reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.360 - Obligations secured by deposits.

(1) In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person without regard to amount to the extent the obligations are fully secured by any kind of deposit held by the Oregon commercial bank, including but not limited to deposits held in an automatic savings to checking transfer account or a negotiable order of withdrawal account.
(2) In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person without regard to amount to the extent the obligations are fully secured at all times by any kind of deposit, including but not limited to deposits held in an automatic savings to checking transfer account or a negotiable order of withdrawal account that are fully insured, guaranteed or underwritten by the United States Government or any agency or instrumentality of the United States by virtue of any Act of Congress or amendments thereto. [1997 c.631 §157]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.365 - Obligations secured by life insurance policy values.

In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire obligations of a person not to exceed 10 percent of the Oregon commercial bank’s capital that are secured by a life insurance policy having a cash surrender value of not less than 100 percent of the amount of the obligations, plus an amount equal to one annual premium on the insurance policy. [1997 c.631 §158]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.370 - Obligations secured by first lien on real estate.

In addition to obligations permitted by ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person not to exceed 10 percent of the Oregon commercial bank’s capital that are secured by a first lien on real estate if the obligation does not exceed 80 percent of the fair market value of the real estate as determined by an independent appraisal. Obligations secured by a first lien on real estate that are subject to ORS 708A.295 may become exempt from ORS 708A.295 if:
(1) Title to the real estate has, in good faith, passed to another and the original maker of the note is no longer either directly or through some other person the owner of the real estate;
(2) The new owner has assumed the obligation and the Oregon commercial bank looks to the owner of the real estate rather than the maker of the obligation for payment;
(3) The obligation is not in default at the time the obligation becomes no longer subject to ORS 708A.295; and
(4) The obligation does not exceed 80 percent of the fair market value of the real estate at the time the obligation becomes no longer subject to ORS 708A.295. [1997 c.631 §159]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.375 - Obligations of guarantors.

In addition to obligations permitted by ORS 708A.295, an Oregon commercial bank may acquire obligations of a person, in the form of a guaranty or otherwise, without regard to amount, on account of obligations previously contracted in good faith or to reduce the risk of loss. Any such obligations shall, however, be subject to ORS 708A.295 in determining whether the Oregon commercial bank may make additional loans to or acquire other obligations of the person. [1997 c.631 §160]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.410 - Savings accounts; conditions for withdrawal; interest rate; inadvertent overdraft.

(1) Within the limits established under applicable federal statutes and regulations, an Oregon commercial bank that receives savings accounts shall prescribe by the Oregon commercial bank’s bylaws or by contract with the Oregon commercial bank’s depositors, the time and conditions on which the Oregon commercial bank repays depositors or makes a repayment to the depositors’ order.
(2) An Oregon commercial bank may require 30 days’ notice to withdraw any sum up to $5,000, 90 days’ notice to withdraw any sum over $5,000 and not over $50,000, and 180 days’ notice to withdraw any sum over $50,000. The bank may limit, in the aggregate, withdrawals during a specified time period to the amount designated for the time period.
(3)(a) Except for negotiable orders of withdrawal and similar deposit accounts, withdrawal from which is subject to check, negotiable order of withdrawal or similar instrument, and except for inadvertent overdrafts, an Oregon commercial bank may not knowingly permit a depositor to overdraw the depositor’s savings account.
(b) As used in paragraph (a) of this subsection, "inadvertent overdraft" means an overdraft that:
(A) The Oregon commercial bank does not expressly permit or provide for in bylaws or a deposit contract;
(B) Results from events or circumstances beyond the Oregon commercial bank’s reasonable control; and
(C) Is eliminated within 14 days after the Oregon commercial bank becomes aware of the overdraft. [1997 c.631 §163; 2013 c.104 §4; 2015 c.244 §46]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.415 - Securing deposits by surety bond, letter of credit or insurance.

(1) An Oregon commercial bank may secure any of the funds deposited with the Oregon commercial bank by giving a surety bond, an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008, or a policy of insurance under which some person other than the Oregon commercial bank becomes liable for deposits, provided that the aggregate face amount of the bonds, letters of credit and policies of insurance does not exceed 20 percent of the capital of the Oregon commercial bank.
(2) A depositor may insure any deposit if the Oregon commercial bank is not a party to the insurance and does not pay any premium or other charges. [1997 c.631 §164]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.420 - Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate; exception.

