reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-2000 - Regular Meetings of Banking Institution Board of Directors

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of
			 this rule:
(a) "Regular meeting" means a
			 meeting established by the banking institution's bylaws or by board resolution
			 that fix the time, date and location of the meeting on a re-occurring
			 basis.
(b) "Special meeting" means
			 a meeting not held on a re-occurring basis and under notice given to the board
			 of directors consistent with the banking institution's articles of
			 incorporation or the bylaws.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-2005 - Conducting Stockholder Meetings Remotely

Current through Register Vol. 63, No. 7, July 1, 2024
Oregon chartered commercial banks, Oregon trust companies, and
				Oregon stock savings banks may conduct stockholder meetings remotely by means
				of telephone conference, video conference, or similar means of communications
				that allows all persons, physically or remotely participating in the meeting,
				to communicate with each other, provided that participation is controlled and
				limited to those entitled to attend, and the identity of participants is
				determinable and reasonably verifiable. Stockholders attending the annual
				meeting remotely and all other stockholder meetings held in accordance with
				this rule shall be considered as "present" for purposes of the meetings and in
				accordance with ORS
				707.621.
Statutory/Other Authority: ORS
				  706.790
Statutes/Other Implemented: 706.610 &
				  707.621
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-2010 - Dividend Excess of Retained Earnings

Current through Register Vol. 63, No. 7, July 1, 2024
An institution may not pay dividends in an amount that exceeds
				the institution's retained earnings except with the prior written approval of
				the director of the Department of Consumer and Business Services.
Statutory/Other Authority: ORS
				  706.795
Statutes/Other Implemented: ORS
				  707.410  & 707.415
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-2020 - Exchange of Real Property for Stock

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An Oregon commercial bank, trust company
			 or savings bank that applies for permission to accept real property in exchange
			 for stock at the initial formation of capital shall file the following
			 documents with the Director before accepting or committing to accept real
			 property and improvements in exchange for stock:
(a) An appraisal within the scope of
			 licensure of a General Appraiser or Residential Appraiser certified by the
			 Oregon Appraiser Certification and Licensure Board, or like person approved by
			 the Director in the case of real property located outside of this state, that
			 is dated or updated within 30 days of the application, provided there is no
			 material change to the appraised property within the 30 day period;
(b) Commitments or sales of stock for cash
			 received to the date of the application; and
(c) A business plan adopted by the board:
(A) That includes the intended use or
			 disposition of the property within a period that is consistent with the Bank
			 Act for such property; and
(B) That
			 shows a prudent and reasonable business purpose for such an exchange.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3010 - Insurance Activity Report

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Applicability.
(a) Except as provided in
			 subsection (b) of this section, this rule applies to:
(A) All Oregon banks, Oregon savings banks
			 and Oregon trust companies that acquire subsidiaries or invest in companies
			 that engage in or intend to engage in insurance agency activities as a licensee
			 under ORS 744.002; and
(B) All bank holding companies that are
			 subject to ORS 715.075.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3020 - Property Acquired for or Used for Place of Business; Disposition if Not Used

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An institution
			 shall sell or dispose of real property referred to in ORS
			 708A.175:
(a) Purchased for future location or
			 expansion of its business, if the real estate is not so used within two years
			 after the date of acquisition; or
(b) Formerly used as a place to carry on the
			 business of the institution, if it is not reused for a business purpose within
			 two years after the business use is discontinued.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3030 - Appraisal Required

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The market
			 value of real estate acquired by an institution pursuant to ORS
			 708A.175 shall be established by
			 a real property appraisal that is current if the recorded value is equal to or
			 greater than $400,000. A bank may defer obtaining an appraisal for a maximum
			 period of three months following acquisition of such property if the initial
			 recorded value is based on an appropriate evaluation that is current at the
			 time of the acquisition.
(2) If the
			 recorded value of the real estate acquired pursuant to ORS
			 708A.175 is less than $400,000,
			 the market value shall be established by a real property appraisal or
			 evaluation that is current at the time of such acquisition.
(3) An appraisal or evaluation is current if
			 dated no more than one year prior to the acquisition.
(4) The real property appraisal or evaluation
			 must be reviewed by appropriate institution officers to determine whether it is
			 a reliable indicator of the value and condition of the real estate acquired and
			 complies with applicable standards for preparation of such appraisals or
			 evaluations.
(5) If the carrying
			 (book) value of the real estate exceeds the market value less costs to sell,
			 the difference shall be immediately charged off.
(6) ORS
			 708A.590, as relevant, shall
			 thereafter be followed.
Statutory/Other Authority: ORS
				  706.790
Statutes/Other Implemented: ORS
				  708A.175(3)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3040 - Real Estate Sales Contracts

