reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.600 - Relationship to powers of federal savings banks.

(1) Notwithstanding any provision contained in ORS chapters 706 to 715, except as limited by articles of incorporation of an Oregon savings bank:
(a) Oregon savings banks are authorized to engage in those activities in which federal savings banks may engage and may acquire and retain those investments that federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to federal savings banks.
(b) Oregon savings banks shall have all powers necessary or convenient to effect any or all of the purposes for which the Oregon savings bank is organized or to perform any or all of the acts expressly or impliedly authorized or required under ORS chapter 706 or this chapter.
(c) Subsidiaries of Oregon savings banks are authorized to engage in those activities in which subsidiaries of federal savings banks may engage and may acquire and retain those investments that subsidiaries of federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to subsidiaries of federal savings banks.
(d) Activities and investments referred to in paragraphs (a) to (c) of this subsection that require notice to or approval of the Director of the Office of Thrift Supervision shall not require such notice or approval but shall require notice to or approval of the Director of the Department of Consumer and Business Services. For purposes of this section, references in federal statutes, regulations and other authorities that prescribe permissible activities and investments of federal savings banks and subsidiaries of federal savings banks shall be considered whenever practicable to refer to comparable provisions of Oregon law. The Director of the Department of Consumer and Business Services may approve an activity or investment that requires director approval subject to such conditions as the director deems appropriate.
(2) The purpose of this section is to grant Oregon savings banks and their subsidiaries investment and activity powers and authorities equivalent to that permitted federal savings banks under federal law. [1973 c.797 §379; 1987 c.197 §9; 1989 c.324 §73; 1997 c.631 §350]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.626 - Certificates indicating contribution to guaranty or expense funds.

(1) An Oregon nonstock bank may issue transferable certificates showing the amounts contributed by any incorporator or director to the guaranty or expense funds of the Oregon nonstock bank.
(2) The certificate shall show that it does not constitute a liability of the Oregon nonstock bank, except as provided in ORS 716.800.
(3) A certificate shall not be transferred by an incorporator or director without the prior written consent of the Director of the Department of Consumer and Business Services. [1973 c.797 §381; 1997 c.631 §351]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.630 - Real estate held for use as place of business.

(1) The cost of the land and buildings to be used by an Oregon nonstock bank for the transaction of its business shall not exceed:
(a) 50 percent of the guaranty fund and undivided profits account of the Oregon nonstock bank; or
(b) 50 percent of the capital, as defined in ORS 708A.290, of the Oregon stock savings bank.
(2) The Director of the Department of Consumer and Business Services may approve an amount in excess of the limitation prescribed under subsection (1) of this section if the director finds that an excess amount is reasonably necessary for the operation of the business and does not adversely affect the public interest. [Amended by 1971 c.219 §8; 1973 c.797 §382; 1997 c.631 §352]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.780 - Crediting portion of net earnings to guaranty fund.

(1) If at the close of any dividend period the guaranty fund of an Oregon nonstock bank is impaired or is less than 10 percent of the amount due to depositors, a sum not less than five percent of the net earnings for the period shall be deducted from the net earnings and credited to its guaranty fund, after declaration of dividends, if the deduction will not compel the Oregon nonstock bank to reduce its dividends to depositors below the rate of one percent per annum.
(2) If the guaranty fund accumulated from earnings equals or exceeds 10 percent of the amount due depositors and the net earnings for a dividend period are sufficient, the minimum dividend shall be four percent, unless a smaller percentage is authorized by rule promulgated by the Director of the Department of Consumer and Business Services. [Amended by 1973 c.797 §386; 1975 c.544 §48; 1997 c.631 §353]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.790 - Computation of guaranty fund.