(1) If an Oregon commercial bank changes the terms, service charges or conditions for withdrawal of any deposit account, the Oregon commercial bank shall notify the depositor in writing before the change is effective. If an Oregon commercial bank decreases the interest rate on any deposit account, other than an account that by its terms provides for a floating, variable or indexed rate of interest, the Oregon commercial bank shall notify the depositor in writing before the change is effective. With respect to deposit accounts for which the terms provide for a floating, variable or indexed rate of interest, the Oregon commercial bank need not give notice to the depositor concerning changes in the interest rate other than by means of account statements the Oregon commercial bank provides to the depositor in the ordinary course, not less than once each calendar quarter. For accounts that two or more depositors hold, the Oregon commercial bank may give or send the notice to any of the depositors. An Oregon commercial bank may notify a depositor under this section:
(a) In person;
(b) By sending the notice by regular mail to the last address shown in the Oregon commercial bank’s deposit account records; or
(c) By sending the notice electronically in accordance with an agreement the depositor has with the Oregon commercial bank, provided that the Oregon commercial bank complies with all laws and regulations that apply to electronic consumer notices.
(2) The provisions of subsection (1) of this section do not apply to any change in the interest rate payable upon an account as described in ORS 86.245. [1997 c.631 §165; 2015 c.244 §47]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.425 - Deposit made in name of minor.

Any deposit in an Oregon commercial bank made to an account in the name of a minor must be held for the exclusive right and benefit of the minor free from the control or lien of all other persons, except other parties to the account and creditors, and must be paid, in accordance with the terms of the account, together with any interest on the deposit, to or upon the order of the minor. [1997 c.631 §166; 2015 c.244 §48]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.435 - Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit.

(1) An insured institution shall recognize an adverse claim to a deposit the insured institution holds only if the adverse claimant gives notice to the insured institution of the adverse claim and:
(a) Procures a restraining order, injunction or other appropriate process against the insured institution 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 insured institution in a form, and with sureties acceptable to the insured institution, a bond or an irrevocable letter of credit that another insured institution has issued to indemnify the insured institution from any liability, damage and expenses that may arise from paying the adverse claim or dishonoring the check or other order of the person to whose credit the deposit stands.
(2) This section does not apply if 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 for the claimant’s belief that the fiduciary is about to misappropriate the deposit.
(3) An insured institution may, at the insured institution’s option, interplead a deposit that is subject to an adverse claim. [1997 c.631 §168; 2015 c.244 §50]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.440 - Checks drawn by agents presumed to be in authorized manner.

If a person who owns a deposit account subject to check authorizes another person as agent to draw checks against the account, the insured institution, in the absence of written notice to the contrary, may presume that any check the agent draws in the manner that the terms and conditions of the account authorize, including a check the agent draws to the agent’s personal order, is for a purpose that the principal authorizes and is within the scope of the authority conferred upon the agent. [1997 c.631 §169; 2015 c.244 §51]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.445 - Checks of intoxicated, drugged or financially exploited persons.

An insured institution may refuse to pay any check, draft or order drawn upon the insured institution if the officers or employees of the insured institution have reason to believe that the person signing or indorsing the instrument was the victim of financial exploitation, as defined in ORS 124.050, or was so under the influence of liquor, drugs or controlled substances or 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. [1997 c.631 §170; 2015 c.244 §52]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.450 - Certified checks.

(1) An Oregon commercial bank shall certify a check only if the amount of the check actually stands to the credit of the drawer in collected funds on the books of the Oregon commercial bank.
(2) The amount of any certified check shall be immediately charged to the drawer’s account. [1997 c.631 §171]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.460 - Application of ORS 708A.465 to 708A.475; liability and setoff rights of financial institutions.

The provisions of ORS 708A.465 to 708A.475 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, apply only to controversies between the parties, the P.O.D. payees or the beneficiaries and the creditors and other successors of the parties, P.O.D. payees or beneficiaries, and do not apply to the power of withdrawal that a party, P.O.D. payee or beneficiary has under the terms of account contracts. The provisions of ORS 708A.485 to 708A.510 govern the liability of insured institutions that make payments under ORS 708A.485 to 708A.510, and an insured institution’s setoff rights. [1997 c.631 §173; 2015 c.244 §56]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.465 - 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 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 as 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 on the account, during their lifetimes beneficial rights as between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary. [1997 c.631 §174]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.475 - Rights of survivorship based on form of account; alteration of form of account.

