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

ORS 723.490. P.O.D. account; payment to any original party; payment to others. Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the credit union of proof of death showing that the P.O.D. payee survived all persons named as original parties. Payment may be made to the personal representative or heirs of a deceased original party if proof of death is presented to the credit union showing that the decedent was the survivor of all other persons named on the account either as an original party or as a P.O.D. payee.
ORS Chapter 723 — Credit Unions

ORS 723.492. Trust account; payment to trustee; payment to others. Any trust account may be paid, on request, to any trustee. Unless the credit union has received written notice that the beneficiary has a vested interest not dependent upon the beneficiary surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the credit union showing that the decedent survived all other persons named on the account as either trustee or beneficiary. Payment may be made, on request, to the beneficiary upon presentation to the credit union of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.
ORS Chapter 723 — Credit Unions

ORS 723.494. Discharge of credit union for payments made; conditions. Payment made pursuant to ORS 723.486, 723.488, 723.490 or 723.492 discharges the credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account between parties, P.O.D. payees or beneficiaries, or their successors. The protection given by this section does not extend to payments made after a credit union has received written notice from any party able to request present payment that states that withdrawals in accordance with the terms of the account should not be permitted. Unless the notice is withdrawn by the person giving it, the successor of any deceased party must concur in any demand for withdrawal if the credit union is to be protected under this section. No other notice or any other information shown to have been available to a credit union shall affect its right to the protection provided by this section. The protection provided by this section shall have no bearing on the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of funds in or withdrawn from multiple-party accounts.
ORS Chapter 723 — Credit Unions

ORS 723.496. Right of credit union 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 a credit union, the credit union has a right to setoff against the account in which the party has or had immediately before the death of the party a present right of withdrawal. The amount of the account subject to setoff is that 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 having present rights of withdrawal.
ORS Chapter 723 — Credit Unions

ORS 723.498. Designation of agent for account; powers of agent. Nothing in ORS
ORS Chapter 723 — Credit Unions

ORS 723.502. corporate central credit union and a member may agree in writing on the rate of interest that shall be charged on such loans. (5) A corporate central credit union may issue membership capital share accounts as provided by rule. [1977 c.628 2; 1981 c.192 41; 1981 c.256 1; 1985 c.206 3; 1995 c.319 6; 1997 c.832 8; 1999 c.185 54] TAXATION
ORS Chapter 723 — Credit Unions

ORS 723.506. Application. Every application for a loan shall be made in the form prescribed by the credit committee, credit manager or loan officer. The application shall state the security, if any offered. Each loan shall be evidenced by a written document.
ORS Chapter 723 — Credit Unions

ORS 723.512. Loan limit; exception. (1) A credit union may not make a loan to any member in an aggregate amount that exceeds $100,000, or 15 percent of the credit unions equity, whichever is greater. In determining the amount of loans to be made to a member, loans for which that member is a guarantor or surety must be included, as well as loans to persons who are not individuals if the individual member is a principal or owner of the person who is not an individual or the loan is for that members benefit. (2) The restrictions in subsection (1) of this section do not apply to any loan that is fully guaranteed by shares or deposits.
ORS Chapter 723 — Credit Unions

ORS 723.516. Installments. A member may receive a loan in installments, or in one sum, and may pay the whole or any part of the members loan on any day on which the office of the credit union is open for business.
ORS Chapter 723 — Credit Unions

ORS 723.520. [Repealed by 1959 c.106 23]
ORS Chapter 723 — Credit Unions

ORS 723.522. Line of credit. The credit committee, credit manager, or loan officer may approve in advance upon their own motion or upon application by a member, a line of credit, and advances may be granted to such member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such extension of credit.
ORS Chapter 723 — Credit Unions

ORS 723.526. Other loan programs. (1) Loans to credit union members may be shared with other credit unions, corporations or financial organizations. (2) A credit union may participate in guaranteed loan programs of the federal government, the State of Oregon or any other state. (3) A credit union may purchase the conditional sales contracts, notes and similar instruments of its members. (4) A credit union may purchase the leases of its members if the leases satisfy the requirements of ORS 723.152 (9).
ORS Chapter 723 — Credit Unions