(1) To determine the amount of a guaranty fund of an Oregon nonstock bank, the total liabilities due and accrued, undivided profits and net earnings since the last declaration of dividends shall be subtracted from the total assets. In determining the value of the assets:
(a) Securities, other evidences of indebtedness and other interest-bearing obligations shall be carried at a sum, not to exceed their cost to the Oregon nonstock bank, calculated according to accepted principles of accounting.
(b) Real estate shall not be estimated above cost unless its fair market value has been determined by written appraisal made by a certified appraiser and approved by the board of the Oregon nonstock bank, in which case the real estate may be carried at the fair market value determined by the appraisal. If the real estate has been acquired by foreclosure or judgment at more than its actual fair market value, the value of the real estate shall be determined by written appraisal made by a certified appraiser and approved by the board of the Oregon nonstock bank and filed with the Oregon nonstock bank.
(c) Except as provided in subsection (2) of this section, the following shall be excluded:
(A) Assets that have been disallowed by the Director of the Department of Consumer and Business Services or the directors of the Oregon nonstock bank;
(B) Debts owed to an Oregon nonstock bank that have remained due and upon which no interest has been paid for more than one year; and
(C) Debts on which a judgment has been recovered which has remained unsatisfied for more than two years.
(2) A debt mentioned in subsection (1)(c) of this section may be carried as an asset and will not be excluded in determining the value of the assets if:
(a) The director, upon application by the Oregon nonstock bank, fixes a valuation at which the debt may be carried as an asset; or
(b) The debt is secured by a first mortgage upon real estate and is carried as an asset at the amount of the debt secured by the mortgage or at the actual fair market value of the real estate as determined by written appraisal made by a certified appraiser and approved by the board of the Oregon nonstock bank and filed with the Oregon nonstock bank, whichever is smaller. [Amended by 1973 c.797 §387; 1997 c.631 §354; 2003 c.576 §551]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.800 - Repayment of contributions made to expense fund and guaranty fund.

(1) Contributions made by the incorporators or directors to the expense fund may be repaid pro rata to the contributors from that portion of the guaranty fund created from earnings if the payments will not reduce the guaranty fund below 10 percent of the total amount due depositors. If the Oregon nonstock bank liquidates before the contributions to the expense fund have been repaid, any contributions to the expense fund remaining after the payment of the expenses of liquidation and the payment to depositors in full may be repaid to the contributors pro rata.
(2) When the contributions of the incorporators or directors to the expense fund have been returned to the contributors, the contributions made to the guaranty fund by incorporators or directors may be returned to them pro rata from that portion of the guaranty fund created from the earnings of the Oregon nonstock bank, if the repayments will not reduce the earned portion of the guaranty fund below 10 percent of the amount due depositors. If the Oregon nonstock bank liquidates before the contributions to the guaranty fund have been repaid, any portion of the contributions not needed for the payment of the expenses of liquidation, the payment of depositors in full and the repayment of contributions to the expense fund may be repaid to the contributors pro rata.
(3) The board of directors may create a fund to be known as the guarantor’s reimbursement fund. One percent of the net earnings at the close of any dividend period may be paid in the guarantor’s reimbursement fund if it can be done without reducing the dividend rate below one percent per annum. The guarantor’s reimbursement fund may accumulate until it is equal to the amount contributed by the incorporators to the guaranty and expense funds, at which time the fund shall be used to repay the incorporators the amounts contributed by them to the guaranty and expense funds, if that portion of the guaranty fund created from earnings amounts to at least $15,000. [Amended by 1973 c.797 §388; 1997 c.631 §355]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.830 - Payment of dividends; classification of depositors; certificates of deposit; notice of change of rate.

