Chapter 713 — Chapter 713

ORS 713.010 Application of Bank Act to out-of-state banks and extranational institutions; powers of out-of-state bank. (1) Every activity that an out-of-state bank or extranational institution engages in while conducting a banking business in this state is subject to the applicable provisions of the Bank Act

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ORS 713.011 [1993 c.229 §14; repealed by 1997 c.631 §567]

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ORS 713.012 [1973 c.797 §308; 1975 c.725 §9; 1979 c.362 §1; 1981 c.192 §22; 1983 c.37 §22; 1987 c.445 §16; repealed by 1997 c.631 §567]

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ORS 713.016 Requirements for conducting banking business; deposit insurance. (1) An out-of-state bank may not conduct banking business in this state unless the Federal Deposit Insurance Corporation insures the out-of-state bank’s insurable deposits and the out-of-state bank has received a certificate of authority to conduct banking business pursuant to ORS 713.020 and 713.140 to 713.160

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ORS 713.020 Certificate of authority to conduct banking business. The Director of the Department of Consumer and Business Services shall issue a certificate of authority to conduct banking business in this state to an out-of-state bank or extranational institution that applies for the certificate under ORS 713.140 and that otherwise complies with the requirements of this chapter. [Amended by 1965 c.170 §3; 1973 c.797 §310; 1975 c.725 §11; 1983 c.37 §23; 1987 c.197 §8; 1989 c.324 §55; 1991 c.67 §190; 1997 c.631 §287; 2011 c.263 §4]

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ORS 713.025 Assets requirement for extranational institutions; type; amount. (1) Except as provided in subsection (4) of this section and ORS 713.300, every extranational institution with one or more offices in this state shall deposit with the Director of the Department of Consumer and Business Services in an office located in this state of another bank approved by the director under an agreement satisfactory to the director for the protection of depositors of the extranational institution, free and clear of all other liens and encumbrances, assets in an amount set forth in subsection (2) of this section of the following types

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ORS 713.030 [Repealed by 1973 c.797 §428]

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ORS 713.035 Failure to maintain required assets; notice to director; effect of deficiency. If at the close of any banking day an extranational institution does not have on deposit the assets required to be maintained under ORS 713.025, the managing officer in charge of the office of the extranational institution shall immediately notify the Director of the Department of Consumer and Business Services and the main office of the extranational institution of the deficit. The extranational institution shall have three banking days to eliminate the deficiency. If the deficiency is not eliminated within the three-day period, the extranational institution is prohibited from conducting banking business, making loans, issuing letters of credit or accepting drafts or bills of exchange and the director may revoke its certificate of authority. [1975 c.725 §4; 1997 c.631 §291]

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ORS 713.040 [Repealed by 1973 c.797 §428]

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ORS 713.045 Distribution of assets of extranational institution by director after insolvency or liquidation. (1) If an extranational institution becomes insolvent or goes into voluntary or involuntary liquidation or cannot otherwise pay its deposit or other liabilities, the Director of the Department of Consumer and Business Services may take possession of the assets required to be deposited under ORS 713.025 directly or through the appointment of a receiver, free of any liens and other claims. The assets shall be held by the director or receiver in trust

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ORS 713.050 [Amended by 1973 c.797 §313; repealed by 1997 c.631 §567]

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ORS 713.060 [Amended by 1973 c.797 §314; 1974 s.s. c.15 §1; 1975 c.725 §12; 1979 c.88 §14; repealed by 1997 c.631 §567]

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ORS 713.070 [Amended by 1973 c.797 §315; 1975 c.725 §13; repealed by 1997 c.631 §567]

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ORS 713.080 [Amended by 1973 c.797 §316; 1975 c.725 §14; 1981 c.192 §23; repealed by 1997 c.631 §567]

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ORS 713.090 Reports; fees; examination and regulation. (1) An out-of-state bank or extranational institution that conducts banking business in this state shall file reports under oath with the Director of the Department of Consumer and Business Services in the form and giving the information the director requires

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ORS 713.100 [Amended by 1973 c.797 §318; 1975 c.725 §16; repealed by 1997 c.631 §567]

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ORS 713.110 [Amended by 1973 c.797 §319; repealed by 1997 c.631 §567]

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ORS 713.120 [1989 c.324 §57; repealed by 1997 c.631 §567]

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ORS 713.130 Name of out-of-state bank or extranational institution. (1) Except as provided in subsection (2) of this section, the Director of the Department of Consumer and Business Services may not issue a certificate of authority to an out-of-state bank or extranational institution if the name of the out-of-state bank or extranational institution is not distinguishable from