ORS 723.536. Loans to nonmembers; personal liability. Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a nonmember of the credit union shall be primarily liable to the credit union for the amount thus illegally loaned. The illegality of such loan shall be no defense in any action by the credit union to recover the amount loaned.
ORS Chapter 723 — Credit Unions

ORS 723.540. [Repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.550. [Amended by 1959 c.106 22; repealed by 1975 c.652 88]
ORS Chapter 723 — Credit Unions

ORS 723.560. [Repealed by 1975 c.652 88] INSURANCE AND GROUP PURCHASING
ORS Chapter 723 — Credit Unions

ORS 723.572. Insurance for members. (1) A credit union may purchase or make available life savings, loan protection and other forms of insurance for its members in amounts related to their respective ages, shares, deposits or loan balances or to any combination of them. (2) A credit union may enter into cooperative marketing arrangements to facilitate its members voluntary purchases of insurance.
ORS Chapter 723 — Credit Unions

ORS 723.576. Liability insurance for director, officer, employee or agent. A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such person and incurred by such person in any such capacity or arising out of such persons status as such, whether or not the credit union would have the power to indemnify such person against such liability.
ORS Chapter 723 — Credit Unions

ORS 723.582. Share and deposit insurance. (1) Each credit union shall secure insurance on shares and deposits from the National Credit Union Administration under the Federal Credit Union Act or its successor, or from any other insuring organization that provides comparable coverages and is approved by the Director of the Department of Consumer and Business Services. Any one share of a member, as designated in the bylaws of the credit union, may be excluded from the requirement for insurance. (2) The director may make available condition and examination reports to the appropriate insuring organization and may accept any report of examination made by such organization. The director may appoint the appropriate insuring organization as liquidating agent of an insured credit union.
ORS Chapter 723 — Credit Unions

ORS 723.586. Group purchasing. A credit union may enter into cooperative marketing arrangements to facilitate its members voluntary purchases of such goods and services as are in the interest of improving economic and social conditions of the members. Said investment shall not exceed one percent of the credit unions assets. Notwithstanding any other provision of law, the taxable income from such activities which are conducted by the credit union shall be subject to tax pursuant to ORS 317.920. [1975 c.652 63; 1983 c.162 56; 1999 c.185 47] INVESTMENTS
ORS Chapter 723 — Credit Unions

ORS 723.602. Investment of funds; rules. A credit union may invest funds not used in loans to members in: (1) Securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or an agency of the United States or in a trust or trusts established directly or collectively in the securities, obligations or instruments described in this subsection. (2) Obligations of a state of the United States, the agencies or instrumentalities of the federal government, the District of Columbia, the Commonwealth of Puerto Rico and the several territories organized by Congress, or a political subdivision of a state, district, commonwealth or territory identified in this subsection. (3) Certificates of deposit or passbook type accounts issued by a state or national bank, mutual savings bank or savings and loan association. (4) Loans to or in shares or deposits of other credit unions. (5) Stocks, membership units or other ownership interests in, or loans to, a corporation, limited liability company or mutual association in an aggregate amount not to exceed five percent of assets, if: (a) The purposes for which the corporation, limited liability company or mutual association is organized are primarily to service or otherwise assist credit union operations; or (b) The corporation, limited liability company or mutual association provides goods or services associated with the routine operations of the credit union, the investment or loan is reasonably related to the credit unions use or potential use of the goods or services provided, the investment or loan is made in accordance with any rules governing such investments or loans as may be adopted by the Director of the Department of Consumer and Business Services and the credit union receives prior approval for the investment or loan from the director. (6) Shares of a credit union cooperative society organized under the laws of this state or of the laws of the United States in a total amount not exceeding one percent of the shares, deposits and surplus of the credit union. (7) Loans to a national or state credit union association or corporation of which the credit union is a member, except that the loans must be limited to not more than five percent of the assets of the credit union. (8) Other investments the Director of the Department of Consumer and Business Services approves by rule or order. [1975 c.652 64; 1987 c.286 11; 1999 c.185 48; 2005 c.95 9; 2011 c.327 4; 2021 c.125 3; 2023 c.57 4] RESERVE ALLOCATIONS
ORS Chapter 723 — Credit Unions