(1) Every Oregon nonstock bank shall regulate the rate of dividends upon the amounts to the credit of its time depositors so that time depositors receive dividends on their deposits in accordance with the terms of their respective deposit agreements with the Oregon nonstock bank, after transferring:
(a) To the guaranty fund any amount considered by the directors to be expedient and for the security of the depositors; and
(b) To undivided profits, for the purpose of maintaining its rate of dividends, the amount considered by the directors as wise.
(2) An Oregon nonstock bank may classify its time depositors according to the character, amount or duration of their deposits with the Oregon nonstock bank, and may regulate its dividends so that each time depositor shall receive the same ratable portion of dividends as all others in the same class of time depositors.
(3) Dividends may be apportioned upon unimpaired contributions to the initial guaranty fund and to the expense fund, and may be credited and paid to the contributors. If the guaranty fund of any Oregon nonstock bank is sufficiently large to permit the return of the contributions, the contributors may receive dividends on the contributions not exceeding the highest rate paid to depositors.
(4) An Oregon nonstock bank may issue certificates of deposit and agree to pay dividends on the amounts deposited at a rate specified in the certificate for the entire term of the certificate.
(5) An Oregon nonstock bank shall not:
(a) Declare, credit or pay any dividend except as authorized by a vote of a majority of the board of directors and recorded in its minutes according to the ayes and noes upon each vote.
(b) Pay any dividend other than the regular monthly, quarterly, semiannual or annual dividend, or the dividends prescribed in this subsection.
(c) Declare, credit or pay dividends on any amount to the credit of a depositor for a longer period than it has been credited, but deposits made not later than the 10th business day of any month, or withdrawn upon one of the last three business days of the month ending any quarterly or semiannual dividend period, may have dividends declared upon them for the whole of the period or month when they were so deposited or withdrawn. If authorized in the bylaws, accounts closed between dividend periods may be credited with dividends at the rate of the last dividend, computed from the last dividend period to the date when closed.
(6) A notice posted in an Oregon nonstock bank of a change in the rate of dividends is equivalent to a personal notice. [Amended by 1963 c.409 §1; 1969 c.211 §7; 1971 c.219 §11; 1973 c.797 §390; 1975 c.544 §49; 1983 c.37 §29; 1997 c.631 §356]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.840 - Liability of directors voting improper dividend.

If any dividend is declared and credited in excess of profits earned together with surplus and undivided profits since the last declaration of dividends and appearing to the credit of the Oregon nonstock bank, after making the deduction for expenses and the guaranty fund as provided in ORS 716.780 and 716.830, the directors voting for the dividend shall be jointly and severally liable to the Oregon nonstock bank for the amount of the excess so declared and credited. [Amended by 1973 c.797 §391; 1975 c.544 §49a; 1997 c.631 §357]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.850 - False advertising of surplus or guaranty fund prohibited.

An Oregon nonstock bank shall not use any sign or notice or publish or circulate any advertisement in which the surplus or guaranty fund is stated in excess of its value, as determined under this chapter, unless the nature of the excess clearly appears. [Amended by 1973 c.797 §392; 1997 c.631 §358]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.900 - Voluntary dissolution of Oregon nonstock banks; priority of payment.

(1) Subject to the written approval of the Director of the Department of Consumer and Business Services and if necessary or expedient, the board of directors of an Oregon nonstock bank may adopt, by resolution passed by the affirmative vote of two-thirds of the directors, at a meeting called for that purpose, a plan to close the business, liquidate the assets, pay money due first to depositors, including those depositors whose deposits are uninsured, second to holders of consumer repurchase agreements, third to holders of capital notes, and then to other creditors, distribute the remaining assets, if any, as provided by this chapter and the plan of liquidation and surrender the corporate charter. The plan shall provide that any assets remaining after payment of depositors, holders of consumer repurchase agreements, capital noteholders and other creditors, and payment of the costs of liquidation and dissolution, shall be distributed to the time depositors and to other persons entitled thereto according to their several interests as determined by this chapter and the plan of liquidation. Each depositor shall receive a share of the remaining assets based on an apportionment as provided by the plan of dissolution approved by the director.
(2) Before approving the plan for closing the Oregon nonstock bank under subsection (1) of this section, the director may make a special examination of the condition and affairs of the Oregon nonstock bank. [Amended by 1973 c.797 §394; 1979 c.88 §30; 1983 c.37 §30; 1997 c.631 §360]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.905 - Notice of intention to close; disposition of unclaimed deposits.

(1) Upon approval of a plan under ORS 716.900, the directors shall mail written notice of their intention to close the Oregon nonstock bank to the last-known address of all depositors and other creditors.
(2) All deposits and amounts reserved for creditors that remain unclaimed after six months from the date of the written notice required under subsection (1) of this section shall be reported and transferred by the directors to the State Treasurer as unclaimed property under ORS 98.352.
(3) A copy of the report of unclaimed deposits and amounts reserved for creditors filed with the State Treasurer shall be filed with the Director of the Department of Consumer and Business Services. [1973 c.797 §395; 1983 c.37 §31; 1993 c.694 §38; 1997 c.631 §361; 2019 c.678 §75; 2021 c.424 §23]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.910 - Report to director; termination of existence.

