Chapter 295 — Chapter 295

ORS 295.001 Definitions for ORS 295.001 to 295.108. As used in ORS 295.001 to 295.108, unless the context requires otherwise

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ORS 295.002 Deposit of public funds; exceptions; limitation on personal liability. (1) A public official shall deposit, or require the deposit of, all public funds in the public official’s custody or control in one or more qualified depositories, except as follows

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ORS 295.004 Conditions for deposit of funds in excess of specified amounts. (1) A public official may deposit public funds in a depository that is not a qualified depository in an amount in excess of the amount allowed in ORS 295.002 (1)(b) if the depository participates in a program through which

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ORS 295.005 [1967 c.451 §1; 1973 c.157 §4; 1973 c.288 §2; 1973 c.378 §1; 1973 c.797 §426; 1975 c.515 §8; 1981 c.440 §2; 1983 c.104 §3; 1983 c.456 §4; 1985 c.439 §1; 1985 c.565 §51; 1987 c.524 §1; 1989 c.536 §1; 1991 c.352 §6; 1993 c.74 §1; 1993 c.229 §23; 1993 c.318 §12; 1997 c.631 §447; 1999 c.311 §1; 1999 c.412 §3; 2003 c.195 §17; 2003 c.405 §2; 2005 c.443 §§32,32a; 2007 c.783 §123; 2007 c.871 §15a; renumbered 295.001 in 2007]

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ORS 295.006 Public official filings with State Treasurer; rules. (1) A public official shall keep on file with the State Treasurer the name and address of each depository in which the public official deposits public funds, together with any other information the State Treasurer may require by rule

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ORS 295.007 Conditions for acting as custodian; rules. (1) A financial institution or a Federal Home Loan Bank may be a custodian for securities pledged by a qualified depository if it

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ORS 295.008 Qualified depositories. (1) A depository is qualified to hold public funds if the depository

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ORS 295.009 [2010 c.101 §13a; repealed by 2019 c.587 §6]

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ORS 295.010 [Amended by 1953 c.352 §3; 1957 c.172 §1; 1965 c.169 §1; repealed by 1967 c.451 §32]

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ORS 295.011 [2005 c.112 §4; 2005 c.443 §32c; 2007 c.783 §124; renumbered 295.101 in 2007]

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ORS 295.012 State Treasurer rule setting maximum liability for qualified credit union depositories. For any period of time during which fewer than 10 credit unions are qualified depositories, the State Treasurer, notwithstanding ORS 295.001 (14), by rule may set the maximum liability for a credit union that holds uninsured public funds at 20 percent of the greater of

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ORS 295.013 Custodian’s receipt; duties of custodian; rules. (1) When a custodian receives a pledge or release of securities from a qualified depository, and after receiving the approval of the State Treasurer, the custodian shall issue to the State Treasurer a custodian’s receipt that describes the securities. The custodian also shall issue a copy of the receipt to the depository

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ORS 295.015 Maintenance of securities by qualified depository. Except as provided in ORS 295.018

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ORS 295.018 Increase in required collateral of qualified depository; notifications; failure to increase collateral. (1)(a) Throughout the period that a qualified depository possesses uninsured public funds deposits, the State Treasurer may require the depository to maintain collateral, including securities on deposit with the depository’s custodians, that has a value not less than 110 percent of the greater of

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ORS 295.020 [Repealed by 1967 c.451 §32]

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ORS 295.022 Collateral not required for deferred compensation funds. Notwithstanding any other provision of this chapter, when a depository receives moneys of the Deferred Compensation Fund established under ORS 243.411 from the state for deposit or investment, the depository shall not have to maintain the collateral required under this chapter for those deferred compensation moneys. [1977 c.721 §15; 1997 c.179 §27; 2019 c.587 §12]

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ORS 295.025 [1967 c.451 §3; 1973 c.288 §3; 1999 c.48 §1; 2003 c.405 §6; 2007 c.871 §19; renumbered 295.002 in 2007]

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ORS 295.027 [2005 c.58 §1; 2007 c.871 §20; renumbered 295.004 in 2007]

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ORS 295.030 [Repealed by 1967 c.451 §32]

