 456.235. (h) The United States and any of its agencies and instrumentalities to be deposited in the manner and under the rules prescribed by the United States Government. [1997 c.631 185; 2001 c.445 180; 2007 c.871 31] REGULATORY ACCOUNTING
ORS Chapter 708a — Regulation of Institutions

ORS 708a.555. Generally accepted accounting principles. Except as otherwise provided in the Bank Act or other applicable law, institutions shall keep books and records in accordance with accounting principles generally accepted in the United States (GAAP), consistently applied.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.560. Real and personal property used in institutions business. (1) Real estate, furniture, fixtures, vaults and safe deposit boxes necessary or convenient for the operation of an institutions business shall be carried on the books of the institution in an amount not to exceed 50 percent of its capital, as defined in ORS 708A.290. (2) Within guidelines established by rules promulgated under ORS 183.310, 183.315, 183.330, 183.335 and 183.341 to 183.410 the Director of the Department of Consumer and Business Services may authorize an institution to exceed the limitations prescribed in this section. (3) Personal property acquired for lease to others in accordance with ORS 708A.180 is not subject to the limitations of this section.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.565. Certain stock. An institution shall carry on the institutions books, at a value that does not exceed 15 percent of the stockholders equity in the institution, any investments in stock of or membership interests in a company that engages in activities in which a financial holding company, a bank holding company or a nonbanking subsidiary of a financial holding company or bank holding company could engage under ORS 708A.120 (4).
ORS Chapter 708a — Regulation of Institutions

ORS 708a.570. Community development corporations. Investments in community development corporations under ORS 708A.150 must be accounted for on an institutions books as other assets. If the community development corporation is organized under the Oregon Nonprofit Corporation Law, the stock of the corporation purchased by the institution, or the institutions membership in the corporation if it does not issue stock, shall be carried on the books of the institution at a value not exceeding $1.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.575. Market-making corporations. An institution shall carry on the institutions books, at a value that does not exceed $1, any investments in a corporation or limited liability company that is engaged in the business of purchasing the institutions stock for purposes of holding and making a market for the stock.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.580. Capital-strengthening corporations. (1) An institution may not carry on the institutions books, at a value in excess of 20 percent of the institutions capital, the aggregate amount of stock of or membership interests in a corporation or limited liability company the institution acquired under ORS
ORS Chapter 708a — Regulation of Institutions

ORS 708a.585. Claims and judgments as assets. An institution may not carry claims against the estates of insolvent persons or deceased or incompetent persons and judgments against any person as an asset on the institutions books for more than two years, unless the Director of the Department of Consumer and Business Services grants a written extension of time. This section does not apply to loans an institution makes to the personal representative, guardian, conservator or trustee of any estate.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.590. Charging off real estate assets; use of generally accepted accounting principles. (1) An institution that owns or holds any real estate other than as permitted in the Bank Act shall immediately charge the book value of the real estate to profit and loss or otherwise remove the real estate from the institutions books. (2) An institution shall at all times value and record on the institutions books and records, in accordance with generally accepted accounting principles, real estate that the institution owns or holds in accordance with ORS 708A.175 (3) or (4).
ORS Chapter 708a — Regulation of Institutions

ORS 708a.595. Charging off personal property assets. An institution may not carry goods, as defined in ORS 79.0102, and chattels, as defined in ORS 87.142, that the institution owns on account of collecting the institutions debts on the institutions books for more than two years after acquiring the goods or chattels, unless the Director of the Department of Consumer and Business Services extends the two-year period.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.600. Charging off losses. An institution shall charge off all debts: (1) On which interest is past due and unpaid for 12 months, unless the debt is fully secured and in process of collection; (2) That an examiner has classified as a loss; or (3) Upon the instruction of the Director of the Department of Consumer and Business Services.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.605. Separate accounts for foreign branches. An institution shall maintain the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office. At the end of each year, the profit or loss accrued at each branch shall be transferred to the general ledger as a separate item. [1997 c.631 196] OTHER PROVISIONS (Miscellaneous)
ORS Chapter 708a — Regulation of Institutions