After the directors of an Oregon nonstock bank have filed their report and deposited the unclaimed funds with the State Treasurer as required under ORS 716.905, the directors shall report their proceedings to the Director of the Department of Consumer and Business Services. Upon filing the report and the petition of the directors with the Director of the Department of Consumer and Business Services, the director shall order the charter surrendered, the directors discharged from liability accruing after the order, and the existence of the Oregon nonstock bank terminated. [Amended by 1973 c.797 §396; 1997 c.631 §362; 2019 c.678 §76]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 716 - Savings Banks › Section 716.991 - Civil penalties.

Any person who violates ORS 716.850 shall forfeit and pay to the State Treasurer to be deposited in the Consumer and Business Services Fund a civil penalty in an amount determined by the Director of the Department of Consumer and Business Services of not more than $2,500. The civil penalty may be recovered as provided in ORS 706.980. [Formerly 716.855]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.205 - License required to conduct money transmission business; relationship to banking; licensing program.

(1) A person, other than a person that is exempt under ORS 717.210, may not conduct a money transmission business without a license that the Director of the Department of Consumer and Business Services issues in accordance with ORS 717.200 to 717.320, 717.900 and 717.905.
(2) A licensee may conduct business in this state at one or more locations that the licensee owns directly or indirectly, through one or more authorized delegates, or both. A licensee is required to obtain only one license under ORS 717.200 to 717.320, 717.900 and 717.905.
(3) Conducting a money transmission business does not alone constitute banking or branch banking for the purposes of the Bank Act.
(4) The director has jurisdiction over a person that conducts a money transmission business whether or not the person is a licensee or authorized delegate.
(5) The director, consistent with the requirements of ORS 717.200 to 717.320, 717.900 and 717.905, may administer a program to issue and renew licenses for money-transmission businesses by means of an agreement with the Nationwide Multistate Licensing System. [1999 c.571 §3; 2015 c.118 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.210 - Exemptions; waiver; rules.

(1) ORS 717.200 to 717.320, 717.900 and 717.905 do not apply to:
(a) Any company that accepts deposits in this state and that is insured under the Federal Deposit Insurance Act, 12 U.S.C. 1811 et seq., as amended.
(b) Credit unions or trust companies.
(c) The United States Government or any department, agency or instrumentality thereof.
(d) The United States Postal Service.
(e) Any state or political subdivision of a state.
(f) The provision or electronic transfer of government benefits for any federal, state or county government or other agency as defined in the Federal Reserve Board Regulation E (12 C.F.R. part 205), by a contractor for and on behalf of the United States Government or any department, agency or instrumentality of the United States, or any state or any political subdivision of a state.
(g) The provision or handling of electronic or other transfer of escrowed moneys by an escrow agent licensed under ORS 696.511 to the extent that the escrow agent is:
(A) Closing an escrow, as defined in ORS 696.505;
(B) Engaging in activity related to a collection escrow, as defined in ORS 696.505; or
(C) Serving as a trustee of a trust deed in accordance with ORS 86.713.
(h) Authorized delegates of a licensee, acting within the scope of authority conferred by a written contract as described in ORS 717.270.
(i) Any bank holding company as defined in the federal Bank Holding Company Act of 1956, 12 U.S.C. 1841 et seq., as amended, or any financial holding company as defined in ORS 706.008.
(j) Any savings and loan holding company as defined in 12 U.S.C. 1467a (a)(1)(D), as amended.
(2) The Director of the Department of Consumer and Business Services by rule or order may modify or waive the application of ORS 717.200 to 717.320, 717.900 and 717.905 to any person or group of persons if the director determines that adequate regulation of the person or group of persons is provided by law or by another agency of this state.
(3) The director by rule or order may temporarily suspend the application of ORS 717.200 to 717.320, 717.900 and 717.905 to any person or group of persons while the director considers whether an exemption should be granted and during the pendency of any rulemaking proceeding proposing to create an exemption. [1999 c.571 §4; 2001 c.377 §50; 2013 c.444 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.215 - Requirements for licensees; net worth; permissible investments.

