Rules authorizing banking institutions to exercise powers of certain financial institutions. Notwithstanding any other provision of law, the Director of the Department of Consumer and Business Services may, in accordance with ORS 183.310, 183.315, 183.330, 183.335 and 183.341 to 183.410, make rules that authorize banking institutions to exercise any of the powers conferred upon any financial institution that is conducting banking business or trust business in this state, if the director finds that the exercise of the power

(1) Serves the public convenience and advantage; and

(2) Promotes or maintains fair competition between banking institutions and other financial institutions. [Formerly 706.555; 1997 c.631 §23; 2015 c.244 §14]