Current through Register Vol. 63, No. 7, July 1, 2024
Property sold under a contract of sale shall be carried as Real
				Estate Sold Under Contract until the contract is paid out or
				sold.
Stat. Auth.: ORS
				  706.790
Stats. Implemented: ORS
				  708A.195
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3046 - Contents of Foreclosure Notices

Current through Register Vol. 63, No. 7, July 1, 2024
The sender of a notice form required by 2008 Or Laws, ch. 19,
				¦ 20 and as amended by 2009 Or Laws ch. 864, ¦ 1 (Enrolled Senate
				Bill 628) must enter in the form and format adopted by this rule:
(1) The statewide telephone contact number
			 for handling consumer queries as 800-SAFENET (800-723-3638)
(2) The telephone number of the Oregon State
			 Bar's Lawyer Referral Service as 503-684-3763;
(3) The Oregon State Bar's Lawyer Referral
			 Service toll-free number as 800-452-7636;
(4) The website address of the Oregon State
			 Bar as http://www.osbar.org [File Link Not Available];
(5) The website address for the organization
			 providing more information and a directory of legal aid programs as
			 http://www.oregonlawhelp.org [File Link Not Available];
(6) The toll-free consumer mortgage
			 foreclosure information number as 800-SAFENET (800-723-3638); and
(7) Information on federal loan modification
			 programs as http://www.makinghomeaffordable.gov/ [File Link Not
			 Available].
Stat. Auth.: ORS
				  86.737
Stats. Implemented: ORS
				  86.737
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3050 - Guidelines for Exceeding Restrictions on Ownership of Real and Personal Property Used in Business

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A request
			 for authorization to exceed the limitations of ORS
			 708A.560 shall contain:
(a) Details of the proposal;
(b) The reasons relied on for exceeding the
			 limitations;
(c) An asset
			 utilization plan which is consistent with the institution's business plan;
			 and
(d) Such additional information
			 required by the Director.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3070 - Combining Loans to Separate Borrowers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of ORS
			 708A.295, the phrase
			 "obligations in the name of one person for the benefit of another person" shall
			 include the following situations:
(a) When
			 proceeds of an obligation to a borrower are to be used for the direct benefit
			 of the other person, as defined by OAR 441-505-3075, to the extent of the
			 proceeds so used; or
(b) When a
			 common enterprise exists between the borrower and the other person, as defined
			 by OAR 441-505-3080.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3075 - Existence of a Direct Benefit

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The amount of money received from an obligation incurred by a borrower will be
			 considered to be for the direct benefit of another person and will be
			 attributed to the other person when the amount of money received is transferred
			 to another person, or the assets purchased with the money received are
			 transferred to another person.
(2)
			 This rule does not apply to bona fide transactions made in good faith where the
			 money received from a loan obligation is used to acquire property, goods, or
			 services.
Stat. Auth.: ORS
				  706.790
Stat. Implemented: ORS
				  708A.295
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3080 - Existence of a Common Enterprise

Current through Register Vol. 63, No. 7, July 1, 2024
A common enterprise will be deemed to exist and obligations of
				separate borrowers will be aggregated when any of the following occur:
(1) When the expected source of repayment for
			 each obligation is the same for each borrower and neither borrower has another
			 source of income from which the obligation (together with the borrower's other
			 obligations) may be fully repaid. An employer will not be treated as a source
			 of repayment under this paragraph because of wages and salaries paid to an
			 employee, unless the standards of section (2) of this rule are met;
(2) When obligations are incurred:
(a) By borrowers who are related directly or
			 indirectly through common control, including where one borrower is directly or
			 indirectly controlled by another borrower; and
(b) Substantial financial interdependence
			 exists between or among the borrowers. "Substantial financial interdependence"
			 exists when 50 percent or more of one borrower's gross receipts or gross
			 expenditures on an annual basis are derived from transactions with the other
			 borrower. Gross receipts and expenditures include gross revenues/expenses,
			 inter-company loans, dividends, capital contributions, and similar receipts or
			 payments;
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3085 - Lending Limit Rules for Loans to Partnerships