(1) Each licensee shall at all times have a net worth of not less than $100,000, calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one location or through authorized delegates shall have an additional net worth of $25,000 per location in this state, not to exceed a maximum of $500,000.
(2) Every applicant, at the time of filing of an application for a license under ORS 717.200 to 717.320, 717.900 and 717.905 and at all times after a license is issued, shall be in good standing in the state of its incorporation or organization.
(3) Each licensee shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the Director of the Department of Consumer and Business Services if the dollar volume of a licensee’s outstanding payment instruments does not exceed the amount of any security device posted by the licensee under ORS 717.225.
(4) In the event of the bankruptcy of the licensee, permissible investments, even if commingled with other assets of the licensee, are considered by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments. [1999 c.571 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.230 - Application fee.

At the time an applicant submits an application, the applicant shall pay to the Director of the Department of Consumer and Business Services a fee of $1,000 for a license term that expires at the end of the calendar year in which the applicant submitted the application. [1999 c.571 §8; 2015 c.118 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.240 - License renewal; annual fee; renewal report; rules.

(1)(a) To renew a license, each licensee shall pay to the Director of the Department of Consumer and Business Services a nonrefundable annual fee of $500 or a fee that the director sets by rule in an amount that does not exceed $1,000.
(b) In addition to paying the fee described in paragraph (a) of this subsection, a licensee shall provide information necessary for the director to evaluate the licensee’s renewal application. The director shall prescribe the information required by rule. The director may require a licensee to renew a license under the terms of the director’s agreement with the Nationwide Multistate Licensing System.
(2) At the time the licensee pays the renewal fee, the licensee shall submit an annual report on a date and in a form and format the director prescribes by rule. The annual report must describe the condition and operations of the money transmission business during the preceding calendar year and must include:
(a) A copy of the licensee’s most recent audited consolidated annual financial statement, including a balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position. In the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee’s audited annual financial statement.
(b) For the most recent quarter for which data are available before the date of the renewal application, but not more than 120 days before the renewal date, a description of the number of payment instruments the licensee sold in this state, the dollar amount of the payment instruments and the dollar amount of payment instruments currently outstanding.
(c) A description of any material changes to any of the information the licensee submitted on the licensee’s original application that the licensee has not previously reported to the director on any other report required to be filed with the director.
(d) A list of the licensee’s permissible investments.
(e) A list of the locations within this state at which the licensee or an authorized delegate of the licensee is conducting business regulated by ORS 717.200 to 717.320, 717.900 and 717.905. [1999 c.571 §10; 2015 c.118 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.245 - Events requiring filing of report with director.

Within 15 days following the occurrence of any one of the events listed in this section, a licensee shall file a written report with the Director of the Department of Consumer and Business Services describing the event and the event’s expected effect on the licensee’s activities in this state:
(1) The filing for bankruptcy or reorganization by the licensee or the licensee’s sole owner;
(2) The commencement of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensee’s money transmission activities;
(3) Any felony indictment of the licensee or any of its key officers or directors;
(4) Any felony conviction of the licensee or any of its key officers or directors; or
(5) The theft of payment instruments from the licensee in an amount equal to or greater than 10 percent of a licensee’s monthly amount of outstanding payment instruments. [1999 c.571 §11]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.250 - Notice of change or acquisition of control of licensee; waiver; rules.

(1) Within 15 days of a change or acquisition of control of a licensee, the licensee shall provide notice of the change to the Director of the Department of Consumer and Business Services in writing and in a form the director may prescribe by rule. The notice shall be accompanied by such information, data and records as the director may require by rule.
(2) Notwithstanding subsection (1) of this section, the director may waive the notice requirement if the director determines that the change in control does not pose any risk to the interests of the public. [1999 c.571 §12]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.255 - Examination of licensee; notice; costs.

(1) The Director of the Department of Consumer and Business Services may conduct an annual on-site examination of a licensee upon reasonable notice to the licensee. The examination may be conducted at the principal place of business of the licensee. Upon reasonable notice, the director may also conduct an examination of any location of the licensee and its authorized delegates. The on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of other states. In lieu of an annual on-site examination, the director may accept the examination report of an agency of another state or a report prepared by an independent accountancy organization. Reports so accepted are considered for all purposes as an official report of the director.
(2) The director may conduct an on-site examination of a licensee or any authorized delegate without prior notice to the licensee or authorized delegate if the director has a reasonable basis to believe that the licensee or authorized delegate is in violation of any provision of ORS 717.200 to 717.320, 717.900 and 717.905. The examination may be conducted at the principal place of business of the licensee or authorized delegate.
(3) The director shall have authority to examine under oath all persons whose testimony the director may require in order to conduct the examination.
(4) Each licensee examined under this section shall pay $60 per hour for each examiner, plus costs of an examination, to the director. The director may maintain an action for the recovery of such costs in any court of competent jurisdiction. [1999 c.571 §13; 2001 c.104 §284]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.260 - Retention of records.

