reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.454 - Liens.

The credit union shall have a lien on all funds of a member or joint owner on deposit with the credit union in any individual or joint account held in any capacity, for any obligation of the member or joint owner to the credit union. [Formerly 723.436; 1991 c.635 §12; 1999 c.185 §57]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.460 - Reduction in shares.

(1) Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares of each of its shareholders to divide the loss proportionately among the members.
(2) If the credit union thereafter realizes from such assets a greater amount than was fixed by the order of reduction, such excess shall be divided proportionately among the shareholders whose assets were reduced, but only to the extent of such reduction. [Formerly 723.446]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.464 - Deposits made in name of minor.

Any deposit to a credit union made to an account in the name of a minor shall be held for the exclusive right and benefit of the minor and free from the control or lien of all other persons, except other parties to the account and creditors, and shall be paid, in accordance with the terms of the account, together with any interest thereon, to or upon the order of the minor. [1999 c.185 §20]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.468 - Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit.

(1) A credit union shall be obligated to recognize an adverse claim to a deposit it holds only if the adverse claimant gives notice to the credit union of its claim and:
(a) Procures a restraining order, injunction or other appropriate process against the credit union in an action wherein the person to whose credit the deposit stands is made a party and served with summons; or
(b) Delivers to the credit union in a form, and with sureties acceptable to the credit union, a bond or an irrevocable letter of credit issued by a financial institution, as defined in ORS 706.008, indemnifying the credit union from any liability, damage or expenses on account of the payment of the adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands.
(2) This section does not apply when the person in whose name the account is carried is a fiduciary for the adverse claimant, and the affidavit of the adverse claimant states the facts constituting the fiduciary relationship and the facts showing reasonable cause of belief on the part of the claimant that the fiduciary is about to misappropriate the deposit.
(3) A credit union may, at its option, interplead a deposit that is subject to any adverse claim. [1999 c.185 §22]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.470 - Checks drawn by agents presumed to be in authorized manner.

If a person who owns a share or deposit account subject to check authorizes another person as agent to draw checks against the account, the credit union, in the absence of written notice to the contrary, may presume that any check drawn by the agent in the manner authorized by the terms and conditions of the account, including checks drawn to the personal order of the agent, is drawn for a purpose authorized by the principal and within the scope of the authority conferred upon the agent. [1999 c.185 §23]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.472 - Checks of intoxicated or drugged persons.

A credit union may refuse to pay any check, draft or order drawn upon it when the officers or employees of the credit union have reason to believe that the person signing or indorsing the instrument was so under the influence of alcohol, drugs or controlled substances or that the person was otherwise so incapacitated as to make it reasonably doubtful whether the person was capable of transacting business at the time of signing or indorsing the check, draft or order. [1999 c.185 §24]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.476 - Application of ORS 723.478, 723.480 and 723.482; liability and setoff rights of credit unions.

The provisions of ORS 723.478, 723.480 and 723.482 concerning beneficial ownership between parties or between parties and P.O.D. payees or beneficiaries of multiple-party accounts are relevant only to controversies between those persons and their creditors and other successors, and have no bearing on the power of withdrawal of those persons as determined by the terms of account contracts. The provisions of ORS 723.486 to 723.496 govern the liability of credit unions that make payments pursuant thereto, and their setoff rights. [1999 c.185 §26]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.478 - Ownership of multiple-party accounts.

(1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each party to the sums on deposit, unless there is clear and convincing evidence of a different intent.
(2) A P.O.D. account belongs to the original party during the lifetime of the party and not to the P.O.D. payee or payees. If two or more persons are named as original parties, during their lifetimes, rights between them are governed by subsection (1) of this section.
(3) Unless a contrary intent is manifested by the terms of the account or the deposit agreement, or there is other clear and convincing evidence of an irrevocable trust, a trust account belongs beneficially to the trustee during the lifetime of the trustee. If two or more parties are named as trustees of the account, during their lifetimes, beneficial rights between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary. [1999 c.185 §27]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.482 - Rights of survivorship based on form of account; alteration of form of account.

The provisions of ORS 723.480 that apply to rights of survivorship are determined by the form of the account at the time of death of a party. Subject to satisfaction of the requirements of the credit union, the form of an account may be altered by a written order given by a party to the credit union. The order must be signed by the party, be received by the credit union during the party’s lifetime, and not be countermanded by other written order of the same party during the lifetime of the party. [1999 c.185 §29]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.484 - Transfers of moneys upon death of depositor or trustee is not testamentary disposition.