ORS 708a.630. Negligent, excessive, dishonest or unlawful loans; civil liability of officer, director or employee. Any officer, director or employee of an institution who knowingly or negligently loans the funds of the institution in a dishonest or unlawful manner or permits the funds of the institution to be so loaned, is liable for the full amount of the loan and for all damages that the institution, its stockholders or any other person has sustained in consequence thereof. The liability for the loan continues until the loan, with interest, is paid in full without loss to the institution. The amount of the liability may be collected by suit or action without first attempting to collect from the debtor.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.635. Written policies regarding reporting to and obtaining approval of board; duty to report. Institutions shall develop written policies regarding the types of matters that shall be reported to and approved by the institutions board of directors. An officer, director or employee of an institution shall not conceal from or fail to report to the board of directors of the institution any such matter.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.640. Receiving illegal compensation; misapplication of property and credit. (1) An officer, director, agent or employee of an institution shall not ask for, receive or agree to receive any money, property or thing of value or of personal advantage, for: (a) Procuring or endeavoring to procure for any person any loan from, or the purchase or discount of any paper, note, draft, check or bill of exchange by, the institution. (b) Permitting any person to overdraw any account with the institution. (2) An officer, director, stockholder, employee or agent of an institution shall not abstract or willfully misapply any of the property of the institution, or willfully misapply its credit.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.645. Illegal guaranty or indorsement. An officer, director or employee of an institution shall not make or deliver any guaranty or indorsement on behalf of the institution whereby the institution becomes liable upon any of its discounted notes, bills or obligations, in any sum beyond the amount of loans and discounts that the institution may legally make.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.670. Definitions for ORS 708A.670 and 708A.675. As used in this section and ORS
ORS Chapter 708a — Regulation of Institutions

ORS 708a.680. Contractual rights not restricted. The authority granted to financial institutions under ORS 708A.675 is in addition to and not in lieu of any right a financial institution may have under the financial institutions deposit or other contract with the financial institutions customer. Nothing in ORS
ORS Chapter 708a — Regulation of Institutions

ORS 708a.990. Civil penalties. (1) An institution that violates ORS 708A.560 shall forfeit a civil penalty in an amount the Director of the Department of Consumer and Business Services determines that is not more than $50,000. (2) An Oregon commercial bank that violates ORS 708A.420 shall forfeit a civil penalty in an amount the director determines that is not more than $10,000. In addition, the director may revoke the Oregon commercial banks charter. (3) All money forfeited under subsections (1) and (2) of this section shall be paid to the State Treasurer for deposit in the Consumer and Business Services Fund. (4) The director may recover a civil penalty as provided in ORS 706.980.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.995. Criminal penalties. Violation knowingly of any of the provisions of ORS 708A.635 is a Class C felony. [1997 c.631 202] _______________
ORS Chapter 723 — Credit Unions

ORS 723.001. Definitions. As used in this chapter, unless the context requires otherwise: (1) Assets means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union. (2) Capital means a credit unions reserves, undivided earnings and allowances for loan loss. (3) Corporate central credit union means a cooperative organization whose members consist primarily of other credit unions and whose purposes are: (a) To accumulate and prudently manage the liquidity of its member credit unions through interlending and investment services; (b) To act as an intermediary for member credit unions to the payment systems and facilitate funds transfers between its member credit unions and other financial institutions or their agents; (c) To obtain liquid funds from other credit union organizations, financial intermediaries and other sources; and (d) To perform such other financial services that benefit its member credit unions and that are authorized in writing by the Director of the Department of Consumer and Business Services. (4) Department means the Department of Consumer and Business Services. (5) Director means the Director of the Department of Consumer and Business Services. (6) Equity means a credit unions reserves and undivided earnings. (7) Home state means the state in which the credit union is chartered. (8) Host state means the state in which a credit union conducts business, but that is not the home state. (9) Interstate credit union means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating in this state and in one or more other states. (10) Official means any of the following: (a) An individual who is or was a director or officer of the credit union; or (b) An individual who is or was a member of a credit unions credit committee or supervisory committee. (11) Regular reserve means an irrevocable reserve set aside to cover losses.
ORS Chapter 723 — Credit Unions

ORS 723.002. Short title. This chapter shall be known and may be cited as the Oregon Credit Union Act.
ORS Chapter 723 — Credit Unions

ORS 723.006. Credit union defined. A credit union is a cooperative, nonprofit association, incorporated under the laws of this state, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition.
ORS Chapter 723 — Credit Unions

ORS 723.008. Credit union defined for ORS 723.136 and 723.464 to 723.498. As used in ORS
ORS Chapter 723 — Credit Unions

ORS 723.010. [Amended by 1955 c.550 1; repealed by 1975 c.652 88] FORMATION
ORS Chapter 723 — Credit Unions