The provisions of ORS 708A.470 as to rights of survivorship are determined by the form of the account at the death of a party. Subject to satisfaction of the requirements of the insured institution, the form of an account may be altered by written order given by a party to the insured institution if the party signs the order and the insured institution receives the order during the party’s lifetime, and if the party does not countermand the order with another written order during the party’s lifetime. [1997 c.631 §176; 2015 c.244 §58]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.480 - Transfer of moneys upon death of depositor or trustee is not testamentary disposition.

Any transfers resulting from the application of ORS 708A.470 are effective by reason of the account contracts involved and ORS 708A.470, and are not to be considered as testamentary or subject to administration in the estate of a deceased party. [1997 c.631 §177]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.485 - Payment of deposit in multiple-party account to one or more parties; institution not required to determine source or use of funds in account.

An insured institution may enter into a multiple-party account to the same extent that the insured institution may enter into a single-party account. The insured institution may pay any multiple-party account, on request, to any one or more of the parties. An insured institution need not inquire as to the source of funds the insured institution receives for deposit to a multiple-party account, or as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions. [1997 c.631 §178; 2015 c.244 §59]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.488 - Withdrawal or payment conditioned on advance notice.

If an insured institution conditions withdrawal or payment on advance notice, for purposes of ORS 708A.455 to 708A.515, a request for withdrawal or payment is immediately effective and a notice of intent to withdraw is a request for withdrawal. [2015 c.244 §55]
Note:
708A.488 was added to and made a part of 708A.455 to 708A.515 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.490 - Joint account; payment to any party to account; payment to others.

An insured institution may pay any sums in a joint account, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the party demands payment. An insured institution may not pay the personal representative or heirs of a deceased party unless proofs of death are presented to the insured institution showing that the decedent was the last surviving party or unless no right of survivorship exists under ORS 708A.470. [1997 c.631 §179; 2015 c.244 §60]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.495 - P.O.D. account; payment to any original party; payment to others.

An insured institution may pay any P.O.D. account, on request, to any original party to the account. The insured institution may pay, on request, the P.O.D. payee or the personal representative or heirs of a deceased P.O.D. payee upon presentation to the insured institution of proof of death showing that the P.O.D. payee survived all persons named as original parties. The insured institution may pay the personal representative or heirs of a deceased original party if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as an original party or as P.O.D. payee. [1997 c.631 §180; 2015 c.244 §61]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.500 - Trust account; payment to any trustee; payment to others.

An insured institution may pay any trust account, on request, to any trustee. Unless the insured institution has received written notice that the beneficiary has a vested interest that does not depend upon the beneficiary’s surviving the trustee, the insured institution may pay the personal representative or heirs of a deceased trustee if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as trustee or beneficiary. The insured institution may pay, on request, the beneficiary upon presentation to the insured institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees. [1997 c.631 §181; 2015 c.244 §62]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.505 - Discharge of institution from liability for payments made; conditions.

A payment that an insured institution makes under ORS 708A.485, 708A.490, 708A.495 or 708A.500 discharges the insured institution from all claims for amounts the insured institution paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees or beneficiaries, or successors of the parties, P.O.D. payees or beneficiaries. The protection given by this section does not extend to payments an insured institution makes after receiving a written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the person that gives the notice withdraws the notice, the successor of any deceased party must concur in any demand for withdrawal in order for the protections that this section provides to extend to the insured institution. Any other notice or information shown to have been available to an insured institution does not affect the insured institution’s right to protection under this section. The protection that this section provides does not affect the rights of parties in disputes between the parties or the parties’ successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts. [1997 c.631 §182; 2015 c.244 §63]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.510 - Right of institution to setoff; amount.

Without qualifying any other statutory or common law right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to an insured institution, the insured institution has a right to setoff against the account in which the party has or had a present right of withdrawal immediately before the party’s death. The amount of the account that is subject to setoff is the proportion to which the debtor is, or was immediately before the death of the debtor, beneficially entitled and, in the absence of proof of net contributions, to an equal share with all parties that have present rights of withdrawal. [1997 c.631 §183; 2015 c.244 §64]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.515 - Designation of agent for account; powers of agent.