Any transfers resulting from the application of ORS 723.480 are effective by reason of the account contracts involved and application of ORS 723.480. The transfers are not to be considered as testamentary or subject to administration in the estate of a deceased party. [1999 c.185 §30]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.486 - Multiple party account; payment of deposit to one or more parties; credit union not required to determine source or use of funds in account.

Credit unions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. For purposes of establishing net contributions a credit union shall not be required to inquire about the source of funds received for deposit to a multiple-party account, or to inquire about the proposed application of any sum withdrawn from an account. [1999 c.185 §31]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.488 - Joint account; payment to any party to account; payment to others.

Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is requested. Payment may not be made to the personal representative or heirs of a deceased party unless:
(1) Proof of death is presented to the credit union, showing that the decedent was the last surviving party; or
(2) There is no right of survivorship under ORS 723.480. [1999 c.185 §32]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1999 c.185 §33]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1999 c.185 §34]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1999 c.185 §35]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1999 c.185 §36]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.498 - Designation of agent for account; powers of agent.

Nothing in ORS 723.426, 723.432, 723.474, 723.476 or 723.478 shall preclude a party to an account from adding the name of another person to the account with the designation of "agent." The agent shall have no present or future interest in the sums on deposit in the account, but the credit union may honor requests for payment from the accounts by the agent, unless the principal is deceased at the time the payment is requested and the credit union has actual knowledge of the death. Payments from the account by the credit union at the request of the agent shall discharge the credit union from all claims for amounts so paid. [1999 c.185 §37]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.502 - Purposes; terms.

A credit union may make loans to members of the credit union for such purpose and upon such security and terms as the credit committee, credit manager or loan officer approves. A person who is not a member of the credit union may be a guarantor or co-obligor on a credit union’s loan to a member of the credit union. [1975 c.652 §52; 1981 c.412 §8; 2007 c.343 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §53; 1991 c.635 §14]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 union’s 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 member’s benefit.
(2) The restrictions in subsection (1) of this section do not apply to any loan that is fully guaranteed by shares or deposits. [1975 c.652 §54; 1977 c.628 §3; 1979 c.88 §34; 1987 c.650 §8; 1995 c.319 §8; 1999 c.185 §42; 2013 c.480 §6]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §56; 1987 c.286 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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). [1975 c.652 §57; 1999 c.185 §43]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §59]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §60; 1999 c.185 §45]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 person’s status as such, whether or not the credit union would have the power to indemnify such person against such liability. [1975 c.652 §61]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §62; 1977 c.549 §1; 1985 c.801 §9; 1987 c.286 §10; 1999 c.185 §46]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 union’s 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 union’s 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1981 c.192 §38 (enacted in lieu of 723.632); 1995 c.319 §3; 2005 c.95 §10; 2009 c.234 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §66; 1981 c.192 §39; 1999 c.185 §49; 2005 c.95 §11]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 union’s 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 union’s plan to continue operations, the director may then revoke the credit union’s 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 union’s charter, appoint a liquidating agent and liquidate the credit union. [1975 c.652 §69; 1985 c.762 §99; 1991 c.249 §68]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 723.702 to 723.730. Such a credit union shall use the term "central" in its official name. [1975 c.652 §73; 1985 c.762 §100; 1999 c.185 §52]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §74; 1985 c.762 §101; 1999 c.185 §53]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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. [1975 c.652 §75]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 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 723.122, but shall be required to obtain and maintain a fidelity bond in accordance with any rules adopted by the director.
(3) It may buy and sell any form of marketable debt obligations of domestic corporations or of federal, state or local government units in accordance with an investment plan approved by the director prior to the purchase or sale of the obligation.
(4) A corporate central credit union may make loans or establish lines of credit to a member without regard to the limit set in ORS 723.512. Notwithstanding ORS 723.502 or any other provision of law limiting allowable interest on a loan, a 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.752 - Application of tax statutes to credit unions.