ORS 723.012. Organization procedure; articles of incorporation; bylaws; fee; rules. (1) Any seven or more residents of this state or another appropriate jurisdiction, of legal age, who have a common bond referred to in ORS 723.172 may organize a credit union and become charter members thereof by complying with this section. (2) The incorporators shall execute the documents, including the articles of incorporation, required by the Director of the Department of Consumer and Business Services to apply for a credit union charter. The articles shall state: (a) The name, which shall include the words credit union and which shall not be the same as that of any other existing credit union in this state. (b) The location where the proposed credit union is to have its principal place of business. (c) The par value, if any, of the shares of the credit union shall be defined in the bylaws. (d) The full name, residence and post-office address of each of the incorporators. (e) The number of its directors, which shall not be less than five, and the names of the incorporators who shall be its directors until the first annual meeting of shareholders. (f) The number of members of the supervisory committee, which shall not be less than three, and the name, residence and post-office address of the persons who are to serve as members until the first meeting of directors. (3) The incorporators shall prepare and adopt bylaws for the general government of the credit union, which shall be consistent with this chapter. (4) The incorporators shall forward the articles of incorporation and the bylaws to the Director of the Department of Consumer and Business Services, together with a filing fee in an amount that the director sets by rule. The director shall issue a certificate of approval if the articles and the bylaws are in conformity with this chapter and the director is satisfied that the ability of the proposed credit union to operate successfully is favorable. The director shall return a copy of the bylaws and the articles to the applicants or their representatives, which shall be preserved in the permanent files of the credit union. The application shall be acted upon by the director within 60 days. (5) The subscribers for a credit union charter shall not transact any business until formal approval of the articles and bylaws has been received.
ORS Chapter 723 — Credit Unions

ORS 723.014. Denial of certificate of approval. The Director of the Department of Consumer and Business Services may not issue a certificate of approval under ORS 723.012 if a person named in the articles of incorporation submitted for approval: (1) Is insolvent or bankrupt; (2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession; (3) Has willfully or repeatedly violated or failed to comply with a provision of the Oregon Bank Act, the Oregon Credit Union Act, the Oregon Consumer Finance Act, the Oregon Securities Law, the Oregon Mortgage Lender Law or the Pawnbrokers Act, or an administrative rule or order adopted under an Act identified in this subsection; (4) Has been convicted of a crime, an essential element of which is fraud; (5) Is not qualified to conduct a credit union business on the basis of such factors as training, experience and knowledge of the business; (6) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the credit union business; (7) Is the subject of an order of the director subjecting the person to a civil penalty, or removing the person from an office in any entity regulated by the director; or (8) Is the subject of an order that was issued by the regulatory authority of another state, or of the federal government, with authority over banking institutions, credit unions, consumer finance companies, savings associations, securities firms or mortgage lenders, that was entered within the past five years and that subjects the person to a civil penalty or removes the person from an office in a state banking institution, a national bank, a state or federal credit union, a state or federal savings association or a consumer finance company, or from a position as a securities broker or dealer, a state or federal investment adviser or a mortgage lender.
ORS Chapter 723 — Credit Unions

ORS 723.016. Form of articles and bylaws. In order to simplify the organization of credit unions, the Director of the Department of Consumer and Business Services shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. The articles of incorporation and bylaws shall be available without charge to persons desiring to organize a credit union.
ORS Chapter 723 — Credit Unions

ORS 723.020. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.022. Amendment of articles and bylaws; fee; rules. (1) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Director of the Department of Consumer and Business Services, together with a fee established by rule of the director. (2) Amendments to articles of incorporation are effective upon approval in writing by the director. (3) Amendments to bylaws submitted to the director in accordance with subsection (1) of this section become effective 30 days after submission, unless the director, within that time, notifies the submitter in writing that the director either disapproves the amendments or requires submission of additional information. If the director requires submission of additional information, the amendments become effective 30 days after the date the information is submitted, unless the director disapproves the amendments within that time.
ORS Chapter 723 — Credit Unions

ORS 723.026. Use of name exclusive; criminal penalty. With the exception of a credit union organized under this chapter or of any other credit union act, or an association of credit unions or a recognized chapter thereof, any person using a name or title containing the words credit union or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union shall be fined not more than $500 or imprisoned not more than one year, or both, and may be permanently enjoined from using such words in its name.
ORS Chapter 723 — Credit Unions

ORS 723.030. [Amended by 1973 c.414 1; repealed by 1975 c.652 88]