(1) Each licensee shall make, keep and preserve the following books, accounts and other records for a period of three years:
(a) A record of each payment instrument sold;
(b) A general ledger, posted at least once per month, containing all assets, liabilities, capital, income and expense accounts;
(c) Settlement sheets received from authorized delegates;
(d) Bank statements and bank reconciliation records;
(e) Records of outstanding payment instruments;
(f) Records of each payment instrument paid within the three-year period; and
(g) A list of the names and addresses of all the licensee’s authorized delegates.
(2) Books, accounts and other records required to be maintained under subsection (1) of this section may be maintained:
(a) In a photographic, electronic or other similar form.
(b) At a location outside this state, so long as the books, accounts and other records are made accessible to the Director of the Department of Consumer and Business Services following seven days’ written notice. [1999 c.571 §14]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.270 - Conduct of money transmission business through authorized delegates; contracts.

Licensees desiring to conduct a money transmission business through authorized delegates shall authorize each delegate to operate pursuant to an express written contract. The contract shall specify the following:
(1) That the licensee appoints the person as the licensee’s delegate with authority to engage in money transmission on behalf of the licensee;
(2) That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the Director of the Department of Consumer and Business Services; and
(3) That licensees, authorized delegates and subdelegates are subject to supervision and regulation by the director. [1999 c.571 §16]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.275 - Requirements for authorized delegates.

(1) An authorized delegate shall not make any fraudulent or false statement or misrepresentation to a licensee or to the Director of the Department of Consumer and Business Services.
(2) All money transmission activities conducted by authorized delegates shall be strictly in accordance with the licensee’s written procedures provided to the authorized delegate.
(3) An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. The failure of an authorized delegate to remit all money owing to a licensee within the time prescribed shall result in liability of the authorized delegate to the licensee for three times the licensee’s actual damages.
(4) An authorized delegate is considered to consent to the director’s inspection, with or without prior notice to the licensee or authorized delegate, of the books and records of the authorized delegate when the director has a reasonable basis to believe that the licensee or authorized delegate is in noncompliance with ORS 717.200 to 717.320, 717.900 and 717.905.
(5) An authorized delegate is under a duty to act only as authorized under the contract with the licensee. An authorized delegate that exceeds the delegate’s authority is subject to cancellation of the delegate’s contract and further disciplinary action by the director.
(6) All funds, not including fees, received by an authorized delegate from the sale or delivery of a payment instrument issued by a licensee, or received by an authorized delegate for transmission, shall constitute trust funds owned by and belonging to the licensee during the period beginning when the funds are received by the authorized delegate and ending when the funds or an equivalent amount are remitted by the authorized delegate to the licensee. If an authorized delegate commingles any such funds with any other funds or property owned or controlled by the authorized delegate, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
(7) An authorized delegate shall report to the licensee the theft or loss of payment instruments within 24 hours from the time the authorized delegate first knows of the theft or loss. [1999 c.571 §17]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.280 - Order suspending or barring authorized delegate; grounds; appeals.