Any credit union subject to this chapter shall be deemed an institution for savings within the meaning of the law that exempts such institutions from taxation. No law, except as stated in this section, that taxes corporations in any form, or the shares thereof or the accumulations therein, shall apply to credit unions doing business in accordance with this chapter unless the credit unions are specifically named in the law. [1975 c.652 §77; 1985 c.762 §103; 2009 c.541 §42]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.806 - Notice to law enforcement officers of violation of Oregon Credit Union Act; exceptions.

If the Director of the Department of Consumer and Business Services has reason to believe that a person has violated any provision of the Oregon Credit Union Act for which criminal prosecution is provided, the director shall give the information relative to the violation to the federal, state or local law enforcement agency having jurisdiction of the violation. This section does not apply, however, if an official of the credit union has reported the information to the proper law enforcement officer under ORS 723.338. [1975 c.652 §81; 1979 c.88 §36]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.812 - Actions; assistance.

The Attorney General shall conduct all actions begun by the Director of the Department of Consumer and Business Services under authority of the Oregon Credit Union Act, and may require the assistance of the district attorney of the district in which the action is conducted. [1975 c.652 §82]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.816 - Prohibited acts.

(1) No credit union officer, director, employee or agent, shall willfully:
(a) With intent to deceive, falsify any book of account, report, statement, record or other document of a credit union whether by alteration, false entry, omission or otherwise.
(b) Sign, issue, publish or transmit to a governmental office any book of account, report, statement, record or other document which the person knows to be false.
(c) By means of deceit, obtain a signature to a writing which is a subject of forgery.
(d) With intent to deceive, destroy any credit union book of account, report, statement, record or other document.
(2) No person shall maliciously and knowingly spread false reports about the management or finances of any credit union. [1975 c.652 §83]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.818 - Giving false document, statement or report prohibited.

A person may not knowingly give or cause to be given to the Director of the Department of Consumer and Business Services any document or any oral or written statement or report that is false in any material respect, in the course of any investigation or examination by the director under this chapter. [1987 c.215 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.822 - Cease and desist orders; contents; effective date; removal or suspension.

(1) The Director of the Department of Consumer and Business Services may issue and serve upon a credit union or a director, officer, committee member, employee or agent of a credit union an order to cease and desist from a practice or a violation as follows:
(a) The director may issue an order to cease and desist from an unsafe or unsound practice when the director has reasonable cause to believe that the person to whom the order is directed is engaging, has engaged or is about to engage in an unsafe or unsound practice in conducting the business of the credit union.
(b) The director may issue an order to cease and desist from a violation when the director has reasonable cause to believe that the person to whom the order is directed is violating, has violated or is about to violate a law, rule or regulation of this state or the United States, an order of the director or a provision of the articles of incorporation or bylaws of the credit union.
(2) An order under subsection (1) of this section must include the following:
(a) A statement of the facts that constitute the practice or violation.
(b) A provision that requires the person named in the order to cease and desist from the practice or violation. The provision may be mandatory or otherwise.
(c) The effective date of the order.
(d) A notice to the person named in the order of the right to a contested case hearing under ORS chapter 183.
(3) If the practice or violation specified in the order or the continuation of the practice or violation is likely to prejudice the interest of the members of a credit union, the director may issue an order effective immediately or at a later date. In all other cases, the order is effective 30 days after the date of the order unless the person named in the order requests a hearing on the order.
(4) An order under this section remains in effect until a court order or the director withdraws the order.
(5) If an individual named in an order under this section fails to comply with the order, the director may issue an order that removes or suspends the individual from the office or position the individual holds. The removal or suspension is in addition to any penalty provided by ORS 723.995 for failure to comply with an order issued under this section. [1975 c.544 §56; 1977 c.135 §46; 1987 c.215 §8; 1987 c.286 §13; 2009 c.541 §42a]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.826

[1975 c.544 §57; 1981 c.192 §42; 1985 c.762 §104; 1987 c.215 §9; 1987 c.373 §65; 1991 c.734 §97; renumbered 723.995 in 1995]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.830 - Regulation of services performed for credit union.

A credit union may not contract for any of the services described in this section to be performed for the credit union unless both the credit union and the person performing the services agree to be subject to regulation and examination by the Director of the Department of Consumer and Business Services to the same extent as if the services were performed by the credit union. This section applies to the following services:
(1) Check and deposit sorting and posting.
(2) Computation and posting of interest and other credits and charges.
(3) Any other bookkeeping, accounting or similar functions performed for a credit union. [1987 c.650 §9; 1997 c.832 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.832 - Application to credit unions existing on September 13, 1975.