ORS 708A.455 to 708A.465 do not preclude a party to an account from adding the name of another person to the account with the designation "agent." The agent does not have a present or future interest in the sums on deposit in such account, but the insured institution may honor requests from the agent for payment from the account, unless the principal is deceased at the time the agent requests the payment and the insured institution has actual knowledge of the principal’s death. An insured institution’s payment from the account at the agent’s request discharges the insured institution from all claims for amounts the insured institution paid. [1997 c.631 §184; 2015 c.244 §65]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.535 - Granting security interests in institution assets.

(1) An institution may only grant security interests in its assets:
(a) To secure its indebtedness to a Federal Reserve Bank or Federal Home Loan Bank.
(b) To secure its borrowings from others with a maturity of 90 days or less, provided the value of the assets pledged shall not be more than 50 percent greater than the amount borrowed. If the value of the assets pledged is more than 25 percent greater than the amount borrowed or if the amount borrowed is greater than the stockholders’ equity of the bank, the transaction shall first be approved in writing by the Director of the Department of Consumer and Business Services.
(c) To secure its deposits that are not insured by the Federal Deposit Insurance Corporation provided:
(A) The value of aggregate assets pledged does not exceed 20 percent of its stockholders’ equity; and
(B) The prior written approval of the director is obtained.
(d) To secure public funds pursuant to ORS 295.001 to 295.108, trust funds awaiting investment or distribution, or trust funds deposited with it by an institution.
(2) Notwithstanding any other provision of state law, when an institution grants a security interest in assets to secure public funds, the depositor of the public funds and any bailee of pledged securities or other assets shall be entitled to the status of a lien creditor as defined in ORS 79.0102.
(3) An institution shall grant a security interest in its assets only when authorized by a general or specific prior resolution of its board of directors.
(4) As used in this section, "public funds" means deposits belonging to:
(a) The State of Oregon that may be deposited to the official credit of the State Treasurer, and funds that may be deposited in an official capacity by any state officer, board or commission.
(b) Any county within this state deposited to the official credit of the county treasurer, including the funds of any irrigation or drainage district organized under the laws of this state, or any school district within this state where funds of the school district are deposited with the county treasurer, and funds that may be deposited in an official capacity by any county officer.
(c) Any port, port commission, dock or dock commission within this state that may be deposited to the credit of the port, port commission, dock or dock commission, or the treasurer thereof.
(d) Any city within this state deposited to the official credit of the city treasurer, and funds that may be deposited in an official capacity by any officer of any municipal corporation.
(e) Any school district within this state.
(f) Any district organized under the laws of this state with the power to levy taxes.
(g) Any housing authority organized and operating pursuant to ORS 456.055 to 456.235.
(h) The United States and any of its agencies and instrumentalities to be deposited in the manner and under the rules prescribed by the United States Government. [1997 c.631 §185; 2001 c.445 §180; 2007 c.871 §31]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.555 - Generally accepted accounting principles.

Except as otherwise provided in the Bank Act or other applicable law, institutions shall keep books and records in accordance with accounting principles generally accepted in the United States (GAAP), consistently applied. [1997 c.631 §186; 2015 c.244 §66]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.560 - Real and personal property used in institution’s business.

(1) Real estate, furniture, fixtures, vaults and safe deposit boxes necessary or convenient for the operation of an institution’s business shall be carried on the books of the institution in an amount not to exceed 50 percent of its capital, as defined in ORS 708A.290.
(2) Within guidelines established by rules promulgated under ORS 183.310, 183.315, 183.330, 183.335 and 183.341 to 183.410 the Director of the Department of Consumer and Business Services may authorize an institution to exceed the limitations prescribed in this section.
(3) Personal property acquired for lease to others in accordance with ORS 708A.180 is not subject to the limitations of this section. [1997 c.631 §187]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.565 - Certain stock.

An institution shall carry on the institution’s books, at a value that does not exceed 15 percent of the stockholders’ equity in the institution, any investments in stock of or membership interests in a company that engages in activities in which a financial holding company, a bank holding company or a nonbanking subsidiary of a financial holding company or bank holding company could engage under ORS 708A.120 (4). [1997 c.631 §188; 1999 c.59 §217; 2001 c.377 §49; 2015 c.244 §67]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.570 - Community development corporations.

Investments in community development corporations under ORS 708A.150 must be accounted for on an institution’s books as "other assets." If the community development corporation is organized under the Oregon Nonprofit Corporation Law, the stock of the corporation purchased by the institution, or the institution’s membership in the corporation if it does not issue stock, shall be carried on the books of the institution at a value not exceeding $1. [1997 c.631 §189]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.575 - Market-making corporations.