ORS 723.631. Regular reserve; reserve for loan losses; rules. (1) A credit union shall establish and maintain a regular reserve for contingencies. The Director of the Department of Consumer and Business Services may adopt rules prescribing: (a) Minimum net worth requirements for credit unions; and (b) Actions a credit union must take when the net worth of the credit union falls below the applicable minimum net worth requirement. (2) In addition to the regular reserve required in subsection (1) of this section, a credit union shall establish a reserve for loan losses in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board or a successor organization.
ORS Chapter 723 — Credit Unions

ORS 723.636. Charges to regular reserve. (1) Subject to subsection (2) of this section, the board of directors of a credit union may authorize losses to be charged to the regular reserve after first depleting the balance of the undivided earnings account and other appropriations of undivided earnings designated by the management of the credit union or by the regulatory authorities. (2) An authorization may be made under subsection (1) of this section only if the charge will not cause the net worth of the credit union to fall below any minimum net worth requirement prescribed by the Director of the Department of Consumer and Business Services under ORS 723.631. The authorization must state the amount charged to the regular reserve and include an explanation of the need for the charge. (3) Upon application of a credit union, the director may approve a charge to the regular reserve that will cause the net worth of the credit union to fall below any minimum net worth requirement prescribed by the director under ORS 723.631.
ORS Chapter 723 — Credit Unions

ORS 723.646. Special reserves; purpose. (1) In addition to the regular reserve established under ORS 723.631, special reserves to protect the interest of members shall be established, as provided in this section: (a) When required by rule; or (b) When found by the board of directors of the credit union or by the Director of the Department of Consumer and Business Services, or if the members accounts are insured by the National Credit Union Administration, the Administrator of the National Credit Union Administration, in any special case, to be necessary for that purpose. (2) Special reserves belong to the credit union and shall be used to provide liquidity for the credit union. A credit union may not pay regular or special dividends from the special reserve. [1975 c.652 68; 1981 c.192 40; 1995 c.319 4] CHANGE IN CORPORATE STATUS
ORS Chapter 723 — Credit Unions

ORS 723.672. Suspension; revocation of charter. (1) If it appears that any credit union is bankrupt or insolvent, or that it has willfully violated any provision of this chapter, or is operating in an unsafe or unsound manner, the Director of the Department of Consumer and Business Services shall issue an order temporarily suspending the credit unions operations for not less than 30 nor more than 60 days. The board of directors shall be given notice by registered mail or by certified mail with return receipt of such suspension, and a list of the specific violations of this chapter. (2) Upon receipt of the suspension notice, the credit union shall cease all operations, except those authorized by the director. The board of directors shall then file with the director a reply to the suspension notice, and may request a hearing to present a plan of corrective actions proposed if it desires to continue operations. The board may request that the credit union be declared insolvent and a liquidating agent be appointed. (3) Upon receipt from the suspended credit union of evidence that the conditions causing the order of suspension have been corrected, the director may revoke the suspension notice and permit the credit union to resume normal operations. (4) If the director, after issuing notice of suspension and providing an opportunity for a hearing, rejects the credit unions plan to continue operations, the director may then revoke the credit unions charter, appoint a liquidating agent and liquidate the credit union. The credit union may request the appropriate court to stay execution of such action. Involuntary liquidation may not be ordered prior to the conclusion of suspension procedures outlined in this section. (5) If, within the suspension period, the credit union fails to answer the suspension notice or request a hearing, the director may then revoke the credit unions charter, appoint a liquidating agent and liquidate the credit union.
ORS Chapter 723 — Credit Unions

ORS 723.676. Liquidation. (1) A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section. (2) The board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily and directing that the question of liquidation be submitted to the members. (3) Within 10 days after the board of directors decides to submit the question of liquidation to the members, the president or chairperson of the board shall notify the Director of the Department of Consumer and Business Services thereof in writing setting forth the reasons for the proposed action. Within 10 days after the members act on the question of liquidation, the president or chairperson of the board shall notify the director in writing as to whether or not the members approved the proposed liquidation. (4) As soon as the board of directors decides to submit the question of liquidation to the members, payment on shares, withdrawal of shares, making any transfer of shares to loans and interest, making investments of any kind and granting loans shall be suspended pending action by members on the proposal to liquidate. On approval by the members of such proposal, all such business transactions shall be permanently discontinued. Necessary expenses of operation shall, however, continue to be paid on authorization of the board of directors or liquidating agent during the period of liquidation. (5) For a credit union to enter voluntary liquidation, approval by a majority of the members in writing or by a two-thirds majority of the members present at a regular or special meeting of the members is required. Where authorization for liquidation is to be obtained at a meeting of the members, notice in writing shall be given to each member by first class mail to the members last-known address at least 10 days prior to such meeting. (6) A liquidating credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets and doing all acts required in order to wind up its business and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted. (7) The board of directors or the liquidating agent shall use the assets of the credit union to pay: First, expenses incidental to liquidating including any surety bond that may be required; and, second, any liability due nonmembers. Assets then remaining shall be distributed to the members proportionately to the shares and deposits held by each member as of the date dissolution was voted. (8) As soon as the board of directors or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, they shall execute a certificate of dissolution on a form prescribed by the director and file the same, together with all pertinent books and records of the liquidating credit union, with the director, whereupon such credit union shall be dissolved.
ORS Chapter 723 — Credit Unions