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Obligations to a partnership, joint
			 venture, or association are obligations to each member of the partnership,
			 joint venture, or association. This rule does not apply to limited partners in
			 limited partnerships or to members of joint ventures or associations if the
			 partners or members, by the terms of the partnership or membership agreement,
			 are not held generally liable for the obligations or actions of the
			 partnership, joint venture, or association, and those provisions are valid
			 under applicable law.
(2)
(a) Obligations to members of a partnership,
			 joint venture, or association are not attributed to the partnership, joint
			 venture, or association unless either OAR 441-505-3075  or 441-505-3080  is met.
			 Both 441-505-3075  and 441-505-3080  are met between a member of a partnership,
			 joint venture or association and such partnership, joint venture or
			 association, when obligations are made to the member to purchase an interest in
			 the partnership, joint venture or association.
(b) Obligations to members of a partnership,
			 joint venture, or association are not attributed to other members of the
			 partnership, joint venture, or association unless either OAR 441-505-3075  or
			 441-505-3080  are met.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-3090 - Interest Rate Swap Transactions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An Oregon bank may engage in interest
			 rate swap transactions and pledge bank assets to counterparties to secure the
			 transactions.
(2) The Oregon
			 bank's aggregate risk exposure, at any time, to each of its counterparties
			 shall not exceed the bank's legal lending limit. The bank's risk exposure under
			 an interest rate swap transaction shall be estimated using any of the methods
			 considered acceptable for national banks by the Office of the Comptroller of
			 the Currency.
Stat. Auth.: ORS
				  706.790
Stats. Implemented: ORS
				  706.795
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-4010 - Exemption for Banking Institutions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An exemption is created under ORS
			 709.030(4) from
			 the trust company certificate of authority and deposit requirements for:
(a) A non-Oregon institution or extranational
			 institution when the entities are involved in any activity described in section
			 (2) of this rule; and
(b) A
			 non-Oregon institution or extranational institution that indirectly engages in
			 any activity covered in subsection (2) of this rule because of its beneficial
			 interest in a pool of notes secured by real estate mortgages or trust
			 deeds.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-4020 - Exemption for Out of State Trust Company

Current through Register Vol. 63, No. 7, July 1, 2024
An exemption from the trust company certificate of authority
				and deposit requirements is created under ORS
				709.030(4)
				for an out-of-state trust company that:
(1) Has no office in this state;
(2) Is regulated in its home state by an
			 authority comparable to the Division of Financial Regulation; and
(3) Does not engage in soliciting trust
			 business in Oregon.
Statutory/Other Authority: ORS
				  709.030(4)(g)
Statutes/Other Implemented: ORS
				  709.030(4)(g)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-4030 - Trust Company Exemption; Court Appointed Fiduciaries

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As authorized
			 by ORS 709.030(4)(g),
			 an exemption from trust company certificate of authority requirements under
			 709.005(1) is
			 hereby created for any person appointed as a personal representative, trustee
			 or conservator by a court of competent jurisdiction, provided that the court
			 requires the person to post a bond suitable to the size of the estate for which
			 the appointment is made.
(2) As
			 authorized by ORS 709.030(4)(g),
			 an exemption from trust company certificate of authority requirements under
			 709.005(1) is
			 hereby created for any person appointed as a Personal Representative, as
			 defined in 111.005, or as a Special
			 Administrator as described in
			 113.005, by a court of competent
			 jurisdiction.
Stat. Auth.: ORS
				  706.795 &
				  709.030
Stats. Implemented: ORS
				  708A.535 &
				  709.030
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 505 - BANKING SECTION (IN GENERAL) › Section 441-505-6010 - Deposits Required by Extranational Institutions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The deposit required to be posted by
			 extranational institutions under ORS
			 713.025(2)
			 shall be:
(a) Five percent of the total
			 liability of each office in this state to Oregon based depositors, plus all
			 acceptances, but excluding accrued expenses and amounts due to and other
			 liabilities of offices, branches, agencies and subsidiaries of the
			 extranational institution; and
(b)
			 An additional $2,500,000 for the protection of depositors and the public
			 interest.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 646 - IDENTITY THEFT › Section 441-646-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in ORS
				646A.600 to
				646A.628 and this division 646,
				unless the context requires otherwise:
(1) "Continuing violation" means the same
			 activity extending longer than one day that violates the Oregon Consumer
			 Identity Theft Protection Act.
(2)
			 "Harm," for purposes of the notification requirement, is limited to monetary
			 loss.
Stat. Auth.: ORS
				  646A.626
Stats. Implemented: ORS
				  646A.604;
				  646A.624
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 646 - IDENTITY THEFT › Section 441-646-0020 - Expenses of Providing Notification