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ORS 295.031 Notice to public officials regarding adequacy of collateral. (1) Within three business days after the State Treasurer determines that a qualified depository has failed to increase the value of the depository’s collateral within the time required under ORS 295.015 (3)(b) or receives information from the Director of the Department of Consumer and Business Services or other sources under ORS 295.071 or 295.073, or otherwise receives information that indicates that a qualified depository has failed to pledge adequate securities with the depository’s custodian or otherwise provided adequate collateral, the State Treasurer shall send written notice of the failure to each public official who has uninsured public funds on deposit in the depository

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ORS 295.034 Withdrawal of inadequately collateralized funds. (1) Within 15 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (6)(a), 295.031 (1) or 295.061 (4)(a), the public official shall withdraw from the qualified depository to which the notice applies all uninsured public funds deposits

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ORS 295.035 [1967 c.451 §4; 2007 c.871 §21; renumbered 295.013 in 2007]

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ORS 295.037 Distribution of collateral after loss in qualified depository. (1) The provision of collateral, including the deposit of securities by a qualified depository with its custodian pursuant to ORS 295.001 to 295.108, constitutes consent by the depository to the disposition of the securities in accordance with this section

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ORS 295.038 Assessment against collateral of qualified depositories. (1) After making the calculation described in ORS 295.037, the State Treasurer shall assess the amount of uninsured public funds against a collateral pool that consists of collateral provided by all other qualified depositories of the same type, either bank or credit union, as the closed depository as follows

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ORS 295.039 State Treasurer acceptance of moneys for purposes of administering ORS 295.038. (1) The State Treasurer may accept moneys from any public or private source for the purpose of paying initial or continuing expenses related to administering the provisions of ORS 295.038

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ORS 295.040 [Amended by 1959 c.330 §1; 1963 c.128 §1; 1965 c.629 §1; repealed by 1967 c.451 §32]

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ORS 295.041 Subrogation rights of State Treasurer. When the State Treasurer distributes the proceeds of assessments and liquidated collateral to a public official under ORS 295.038, the State Treasurer is subrogated to all of the public official’s right, title and interest against the closed depository, and shares in any distribution of the closed depository’s assets ratably with other depositors. Sums received from a distribution must be paid to the public official to the extent of any unpaid net deposit liability. The State Treasurer shall pay the remaining balance to the qualified depositories in the pool against which the assessments were made, pro rata in proportion to the assessments each qualified depository paid. However, the closed depository may not share in a distribution of the balance remaining. The State Treasurer may charge expenses that the State Treasurer incurs in enforcing the State Treasurer’s rights under this section as provided in ORS 295.106. The State Treasurer shall submit a claim for expenses to the closed depository, and if the charges are thereafter paid to the State Treasurer, they shall be treated as a liquidation expense of the closed depository. [2007 c.871 §6; 2009 c.821 §11; 2010 c.101 §14; 2019 c.587 §18]

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ORS 295.045 [1967 c.451 §5; repealed by 2007 c.871 §35]

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ORS 295.046 Limitation on acceptance of public funds from single public official; exceptions. (1) A qualified depository may not accept a deposit of public funds if the deposit would cause the aggregate of public funds deposits that any one public official makes in the depository to exceed at any time the depository’s net worth. If a qualified depository’s net worth is reduced, the depository may allow public funds on deposit in excess of the reduced net worth to remain if the depository deposits with the depository’s custodian eligible securities, or provides other collateral, valued at market value in an amount at least equal to the amount of the excess public funds deposits. If the additional securities required by this section are not deposited with the custodian, or other collateral is not provided, the depository shall permit the public official to withdraw deposits prior to maturity, including accrued interest, in accordance with applicable statutes and governmental regulations

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ORS 295.048 Limitations on aggregate uninsured public funds deposits; notice; exceptions. (1) Notwithstanding ORS 295.046, a qualified depository may not permit the aggregate of uninsured public funds deposits on deposit with the depository from all public officials to exceed at any time the least of

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ORS 295.050 [Repealed by 1967 c.451 §32]