(1) For any reason specified in subsection (2) of this section, the Director of the Department of Consumer and Business Services may issue an order suspending or barring an authorized delegate from continuing to be or becoming an authorized delegate during the period specified in the order. An order issued under this section shall require the licensee to terminate the licensee’s relationship with the authorized delegate during the period specified in the order.
(2) The director may issue an order under subsection (1) of this section if the director finds that an authorized delegate or any director, officer, employee or controlling person of the authorized delegate has:
(a) Violated any provision of ORS 717.200 to 717.320, 717.900 and 717.905 or of any rule adopted or order issued under ORS 717.200 to 717.320, 717.900 and 717.905;
(b) Engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or
(c) Made or caused to be made in any application or report filed with the director, or in any proceeding before the director, any statement that was, at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact that is required to be stated in the application or report.
(3) Except as provided in subsection (4) of this section, the director shall not issue an order under this section without opportunity for a hearing in accordance with ORS chapter 183.
(4) If required for the immediate protection of the public interest, an authorized delegate may be suspended without a hearing in accordance with ORS 183.430 (2).
(5) An order of the director suspending or barring an authorized delegate under this section shall state the grounds upon which the order is based and, except for a summary order issued in accordance with ORS 183.430 (2), shall not become effective for at least 20 days after written notice of the order has been sent by registered or certified mail to the authorized delegate at the authorized delegate’s principal place of business.
(6) Appeals from an order of the director suspending or barring an authorized delegate may be taken to the courts of this state as provided by ORS chapter 183. [1999 c.571 §18]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.285 - Limit on responsibility of licensee; costs and attorney fees.

(1) The responsibility of a licensee to any person for a money transmission conducted on that person’s behalf by the licensee or the licensee’s authorized delegate shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased plus statutory interest.
(2) In addition to any amounts under subsection (1) of this section, the court may award a prevailing party reasonable costs and attorney fees. [1999 c.571 §19]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.290 - Cease and desist order; appeals.

(1) If the Director of the Department of Consumer and Business Services determines that any person has engaged in, is engaging in or is about to engage in any act or practice constituting a violation of ORS 717.200 to 717.320 or of any rule adopted or order issued under ORS 717.200 to 717.320, the director may:
(a) Order the person to cease and desist from the unlawful act or practice; and
(b) Take any affirmative action as may be necessary to carry out the provisions of ORS 717.200 to 717.320, including assessing the costs of any investigation.
(2) Except as provided in subsection (3) of this section, the director may not issue an order under this section without opportunity for a hearing in accordance with ORS chapter 183.
(3) If required for the immediate protection of the public interest, the director may issue a cease and desist order without a hearing in accordance with ORS 183.430 (2).
(4) A cease and desist order of the director under ORS 717.200 to 717.320, 717.900 and 717.905 must state the grounds upon which the order is based and, except for a summary order issued in accordance with ORS 183.430 (2), does not become effective for at least 20 days after written notice of the order has been sent by registered or certified mail to the person at the person’s principal place of business.
(5) Appeals from a cease and desist order of the director may be taken to the courts of this state as provided by ORS chapter 183. [1999 c.571 §20; 2005 c.338 §23]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.295 - Injunctions; consent orders.

(1) If the Director of the Department of Consumer and Business Services believes that any person has engaged in, is engaging in or is about to engage in any act or practice constituting a violation of any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of any rule or order adopted or issued under ORS 717.200 to 717.320, 717.900 and 717.905, the director may initiate an action in the Circuit Court for Marion County to enjoin the act or practice and to enforce compliance with any provision of ORS 717.200 to 717.320, 717.900 and 717.905 or of any rule or order adopted or issued under ORS 717.200 to 717.320, 717.900 and 717.905. Upon a proper showing, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted or a receiver or conservator may be appointed for the defendant’s assets. The director shall not be required to post a bond. The court may award a prevailing party reasonable attorney fees and costs.
(2) The director may enter into consent orders at any time with any person to resolve any matter arising under ORS 717.200 to 717.320, 717.900 and 717.905. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained in the consent order. A consent order need not constitute an admission by any person that any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of any rule or order adopted or issued under ORS 717.200 to 717.320, 717.900 and 717.905, has been violated, nor need it constitute a finding by the director that the person has violated any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of any rule or order adopted or issued under ORS 717.200 to 717.320, 717.900 and 717.905.
(3) Notwithstanding the issuance of a consent order, the director may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order, unless the consent order by its terms expressly precludes the director from so doing. [1999 c.571 §22]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.300 - Subpoena authority.

