reglab/housing_qa huggingface dataset:
OR Rev Stat § 723.001 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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 union’s 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 union’s 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 union’s credit committee or supervisory committee. (11) "Regular reserve" means an irrevocable reserve set aside to cover losses. [1985 c.762 §80; 1987 c.158 §151; 1987 c.373 §62; 1987 c.650 §1; 1993 c.744 §25; 1995 c.319 §7; 1999 c.185 §1]
OR Rev Stat § 723.002 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 723.002 - Short title.

This chapter shall be known and may be cited as the "Oregon Credit Union Act." [1975 c.652 §2; 1985 c.762 §78; 1985 c.801 §1; 1987 c.158 §152; 1987 c.373 §63; 1987 c.650 §2]
OR Rev Stat § 723.006 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §3]
OR Rev Stat § 723.008 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 723.008 - "Credit union" defined for ORS 723.136 and 723.464 to 723.498.

As used in ORS 723.136 and 723.464 to 723.498, "credit union" means a credit union organized under this chapter, an interstate credit union doing business in this state or a federal credit union. [1999 c.185 §18; 2001 c.104 §286]
OR Rev Stat § 723.012 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §4; 1985 c.762 §85; 1987 c.286 §1; 1999 c.185 §2; 2007 c.343 §1]
OR Rev Stat § 723.014 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1977 c.135 §42; 1985 c.762 §86; 1987 c.373 §63a; 1987 c.650 §3; 1999 c.185 §3; 2009 c.541 §38; 2011 c.597 §291]
OR Rev Stat § 723.016 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §5; 1985 c.762 §87]
OR Rev Stat § 723.022 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §6; 1991 c.635 §1; 1999 c.185 §4; 2017 c.35 §1]
OR Rev Stat § 723.026 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §7; 1985 c.762 §88]
OR Rev Stat § 723.032 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 723.032 - Places of business; mobile facilities.

(1) A credit union may establish a place of business or change the credit union’s 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 723.172 (3)(b) may operate only within the well-defined local community, neighborhood or rural district that the credit union serves. (3) A credit union may establish additional places of business 30 days after notifying the director in writing. The director may limit or restrict a credit union’s ability to establish additional places of business upon written notice to the credit union if the director determines that an addition would adversely affect the credit union’s safety and soundness. (4) A credit union may share office space with one or more credit unions and contract with a person or corporation to provide facilities or personnel. [1975 c.652 §8; 1977 c.135 §44; 1991 c.635 §3; 1997 c.832 §1; 1999 c.185 §55; 2005 c.95 §1; 2007 c.343 §2; 2009 c.234 §1; 2015 c.458 §1]
OR Rev Stat § 723.036 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 723.036 - Fiscal year.

The fiscal year of each credit union shall end on the last day of December. [1975 c.652 §9]
OR Rev Stat § 723.042 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §10; 1981 c.412 §6; 1985 c.762 §89; 1987 c.373 §63b; 1999 c.185 §5]
OR Rev Stat § 723.102 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §11; 1985 c.762 §90; 1991 c.331 §123; 1991 c.635 §4; 1999 c.185 §6]
OR Rev Stat § 723.106 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §12; 1991 c.635 §2; 1999 c.185 §7; 2011 c.597 §292]
OR Rev Stat § 723.112 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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 union’s 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 director’s recommendations. [1975 c.652 §13; 1977 c.135 §45; 1985 c.762 §91; 1987 c.373 §63c; 1999 c.185 §8]
OR Rev Stat § 723.114 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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 director’s duties; (b) The costs the director will incur in performing the director’s 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. [1985 c.762 §92; 1987 c.171 §6; 1987 c.373 §64; 2009 c.541 §39]
OR Rev Stat § 723.116 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1975 c.652 §14; 1991 c.635 §5; 1999 c.185 §9]
OR Rev Stat § 723.122 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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 union’s 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 union’s 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 union’s 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 union’s 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. [1975 c.652 §15; 1987 c.286 §2; 1991 c.331 §124; 1995 c.319 §1; 1997 c.249 §216; 1997 c.631 §542; 1997 c.832 §2; 1999 c.185 §10; 2001 c.308 §1; 2009 c.234 §2; 2013 c.480 §1]
OR Rev Stat § 723.126 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1987 c.215 §10]
OR Rev Stat § 723.132 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 723 - Credit Unions|Section 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. [1987 c.650 §6]