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ORS 295.053 Custodian duties when qualified depository ceases holding uninsured public funds; securities. (1) If a qualified depository ceases holding uninsured public funds deposits, the depository’s custodian shall continue to hold the depository’s pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the depository’s pledged securities for a longer period

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ORS 295.055 [1967 c.451 §6; 2007 c.871 §22; renumbered 295.006 in 2007]

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ORS 295.056 Liability of public officials for loss of public funds. When public funds deposits are made in accordance with ORS 295.001 to 295.108, a public official may not be held liable for any loss of public funds that results from the failure or default of any qualified depository without fault or neglect on the public official’s part. [2007 c.871 §12; 2019 c.587 §22]

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ORS 295.060 [Repealed by 1967 c.451 §32]

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ORS 295.061 Treasurer reports; filing; notification of changes; failure to file reports; rules. (1) On or before the date on which each treasurer report is due, each qualified depository shall file the depository’s treasurer report with the State Treasurer using systems and processes prescribed by the State Treasurer in individual pledge agreements or by rule

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ORS 295.065 [1967 c.451 §7; 1973 c.378 §2; 1975 c.515 §4; repealed by 2007 c.871 §35]

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ORS 295.070 [Repealed by 1967 c.451 §32]

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ORS 295.071 Investigation by regulatory bodies other than State Treasurer. (1) The State Treasurer may request that the Director of the Department of Consumer and Business Services or another state or federal agency with primary regulatory authority over a financial institution that is a qualified depository or that applies to become a qualified depository investigate and report to the State Treasurer concerning the condition of the financial institution

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ORS 295.073 Report to State Treasurer of actions that reduce net worth of depository. The Director of the Department of Consumer and Business Services shall advise the State Treasurer in writing of any action the director takes or directs a qualified depository to take that will reduce the depository’s net worth by more than 10 percent as shown on the most recent treasurer report submitted pursuant to ORS 295.061. [2007 c.871 §9; 2009 c.821 §16; 2010 c.101 §20; 2019 c.587 §25]

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ORS 295.075 [1965 c.629 §3; repealed by 1967 c.451 §32]

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ORS 295.080 [Amended by 1959 c.330 §2; 1963 c.520 §2; 1967 c.335 §33; repealed by 1967 c.451 §32]

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ORS 295.081 Time deposits. (1) Subject to ORS 295.002, 295.015 and 295.018, a depository may offer in writing to accept from the State Treasurer time deposits in an unlimited amount or in an aggregate amount stated in the offer and to pay interest on the time deposits at rates specified in the offer. The offer shall continue until the depository delivers or mails, by registered or certified mail, notice to the State Treasurer that modifies or withdraws the offer. While the offer continues in effect, the depository must accept in accordance with the terms of the offer time deposits tendered by the State Treasurer

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ORS 295.084 State Treasurer designation of depositories. In the exercise of the powers and duties conferred under ORS 293.875, the State Treasurer shall designate those depositories or qualified depositories that may be used by state agencies for collecting drafts, checks, certificates of deposit and coupons in satisfaction of a payment obligation owed to the state agency. [Formerly 295.135; 2010 c.101 §22; 2019 c.587 §26]

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ORS 295.085 [1967 c.451 §8; repealed by 2007 c.871 §35]

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ORS 295.087 [Formerly 295.145; repealed by 2009 c.821 §31]

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ORS 295.090 [Amended by 1959 c.330 §3; repealed by 1967 c.451 §32]

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ORS 295.091 Geographic preference in selecting depositories; apportioning funds; interest. (1) A public official need not deposit public funds in a depository in a particular locality, but the public official shall give preference to a depository that is engaged in business at an office within the corporate limits of the public official’s public body. If more than one local depository exists, the public official shall apportion the public funds among the local depositories in a manner that is equitable and in the best interests of the public body

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ORS 295.093 Depositing moneys with treasurer of public body. Any public official may deposit moneys coming into the hands of the public official in connection with official duties with the treasurer of the public body concerned and obtain a receipt therefor. [Formerly 295.165; 2019 c.587 §28]

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ORS 295.095 [1967 c.451 §9; 1969 c.314 §20; 1973 c.378 §3; 1983 c.456 §7; repealed by 1999 c.311 §8]

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