(1) For purposes of an investigation or proceeding under ORS 717.200 to 717.320, 717.900 and 717.905, the Director of the Department of Consumer and Business Services may administer oaths and affirmations, subpoena witnesses and compel their attendance, take evidence and require the production of books, papers, correspondence, memoranda, agreements or other documents or records that the director considers relevant or material to the inquiry. Each witness who appears before the director under a subpoena shall receive the fees and mileage provided for witnesses in ORS 44.415 (2).
(2) If a person fails to comply with a subpoena issued pursuant to this section or a party or witness refuses to testify on any matter, the judge of the circuit court of any county, on the application of the director, shall compel obedience by proceedings for contempt as in the case of disobedience of the requirements of a subpoena issued from the court or a refusal to testify. [1999 c.571 §23]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.305 - Consent to jurisdiction of courts; director as agent for service of process.

(1) Any licensee, authorized delegate or other person that knowingly engages in the money transmission business under ORS 717.200 to 717.320, 717.900 and 717.905, with or without filing a license application, is considered to have:
(a) Consented to the jurisdiction of the courts of this state for all actions arising under ORS 717.200 to 717.320, 717.900 and 717.905; and
(b) Appointed the Director of the Department of Consumer and Business Services as the licensee’s, delegate’s or person’s lawful agent for the purpose of accepting service of process in any action, suit or proceeding that may arise under ORS 717.200 to 717.320, 717.900 and 717.905.
(2) Within three business days after service of process upon the director, the director shall transmit by certified mail copies of all lawful process accepted by the director as an agent to the person for whom service of process is accepted at the person’s last known address. Service of process shall be considered complete three business days after the director deposits copies of the documents in the United States mail. [1999 c.571 §26]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.310 - Rules.

(1) The Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out the provisions of ORS 717.200 to 717.320, 717.900 and 717.905.
(2) In addition to the notice requirements of ORS chapter 183, before the director adopts a permanent rule, the director shall submit a copy of the proposed rule to each licensee. [1999 c.571 §25]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.315 - Deposit of moneys in Consumer and Business Services Fund.

All fees, charges, costs and civil penalties collected by the Director of the Department of Consumer and Business Services under ORS 717.200 to 717.320, 717.900 and 717.905 shall be paid to the State Treasurer and credited as provided in ORS 705.145. [1999 c.571 §28; 2011 c.597 §290]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.900 - Civil penalties.

(1) If the Director of the Department of Consumer and Business Services finds that a person has violated any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of a rule adopted or order issued under ORS 717.200 to 717.320, 717.900 and 717.905, the director may impose a civil penalty in an amount specified by the director, not to exceed $1,000 for each violation or, in the case of a continuing violation, $1,000 for each day that the violation continues. Civil penalties under this section shall be imposed in the manner described in ORS 183.745. A penalty shall not be assessed under this section until after the person subject to the penalty has been notified in writing of the nature of the violation and has been afforded a reasonable period of time, as set forth in the notice, to correct the violation and has failed to do so.
(2) Appeals from orders of the director under this section may be taken to the courts of this state as provided by ORS chapter 183.
(3) The director may compromise and settle with and collect civil penalties from any person for violations of any provision of ORS 717.200 to 717.320, 717.900 and 717.905, or of any rule adopted or order issued under ORS 717.200 to 717.320, 717.900 and 717.905. [1999 c.571 §21]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 717 - Money Transmission › Section 717.905 - Criminal penalties.

(1) Except as provided in this section, violation of any provision of ORS 717.200 to 717.320, 717.900 and 717.905 is a Class A misdemeanor.
(2) Any person that makes a material, false statement in any document filed or required to be filed under ORS 717.200 to 717.320, 717.900 and 717.905 with the intent to deceive the recipient of the document is guilty of a Class C felony.
(3) Any person that engages in the business of money transmission without a license is guilty of a Class C felony. [1999 c.571 §24]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 722 - (Former Provisions) › Section 722.130

[Amended by 1953 c.401 §11; 1959 c.227 §10; 1961 c.398 §11; 1971 c.757 §8; 1973 c.368 §2; 1975 c.582 §79; renumbered 722.206]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 722 - (Former Provisions) › Section 722.155

[Amended by 1953 c.401 §11; 1959 c.227 §13; 1961 c.398 §13; 1965 c.306 §9; 1967 c.234 §2; 1975 c.582 §70; renumbered 722.138]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 722 - (Former Provisions) › Section 722.466

[1975 c.582 §128; 1983 c.696 §28; 1985 c.762 §72a; 1985 c.786 §63; 1987 c.373 §60; 1991 c.734 §96; renumbered 722.991 in 2001]