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A person may calculate the expenses of
			 providing notification by including reasonable and necessary expenses for:
(a) Staff time to generate a contact list of
			 affected consumers;
(b) Paper to be
			 used to print the notice;
(c)
			 Printing or photocopying costs;
(d)
			 Envelopes to be used to mail the notice; and
(e) First-class postage.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 646 - IDENTITY THEFT › Section 441-646-0030 - Use of Social Security Number

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Materials or documentation of a
			 transaction or service are requested by a consumer when the consumer initiated
			 the contact with the person that mails the documents to the consumer, such as a
			 loan application started by the consumer by telephone, tax returns prepared
			 from information the consumer left with a tax preparer, or periodic updated or
			 renewal materials for a product or service purchased by the consumer.
(2) A person that prints a Social Security
			 number on materials mailed to a consumer concerning a transaction or service
			 requested by the consumer may not print the Social Security number on any part
			 of the materials visible to the general public.
(3) When the consumer does not initiate
			 contact with the person, and there is no federal or state law requiring the
			 Social Security number to be printed on the materials, a person may not print
			 the consumer's unredacted Social Security number on materials mailed to the
			 consumer.
(4) A person may use or
			 print a Social Security number for internal verification or administrative
			 purposes, including materials sent outside of the person's business, when the
			 SSN is not visible to, or accessible by, the general public.
(5) Persons are strongly encouraged to use a
			 number other than the consumer's Social Security number to identify the
			 consumer. If a person does use the consumer's Social Security number for
			 identification, the person's plan to safeguard personal information under ORS
			 646A.622, including Social
			 Security numbers, must specify reasonable procedures that:
(a) Prevent unauthorized access to the Social
			 Security number; and
(b) Require
			 electronic or physical transmission of the Social Security number to persons
			 outside of the person's business to be accomplished through secure means, such
			 as encryption or the use of a redacted Social Security number.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 646 - IDENTITY THEFT › Section 441-646-0040 - Safeguarding of Personal Information

Current through Register Vol. 63, No. 7, July 1, 2024
Protecting the security, confidentiality and integrity of
				personal information extends to:
(1)
			 Electronic and paper methods of storing personal information;
(2) Electronic, paper and verbal methods of
			 transmitting personal information; and
(3) All methods of disposing of personal
			 information.
Stat. Auth.: ORS
				  646A.626
Stats. Implemented: ORS
				  646A.622
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0000 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in Oregon Administrative Rules chapter 441, divisions
				710 and 720:
(1) "Abandoned premises"
			 means former credit union premises from the date of relocation to new quarters,
			 and property originally acquired for future expansion for which such use is no
			 longer contemplated.
(2) "Banker's
			 acceptance" means a time draft that is drawn on and accepted by a bank and that
			 represents an irrevocable obligation of the bank.
(3) "Borrowing repurchase transaction" means
			 a transaction in which the credit union agrees to sell a security to a
			 counterparty and to repurchase the same or an identical security from that
			 counterparty at a specified future date and at a specified price.
(4) "CUSO" or "credit union service
			 organization" means an agency, association or corporation in which a credit
			 union is authorized by ORS
			 723.602(5) to
			 invest or to which it is authorized by
			 723.602(5) to
			 loan funds. A CUSO may be organized for one or more of the purposes described
			 in 723.006 or
			 723.602(5).
(5) "Eligible obligation" means a
			 loan or group of loans.
(6)
			 "Federal funds transaction" means a short-term or open-ended unsecured transfer
			 of immediately available funds by one depository institution to another
			 depository institution or entity.
(7) "Fixed assets" means premises and
			 furniture, fixtures and equipment.
(8) "Furniture, fixtures and equipment" means
			 all office furnishings (e.g., tables, chairs, desks, file cabinets, curtains,
			 drapes, rugs, etc.), office machines, computer hardware and software, automated
			 terminals, heating and cooling equipment.
(9) "Investment in fixed assets" means:
(a) Any investment in real property (improved
			 or unimproved) which is being used or is intended to be used as premises;
(b) Any leasehold improvement on
			 premises;
(c) The aggregate of the
			 lease payments pursuant to a lease agreement on fixed assets; or
(d) Any investment in furniture, fixtures and
			 equipment.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0020 - Membership in General