An institution shall carry on the institution’s books, at a value that does not exceed $1, any investments in a corporation or limited liability company that is engaged in the business of purchasing the institution’s stock for purposes of holding and making a market for the stock. [1997 c.631 §190; 2015 c.244 §68]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.580 - Capital-strengthening corporations.

(1) An institution may not carry on the institution’s books, at a value in excess of 20 percent of the institution’s capital, the aggregate amount of stock of or membership interests in a corporation or limited liability company the institution acquired under ORS 708A.125 for the purpose of strengthening the institution’s capital or eliminating undesirable assets.
(2) The institution each year shall amortize the book value of the stock or membership interests by not less than five percent of the original book value of the stock or membership interests. [1997 c.631 §191; 2015 c.244 §69]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.585 - Claims and judgments as assets.

An institution may not carry claims against the estates of insolvent persons or deceased or incompetent persons and judgments against any person as an asset on the institution’s books for more than two years, unless the Director of the Department of Consumer and Business Services grants a written extension of time. This section does not apply to loans an institution makes to the personal representative, guardian, conservator or trustee of any estate. [1997 c.631 §192; 2015 c.244 §70]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.590 - Charging off real estate assets; use of generally accepted accounting principles.

(1) An institution that owns or holds any real estate other than as permitted in the Bank Act shall immediately charge the book value of the real estate to profit and loss or otherwise remove the real estate from the institution’s books.
(2) An institution shall at all times value and record on the institution’s books and records, in accordance with generally accepted accounting principles, real estate that the institution owns or holds in accordance with ORS 708A.175 (3) or (4). [1997 c.631 §193; 2011 c.478 §1]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.595 - Charging off personal property assets.

An institution may not carry goods, as defined in ORS 79.0102, and chattels, as defined in ORS 87.142, that the institution owns on account of collecting the institution’s debts on the institution’s books for more than two years after acquiring the goods or chattels, unless the Director of the Department of Consumer and Business Services extends the two-year period. [1997 c.631 §194; 2015 c.244 §71]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.600 - Charging off losses.

An institution shall charge off all debts:
(1) On which interest is past due and unpaid for 12 months, unless the debt is fully secured and in process of collection;
(2) That an examiner has classified as a loss; or
(3) Upon the instruction of the Director of the Department of Consumer and Business Services. [1997 c.631 §195; 2015 c.244 §72]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.605 - Separate accounts for foreign branches.

An institution shall maintain the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office. At the end of each year, the profit or loss accrued at each branch shall be transferred to the general ledger as a separate item. [1997 c.631 §196]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.630 - Negligent, excessive, dishonest or unlawful loans; civil liability of officer, director or employee.

Any officer, director or employee of an institution who knowingly or negligently loans the funds of the institution in a dishonest or unlawful manner or permits the funds of the institution to be so loaned, is liable for the full amount of the loan and for all damages that the institution, its stockholders or any other person has sustained in consequence thereof. The liability for the loan continues until the loan, with interest, is paid in full without loss to the institution. The amount of the liability may be collected by suit or action without first attempting to collect from the debtor. [1997 c.631 §197a]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.635 - Written policies regarding reporting to and obtaining approval of board; duty to report.

Institutions shall develop written policies regarding the types of matters that shall be reported to and approved by the institution’s board of directors. An officer, director or employee of an institution shall not conceal from or fail to report to the board of directors of the institution any such matter. [1997 c.631 §198]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.640 - Receiving illegal compensation; misapplication of property and credit.

(1) An officer, director, agent or employee of an institution shall not ask for, receive or agree to receive any money, property or thing of value or of personal advantage, for:
(a) Procuring or endeavoring to procure for any person any loan from, or the purchase or discount of any paper, note, draft, check or bill of exchange by, the institution.
(b) Permitting any person to overdraw any account with the institution.
(2) An officer, director, stockholder, employee or agent of an institution shall not abstract or willfully misapply any of the property of the institution, or willfully misapply its credit. [1997 c.631 §199]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.645 - Illegal guaranty or indorsement.

An officer, director or employee of an institution shall not make or deliver any guaranty or indorsement on behalf of the institution whereby the institution becomes liable upon any of its discounted notes, bills or obligations, in any sum beyond the amount of loans and discounts that the institution may legally make. [1997 c.631 §200]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.670 - Definitions for ORS 708A.670 and 708A.675.