The provisions of the Oregon Credit Union Act shall apply to the fullest extent permitted by the laws and Constitutions of the United States and of the State of Oregon, to all existing credit unions organized under any general Act of this state. [1975 c.652 §85]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.836 - Effect of amendment or repeal of Oregon Credit Union Act.

(1) The Oregon Credit Union Act may be amended, repealed or modified, but such amendment, repeal or modification shall not take away or impair any remedy for any liability which shall have been previously incurred.
(2) The repeal of a previous law by section 88, chapter 652, Oregon Laws 1975, shall not affect any right accrued or established, or any liability or penalty incurred, under the provisions of such previous law, prior to the repeal thereof. [1975 c.652 §§86,87; 1985 c.762 §105]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.840 - Limitation on personal liability for good faith act or omission or exercise of judgment or discretion; reliance on information or reports; causes of action.

(1) A person is not personally liable for an act or omission the person does or fails to do in good faith and in compliance with a statute, rule or order of the Director of the Department of Consumer and Business Services under this chapter regardless of whether the statute, rule or order is later amended, rescinded or determined to be invalid by judicial or other authority.
(2) A director or officer of a credit union is not personally liable to the credit union or to members of the credit union for damages that result from the director’s or officer’s exercising judgment or discretion in connection with the director’s or officer’s duties or responsibilities or from the director’s or officer’s act or omission in rendering service to the credit union, except to the extent that, in exercising judgment or discretion or in rendering service to the credit union, the director or officer fails to act in good faith, with the care an ordinarily prudent person in a like position would exercise under similar circumstances and in a manner that the director or officer reasonably believes is in the best interests of the credit union.
(3)(a) A director, in discharging the director’s duties, may rely on information, opinions, reports or statements, including financial statements and other financial data that any of the following persons prepare or present:
(A) An officer or employee of the credit union that the director reasonably believes is competent and reliable with respect to the matters the officer or employee prepares or presents;
(B) Legal counsel, public accountants or other persons with respect to matters that the director reasonably believes are within the counsel’s, accountant’s or other person’s professional or expert competence; or
(C) A committee of the board of directors of which the director is not a member if the director reasonably believes that the committee merits the director’s confidence.
(b) A director does not act in good faith, with due care or in a manner that the director reasonably believes is in the interests of the credit union if the director has knowledge concerning a matter that makes the director’s reliance on the information, opinions, reports, statements or data described in paragraph (a) of this subsection unwarranted.
(4) This section does not bar a cause of action against the credit union or change any liability of the credit union that arises out of an act or omission of a director, officer or other who is exempt from liability for negligence under this section. [1999 c.185 §38; 2013 c.480 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.992 - Criminal penalties.

(1) Violation of ORS 723.816 (1) is a Class C felony.
(2) Violation of ORS 723.816 (2) is a Class A misdemeanor. [1975 c.652 §84]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 723 - Credit Unions › Section 723.995 - Civil penalties.

(1) The Director of the Department of Consumer and Business Services may assess any person who violates any provision of this chapter or any rule or final order issued under this chapter a civil penalty of not more than $2,000 for each violation or $10,000 in the aggregate for all violations within any three-month period. In the case of an individual agent or employee of a credit union, the civil penalty shall be not more than $1,000 for each violation or $5,000 in the aggregate for all violations within any three-month period. The director shall count each day that a violation continues as a separate violation.
(2) In addition to the civil penalty provided by subsection (1) of this section, a credit union or a director, officer, committee member, agent or employee of a credit union who violates any provision of this chapter, or any rule or final order issued under this chapter, may be assessed a civil penalty in an amount determined by the director but not to exceed the amount by which the person profited as a result of the violation.
(3) Civil penalties under this section shall be imposed as provided in ORS 183.745.
(4) If a civil penalty is assessed against a director, officer, committee member, agent or employee of a credit union, unless the director provides otherwise, the director, officer, committee member, agent or employee shall forfeit the penalty and the penalty shall not be paid either directly or indirectly by the credit union.
(5) All moneys collected under this section shall be paid to the State Treasurer and credited as provided in ORS 705.145. [Formerly 723.826]