Current through Register Vol. 63, No. 7, July 1, 2024
The rules in this section create procedures for establishing
				and expanding the membership of a credit union. These rules do not invalidate
				or change the field of membership of any credit union approved prior to March
				31, 2000.
Stat. Auth.: ORS
				  723.102
Stats. Implemented: ORS
				  723.172
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0035 - Community Charter Applications

Current through Register Vol. 63, No. 7, July 1, 2024
A credit union applying for a community charter must complete
				an application to include at least the following information:
(1) Written authorization for the application
			 signed by the Board of Directors.
(2) Bylaws or amendment to bylaws showing
			 current and revised field of membership.
(3) Identification of the area the credit
			 union wishes to serve and the total population of the proposed community. Quote
			 source for the population figures.
(4) If the area to be served consists of more
			 than one precinct, district, city, county, or other defined boundaries, a
			 detailed description of how the persons in the area interact or share
			 interests.
(5) Map of proposed
			 well-defined local community, neighborhood or rural district.
(6) Most recent monthly financial statement,
			 including income and expense statement; and
(7) Business plan showing how credit union
			 will provide service to proposed community, pro forma financial statements for
			 the first three years of operation including assumptions used, and facility
			 locations. The plan should include information on services and products offered
			 by the institution.
(8) If the
			 credit union applying for a community charter wishes to continue credit union
			 services to a former group or former groups in accordance with ORS
			 723.172, the credit union must
			 comply with the application requirements set forth in OAR
			 441-710-0071.
Stat. Auth.: ORS
				  723.102
Stats Implemented: ORS
				  723.172(2)
				  & 723.172(5)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0037 - Procedures for Amending Bylaws on Community Charter Field of Membership

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When a credit
			 union wishes to expand its field of membership, it shall amend its bylaws to
			 describe the geographic boundaries to be added to the field of membership. The
			 proposed amendment to the bylaws and the application for approval of the
			 amendment filed with the Director shall include:
(a) The bylaw that defines the field of
			 membership of the credit union with the text of the proposed amendment to the
			 bylaw showing the new language underlined and deleted language, if any,
			 bracketed;
(b) Map of proposed
			 well-defined local community, neighborhood or rural district, showing both the
			 existing field of membership and the proposed field of membership to be
			 added;
(c) The credit union's most
			 recent financial statement;
(d) An
			 updated plan of business for the credit union that takes into account the
			 implications of the anticipated increased membership, deposits,
			 responsibilities and effect on capital level of the credit union;
(e) An updated budget; and
(f) Any other evidence in support of the
			 application.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0070 - Procedures for Amending Bylaws on Field of Membership