As used in this section and ORS 708A.675:
(1) "Financial exploitation" has the meaning given that term in ORS 124.050.
(2) "Financial institution" means a financial institution or a trust company as those terms are defined in ORS 706.008.
(3) "Law enforcement agency" has the meaning given that term in ORS 124.050.
(4) "Vulnerable person" has the meaning given that term in ORS 124.100.
(5) "Vulnerable person’s account" means a contract of deposit of funds between a depositor and a financial institution where:
(a) The account is owned by a vulnerable person, whether individually or with one or more other persons; or
(b) A vulnerable person is a beneficiary of the account, including of a formal or informal trust account, a payable on death account, a conservatorship account or a guardianship account. [2017 c.290 §1]
Note:
708A.670 to 708A.680 were enacted into law by the Legislative Assembly but were not added to or made a part of the Bank Act or any chapter or series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.680 - Contractual rights not restricted.

The authority granted to financial institutions under ORS 708A.675 is in addition to and not in lieu of any right a financial institution may have under the financial institution’s deposit or other contract with the financial institution’s customer. Nothing in ORS 708A.675:
(1) Restricts the rights of a financial institution to take or refuse to take any action pursuant to the financial institution’s deposit or other contract with the financial institution’s customer; or
(2) Requires a financial institution to comply with any provision of ORS 708A.675 when acting pursuant to the provisions of the financial institution’s deposit or other contract with the financial institution’s customer. [2017 c.290 §3]
Note:
See note under 708A.670.
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.990 - Civil penalties.

(1) An institution that violates ORS 708A.560 shall forfeit a civil penalty in an amount the Director of the Department of Consumer and Business Services determines that is not more than $50,000.
(2) An Oregon commercial bank that violates ORS 708A.420 shall forfeit a civil penalty in an amount the director determines that is not more than $10,000. In addition, the director may revoke the Oregon commercial bank’s charter.
(3) All money forfeited under subsections (1) and (2) of this section shall be paid to the State Treasurer for deposit in the Consumer and Business Services Fund.
(4) The director may recover a civil penalty as provided in ORS 706.980. [1997 c.631 §201; 2015 c.244 §74]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.030 - Approval to transact trust business; exceptions; deposit of cash, securities, letter of credit or surety bond with director; amount.

(1) Except as provided in subsection (4) of this section, no person other than a trust company shall transact a trust business in this state. Except as provided in subsection (4) of this section, before a person transacts any trust business in this state, the person shall obtain the approval of the Director of the Department of Consumer and Business Services if required under ORS 709.005 and shall deposit with the director, as security and as a pledge for the faithful conduct of its trust business:
(a) Cash or interest-bearing securities that have a ready market value;
(b) A surety bond issued by a surety company authorized to transact business in this state and in a form approved by the director, under which the principal and surety indemnify the several owners of the fund held in trust against loss due to the failure of the trust company;
(c) An irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008; or
(d) Any combination of cash, letters of credit, interest-bearing securities and surety bond.
(2) If the cash and securities held in trust amount to less than $1 million, the deposit, bond, letters of credit or combination thereof shall be $50,000. If the cash and securities held in trust amount to at least $1 million but do not exceed $1.5 million, the deposit, bond, letters of credit or combination thereof shall be $100,000. For each $500,000 or fraction thereof in excess of $1.5 million held in trust, the deposit, bond, or letters of credit or combination thereof shall be increased an additional $25,000, except a trust company shall not be required to increase the deposit, bond, letters of credit or combination thereof to an amount in excess of $1 million.
(3) The securities shall be deposited with the director and held by the director as trustee for the beneficiaries of the trust funds held by the trust company.
(4) A person shall not be required to be a trust company if the person:
(a) Does not and will not regularly transact trust business in the ordinary course of the person’s business;
(b) Acts in a manner authorized by law and in the scope of authority as an agent of a trust company;
(c) Is an attorney rendering a service customarily performed by an attorney;
(d) Is acting as trustee under a deed of trust;
(e) Is a licensed real estate broker or principal real estate broker rendering a service customarily performed by a broker;
(f) Is a licensed escrow agent rendering a service customarily performed by an escrow agent; or
(g) Is exempt from the provisions of subsection (1) of this section by rule of the director. [Amended by 1957 c.82 §1; 1967 c.139 §1; 1973 c.797 §183a; 1979 c.88 §12; 1981 c.192 §14; 1985 c.800 §1; 1991 c.331 §114; 1997 c.631 §203; 2001 c.300 §81; 2007 c.71 §228]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.040 - Securities eligible for deposit.