ORS 723.686. Conversion of charter. (1) A credit union chartered under the laws of this state may be converted to a credit union chartered under the laws of the United States, subject to the approval of the National Credit Union Administration. (2) A credit union chartered under the laws of the United States may convert to a credit union chartered under the laws of this state subject to approval of the Director of the Department of Consumer and Business Services. [1975 c.652 72; 1987 c.286 12] CENTRAL CREDIT UNIONS
ORS Chapter 723 — Credit Unions

ORS 723.702. Organization; name. Any central credit union may be organized and operated under this chapter with all the rights and powers of any credit union organized under this chapter, except those granted to a corporate central credit union under ORS 723.730, and shall be subject to all provisions of this chapter not inconsistent with ORS
ORS Chapter 723 — Credit Unions

ORS 723.706. Membership. Membership in a central credit union is limited to: (1) Credit unions organized and operating under this chapter or under any other credit union act. (2) Officers, directors, committee members and employees of such credit unions; officials and employees of any association of credit unions; and employees of federal or state governmental agencies responsible for the supervision of credit unions in this state. (3) Organizations and associations of those persons or organizations enumerated in subsection (1) or (2) of this section. (4) Employees of an employer with insufficient numbers to form or conduct the affairs of a credit union that would provide substantially similar services and facilities. (5) Persons in the field of membership of liquidated credit unions or of credit unions that have entered into or are about to enter into voluntary or involuntary liquidation proceedings. (6) Members of the immediate families of all members qualified above.
ORS Chapter 723 — Credit Unions

ORS 723.712. Voting representative. Each credit union becoming a member of such central credit union may designate one person to be its voting representative in the central credit union, which person shall be designated by the board of directors of the member credit union. Such voting representative shall be eligible to hold office in the central credit union as if such person were a member of the central credit union.
ORS Chapter 723 — Credit Unions

ORS 723.716. Additional rights and powers. (1) A central credit union shall have all of the rights and powers of any other credit union organized under this chapter and the additional rights and powers specified in this section, notwithstanding any limitations or restrictions found elsewhere in this chapter. (2) A central credit union may make loans to other credit unions, purchase shares of and make deposits in other credit unions and, with the approval of the director, obtain or acquire the assets and liabilities of any credit union operating in this state that enters into liquidation. (3) A central credit union may invest in and grant loans to associations of credit unions, central funds of credit unions or organizations chartered to provide service to credit unions. (4) A central credit union may borrow money from any source. It may also issue debentures pursuant to a plan approved by the director. The debentures must be subordinate to the deposits and shares of the credit union. [1975 c.652 76; 1985 c.762 102] CORPORATE CENTRAL CREDIT UNION
ORS Chapter 723 — Credit Unions

ORS 723.730. Corporate central credit union; membership; rights and powers; rules. Membership in a corporate central credit union shall be limited to credit unions organized under federal law or under the laws of states listed in the bylaws of the corporate central credit union, and to subsidiaries of any such credit unions, associations of any such credit unions and affiliates of such associations. A corporate central credit union shall have all the powers, rights and obligations imposed upon or granted central credit unions under this chapter, except: (1) It shall be exempt from the regular reserve requirements of ORS 723.631, but shall be required to establish and maintain a minimum capital to assets ratio as set by the Director of the Department of Consumer and Business Services by rule. (2) It shall be exempt from the bond or letter of credit requirements of ORS