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When a credit union wishes to expand its
			 field of membership, it shall amend its bylaws to describe the group or groups
			 to be added to the field of membership. The proposed amendment to the bylaws
			 and the application for approval of the amendment filed with the Director shall
			 include:
(a) The bylaw that defines the field
			 of membership of the credit union with the text of the proposed amendment to
			 the bylaw showing the new language underlined and deleted language, if any,
			 bracketed;
(b) The credit union's
			 most recent financial statement;
(c) An updated plan of business for the
			 credit union that takes into account the implications of the anticipated
			 increased membership, deposits, responsibilities and effect on capital level of
			 the credit union;
(d) An updated
			 budget;
(e) If the amendment
			 proposes to add a separate employment group to the field of membership; the
			 names and addresses of individuals who represent the group;
(f) If the amendment proposes to add a group
			 with a separate bond of occupation or association, the credit union shall
			 submit evidence:
(A) That the group does not
			 contain more than 3,000 members;
(B) That the group could not feasibly or
			 reasonably establish a new credit union due to a lack of volunteer resources,
			 financial resources or other factors important to the likelihood of successful
			 formation of a new credit union; or
(C) That the group proposes to transfer to
			 the credit union in connection with a merger, consolidation or transfer
			 approved by the director, or in connection with the liquidation of another
			 credit union.
(g) Any
			 other evidence in support of the application, including relevant correspondence
			 from the group to be added.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0071 - Application to Serve Former Occupational Groups and Associational Members

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In accordance
			 with ORS 723.172, all community credit
			 unions that wish to continue credit union services to an occupational or
			 associational group or groups shall file an application to serve the these
			 groups on a form provided by the director. The application form shall require
			 the community credit union to supply the following information:
(a) The credit union's name; the date of
			 conversion; and the communities it serves.
(b) The names of the former occupational or
			 associational group or groups that the credit union wishes to serve and
			 information showing that the occupational or associational group or groups have
			 offices within the credit union's community boundaries.
(c) Information showing that the occupational
			 or associational group or groups were within the credit union's field of
			 membership before it converted to a community charter and the date when the
			 by-laws were amended to include the occupational or associational group or
			 groups in the credit union's field of membership.
(d) Information showing the number of
			 individuals within the occupational group or groups or association or
			 associations that do not live or work within the credit union's geographic
			 boundaries, and the basis for credit union membership such as whether the
			 individuals are directors, officers, employees, members, partners, personal
			 representatives, trustees or volunteers of the corporation, limited liability
			 company, partnership or association, trust, estate or other entity.
(e) Information showing that the credit union
			 has the ability to serve the new credit union members who do not live or work
			 within the community boundaries without sacrificing safety and soundness
			 requirements including addressing the implications of how increased credit
			 union membership, deposits, and responsibilities may effect the credit union's
			 capital or net worth ratio.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0075 - Underserved Areas

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A credit union may apply to the Director to add any underserved, well-defined local community, neighborhood or rural district to its field of membership if:
(a) The area is underserved by other depository institutions; and
(b) The credit union is prepared and able to establish and maintain an office or facility within the area to be added.
(c) "Underserved by other depository institutions" means the aggregate number of depository institution branches per capita is below the state average as established by the Director on an annual basis as of December 31.
(d) "Office or facility" means a place where shares are accepted for members' accounts, loan applications are accepted and loans are disbursed. This definition includes:
(A) A credit union owned branch;
(B) A shared branch that belongs to a shared branching network;
(C) A mobile branch;
(D) An office operated on a regularly scheduled weekly basis; or
(E) A credit union owned electronic facility that meets, at a minimum, the requirements of this subsection. An ATM, by itself, does not constitute an "office or facility."
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0085 - Guidelines for a Low-Income Designated Credit Union

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A credit union may be designated by the
			 director as a low-income credit union if the director determines it is in the
			 public interest that the director designate the credit union as a low-income
			 credit union and the credit union demonstrates that:
(a) A majority of current members of the
			 credit union:
(A) Make less than 80 percent of
			 the average for all wage earners as established by the most recently published
			 U.S. Department of Labor's Bureau of Labor Statistics;
(B) Have a household income at or below 80
			 percent of the median household income for the nation as established by the
			 most recently published Census Bureau data; or
(C) Are enrolled as full-time or part-time
			 students in a college, university, high school, or vocational school;
			 or
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0240 - Limitations on Ownership of Fixed Assets

Current through Register Vol. 63, No. 7, July 1, 2024
Under ORS
				723.152(4), a
				credit union has the power to acquire, lease, hold and dispose of property
				necessary or incidental to its operations. A credit union's ownership of fixed
				assets is limited as described by OAR 441-710-0240  to
				441-710-0270.
Stat. Auth.: ORS
				  723.102
Stats. Implemented: ORS
				  723.152
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0260 - Investment in Fixed Assets