The securities mentioned in ORS 709.030 may only be of the following classes:
(1) Interest-bearing bonds, notes or obligations of the United States including those of its agencies and instrumentalities, or bonds, notes or obligations for which the faith of the United States is pledged for the payment of the principal and interest.
(2) Bonds or other obligations of the State of Oregon, any county of this state or any incorporated city, town or school or port district of this state having a population of not less than 2,000 as shown by the last federal census, or bonds of any other state, any county, incorporated city, town or school or port district therein having a population of not less than 25,000, as shown by the last federal census, if:
(a) The bonds or obligations are issued in compliance with the constitution and laws of the applicable state;
(b) The bonds or obligations are a general obligation of the state, city, town or school or port district issuing the bonds; and
(c) There has been no default in payment of either principal or interest on any of the general obligations of the state, county, incorporated city, town or school or port district for a period of five years preceding the date of the deposit.
(3) Notes or bonds secured by first liens upon improved real estate in this state or any other state if the obligation, plus taxes not due and bonded indebtedness for public improvements not due, do not exceed 50 percent of the reasonable market value of the real estate. The trust company shall file in support of a real estate obligation, such appraisal, evidence of merchantable title and insurance as may be required by the Director of the Department of Consumer and Business Services. [Amended by 1973 c.797 §184; 1997 c.631 §204]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.050 - Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates.

A trust company authorized to do a trust business in this state which is required to make any deposit of securities with any public official in order to do business in this state may deposit:
(1) Notes or bonds secured by mortgages or deeds of trust, payment of which are guaranteed by policies of mortgage insurance; and
(2) Mortgage participation certificates issued by a mortgage insurance company authorized to do business in this state in accordance with ORS 742.282 and 742.284. [Amended by 1967 c.359 §703; 1973 c.797 §185; 1997 c.631 §205]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.060 - Primary liability of deposit.

The deposit mentioned in ORS 709.030 is primarily liable for the malfeasance of a trust company as a fiduciary and is not liable for any debt or other obligation of the company until such malfeasance liability has been discharged. [Amended by 1973 c.797 §186; 1997 c.631 §206]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.070 - Right of action against deposit.

A person who suffers loss or damage because of the breach of any trust committed to a trust company may recover the amount of the loss or damage out of the moneys or securities deposited under ORS 709.030 with the director by the trust company. [Amended by 1973 c.797 §187; 1997 c.631 §207]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.080 - Charges for handling securities; collection procedure.

(1) The Director of the Department of Consumer and Business Services may charge a reasonable amount for any expenses incurred and services rendered in connection with deposits of securities.
(2) If a trust company does not, after due notice, pay to the director any charge assessed against it under this section, the director may:
(a) Apply in payment of the charges, with interest at the legal rate, as much as necessary of the interest or other earnings accruing on any securities deposited with the director; or
(b) Report the facts to the Attorney General, who shall, in the name of the director, institute appropriate action against the trust company. [Amended by 1973 c.797 §188; 1997 c.631 §208]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.110 - Deposit of documents with notes or bonds.

All mortgages or deeds of trust and all insurance policies, abstracts of title, certificates of title or title insurance policies and appraisements required by the Director of the Department of Consumer and Business Services under ORS 709.040 (3) shall be deposited with the notes or bonds. When less than the whole of a bond issue is deposited, the director shall not require the deposit of the abstract of title, certificates of title or title insurance policies and appraisements, but may require a certificate from the trustee of the mortgage or bond issue that the documents have been deposited with the trustee. [Amended by 1973 c.797 §189]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 709 - Regulation of Trust Business › Section 709.120 - Substitution of deposit securities; income of securities deposited.

(1) The Director of the Department of Consumer and Business Services may require the immediate substitution of other securities when the director has reason to believe that the market value of securities which have been deposited under ORS 709.030 have depreciated below the amount required under ORS 709.030. Substitution of securities with the director at the request of the depositing trust company may be permitted if approved by the director.
(2) All interest, income or dividends from all securities deposited with the director belong to the depositing trust company, and if the trust company is solvent, it may receive and retain the interest, income or dividends. [Amended by 1973 c.797 §190; 1997 c.631 §209]