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 credit union shall not, without the prior approval of the Director, invest in
			 fixed assets if the aggregate of all such investments exceeds five percent of
			 total assets.
(2) A credit union
			 shall submit such statements and reports as the Director may require in support
			 of a request for approval of an investment in fixed assets in excess of the
			 limit specified by section (1) of this rule. Such reports and statements shall
			 include, but need not be limited to:
(a) A
			 narrative, describing the proposal in terms of costs, usage, location and
			 method of financing;
(b) Current
			 financial data; and
(c) A pro forma
			 projected balance sheet and statements of income and expenses for each of the
			 ensuing three years based upon the assumption that the proposal will be
			 approved.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0270 - Investment in Premises

Current through Register Vol. 63, No. 7, July 1, 2024
(1) When
			 real property is acquired for future expansion, at least partial utilization
			 should be accomplished within a reasonable period, which shall not exceed three
			 years unless otherwise approved in writing by the Director.
(2) When a credit union acquires unimproved
			 real property for future expansion, the credit union shall at least partially
			 utilize the property within a reasonable period of time, not to exceed six
			 years unless otherwise approved in writing by the Director.
(3) After real property acquired for future
			 expansion under sections (1) or (2) of this rule has been held for one year, a
			 board resolution with definitive plans for utilization must be available for
			 inspection by the Director's examiners.
(4) Investments in premises will be recorded
			 on the credit union's books in accordance with generally accepted accounting
			 principles. The cost of land shall be carried on the books of the credit union
			 in an account separate from the cost of improvements thereon.
Stat. Auth.: ORS
				  723.102
Stats. Implemented: ORS
				  723.152
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0305 - Compensation of Boards of Directors and Supervisory Committee Members

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of
			 this rule, unless the context requires otherwise:
(a) "Compensation" includes anything of value
			 given in exchange for service as a member of the credit union's board of
			 directors or a member of the credit union's supervisory committee. Compensation
			 does not include:
(A) Reasonable life,
			 health, accident and similar insurance protection for a director or committee
			 member, or indemnification and related insurance; or
(B) Reimbursement for actual expenses
			 incurred in carrying out duties as a director or committee member.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0325 - Housing Agency Low Income Rental Housing Fund Client Trust Accounts

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every financial
			 institution as defined in ORS
			 706.008, authorized by law to
			 offer client trust accounts established pursuant to ORS
			 696.241 and to accept deposits
			 to such accounts in Oregon may:
(a) Make
			 available to its depositors, client trust accounts, hereafter designated as
			 Housing Agency Low Income Rental Housing Fund Accounts ("Housing Fund
			 Accounts"); and
(b) Pay interest on
			 all funds deposited in each Housing Fund Account at the same rate payable on
			 similar accounts.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0400 - Loans to Officials

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Any single
			 loan to a person described in ORS
			 723.532(2) or
			 the aggregate of all outstanding loans for which such person is directly or
			 indirectly obligated to repay which exceeds $100,000 shall be approved by the
			 Board of Directors.
(2) If the
			 credit union has a staff of three persons or less, all loans to a person
			 described in ORS 723.532(2)
			 shall be approved by the Board of Directors.
(3) This rule shall not apply to loans
			 secured by share or deposit accounts.
Stat. Auth.: ORS
				  723.532
Stats. Implemented: ORS
				  723.532
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0450 - Mergers of Community Charters

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A community charter credit union may not
			 merge into an occupational or associational credit union unless:
(a) The situation involves a well-defined
			 local community, neighborhood or rural district that is underserved by other
			 depository institutions as referenced in ORS
			 723.172(7)(a)
			 or is an emergency merger under section (2) of this rule.
(b) The merger does not impact the safety and
			 soundness of the continuing credit union; and
(c) The continuing credit union maintains a
			 service facility within the community boundaries. "Service Facility" means a
			 place where shares are accepted for members' accounts, loan applications are
			 accepted, and loans are disbursed. This definition includes a credit union
			 owned branch, a shared branch that belongs to the shared branching network, a
			 mobile home, an office operated on a regularly scheduled weekly basis, or a
			 credit union owned electronic facility that meets, at a minimum, these
			 requirements. It does not include an ATM.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0460 - Notice to Members of Merger Plan

Current through Register Vol. 63, No. 7, July 1, 2024
(1) After approval of a plan of merger by the
			 board of directors of two or more credit unions, the plan of merger, in summary
			 form, must be presented to the members of the merging credit union(s) prior to
			 the affirmative vote required by ORS
			 723.682. Unless waived by the
			 director, the summary of the merger plan must contain the following, as
			 applicable:
(a) Current financial reports for
			 each credit union, consisting of the most currently filed NCUA Form 5300 pages
			 reflecting assets and liabilities, income and expenses, and net worth
			 ratio;
(b) A combined financial
			 report as submitted to the director;
(c) An analysis of share values, and any
			 proposed share adjustments;
(d) An
			 explanation of any changes concerning insurance of member accounts;
(e) The reason(s) for the merger;
(f) The name and location of the continuing
			 credit union, including branches, expected to be open after the
			 merger;
(g) A description of the
			 organization of the continuing credit union board of directors and the
			 identity, if known, of its members and committees;
(h) An explanation of any new or expanded
			 products and services to be made available to members, and any services or
			 products expected to be discontinued, as a result of and expected to be
			 effective within 30 days of the closing date of the merger;
(i) A statement of whether any senior
			 management officials (vice president level and above) of the merging credit
			 union are subject to employment agreements, deferred compensation agreements,
			 or other employee benefit arrangements not offered to employees generally, and
			 if so, whether any such agreements or arrangements contain provisions effecting
			 compensation or benefits changes in the event of a merger;
(j) A statement of whether any agreements,
			 plans or arrangements identified in subsection (1)(i) will be modified or
			 superseded in connection with the merger, or whether any senior management
			 officials (vice president and above) of the merging credit union will be
			 offered new employment agreements, deferred compensation arrangements,
			 incentive plans, retirement packages or other employee benefit arrangements not
			 offered to employees generally. Provide a summary description of the
			 arrangements identified in this subsection, disclosed in the aggregate, and not
			 by individual employee, with a brief explanation of how such arrangements
			 differ from existing arrangements of such employees; and
(k) An estimate itemized by general
			 categories of the cost of the merger.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0500 - Fees and Charges Credit Unions Pay the Director

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Effective February 1, 2023, the annual
			 regulatory fee under ORS
			 723.114(1),
			 which is due and payable on April 1 of each calendar year, by each credit
			 union, with assets of:
(a) Less than $10
			 million, is $170 plus .0000815 of all assets;
(b) $10 million or more but less than $20
			 million, is .0000985 of all assets;
(c) $20 million or more but less than $50
			 million, is $90 plus .0000940 of all assets;
(d) $50 million or more but less than $100
			 million, is $340 plus .0000890 of all assets;
(e) $100 million or more but less than $200
			 million, is $2,990 plus .0000625 of all assets;
(f) $200 million or more but less than $500
			 million, is $3,490 plus .0000600 of all assets;
(g) $500 million or more but less than $1
			 billion, is .0000696 of all assets;
(h) $1 billion or more but less than $2
			 billion, is $600 plus .0000690 of all assets;
(i) $2 billion or more but less than $5
			 billion, is .0000735 of all assets;
(j) $5 billion or more, is $36,372 plus
			 .00006565 of all assets;
(k) If the
			 credit union is a corporate credit union, the fee schedule is $16,800 plus
			 .0000345 of all assets.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 710 - CREDIT UNIONS (IN GENERAL) › Section 441-710-0505 - Late Charge Fees

Current through Register Vol. 63, No. 7, July 1, 2024
The following charges apply to late reports filed by the credit
				union with the director. The fine is for each day the report is late:
(1) Quarterly call reports; $100;
(2) Supervisory Committee Report,
			 $10;
(3) Examination report reply,
			 $10;
(4) Monthly reports when
			 required by the director, $10. The reports may include, but are not limited to:
(a) Financial statement, including income and
			 expenses;
(b) Board of Director
			 minutes.