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ORS 713.140 Contents of application for certificate of authority; rules; authority to transact business under other laws. (1) To procure a certificate of authority to conduct banking business in this state, an out-of-state bank or extranational institution shall apply to the Director of the Department of Consumer and Business Services. The application must state

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ORS 713.150 Submission of application; fee; issuance of certificate of authority. (1) An out-of-state bank or extranational institution shall submit an application for a certificate of authority, together with an application fee of $2,500, to the Director of the Department of Consumer and Business Services for filing. The out-of-state bank or extranational institution shall also deliver with the completed application a certificate of existence or a document of similar import, duly authenticated by the official with custody of records in the state or country under whose law the out-of-state bank or extranational institution is organized and a copy of the documents filed with the Secretary of State to comply with ORS 713.140 (3)

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ORS 713.160 Conduct of banking business under certificate of authority. After the Director of the Department of Consumer and Business Services issues a certificate of authority, the out-of-state bank or extranational institution is authorized to conduct banking business in this state, subject, however, to the right of this state to suspend or revoke the authority as provided in ORS 713.230. [1989 c.324 §61; 1997 c.631 §297; 2011 c.263 §9]

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ORS 713.170 Registered office or agent. An out-of-state state bank or extranational institution authorized to conduct banking business in this state shall have and continuously maintain in this state

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ORS 713.180 [1989 c.324 §63; repealed by 1997 c.631 §567]

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ORS 713.190 Service of process on agent; director as agent; fee; affidavit. (1) A registered agent appointed by an out-of-state bank or extranational institution authorized to transact business in this state must be an agent of the out-of-state bank or extranational institution upon which may be served process, notice or demand required or permitted by law to be served upon the out-of-state bank or extranational institution

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ORS 713.200 Delivery of documents filed with Secretary of State; change of name or duration. (1) An out-of-state bank or extranational institution that has a certificate of authority to conduct banking business in this state shall deliver copies of documents that the out-of-state bank or extranational institution filed with the Secretary of State pursuant to ORS chapters 60, 63, 70 and 648 and ORS 128.560 to 128.600 to the Director of the Department of Consumer and Business Services promptly after filing the documents with the Secretary of State

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ORS 713.210 Withdrawal from state. (1) An out-of-state bank or extranational institution that has a certificate of authority to conduct banking business in this state may withdraw from this state by applying to the Director of the Department of Consumer and Business Services to withdraw. An application to withdraw must set forth

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ORS 713.220 Application for withdrawal; effect of filing. (1) An out-of-state bank or extranational institution that applies to withdraw from this state under ORS 713.210 must deliver the application to the Director of the Department of Consumer and Business Services. If the director finds that the application conforms to the provisions of this chapter, the director, when all fees and charges have been paid, shall file the application to withdraw and return the copy marked “Filed” to the sender

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ORS 713.230 Revocation of certificate of authority. A certificate of authority for an out-of-state bank or extranational institution to conduct banking business in this state may be revoked if the out-of-state bank or extranational institution

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ORS 713.240 Procedure for revocation of certificate of authority; restoration; reinstatement; fee. (1) If an out-of-state bank or extranational institution has given cause for revocation of a certificate of authority as provided in ORS 713.230 and has failed to correct the neglect, omission, misrepresentation or delinquency, the Director of the Department of Consumer and Business Services may revoke the right of the out-of-state bank or extranational institution to conduct banking business in this state. The director shall mail a notice of the revocation to the mailing address shown for the out-of-state bank or extranational institution in the current records of the director and to the out-of-state bank or extranational institution at the registered office for the out-of-state bank or extranational institution in this state or the principal office in the out-of-state bank’s or extranational institution’s home state or country

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ORS 713.250 Limits on banks and institutions without certificates of authority. (1) An out-of-state bank or extranational institution that conducts banking business in this state without a certificate of authority may not maintain an action, suit or proceeding in a court of this state until the out-of-state bank or extranational institution obtains a certificate of authority

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ORS 713.260 Merger or consolidation. If an out-of-state bank or extranational institution that has a certificate of authority under ORS 713.020 ceases to exist because of a statutory merger or consolidation with any other out-of-state bank, an extranational institution or other entity, the resulting institution shall, within 60 days after the effective date of the merger or consolidation, file with the Director of the Department of Consumer and Business Services a certificate from the appropriate public officer of the state, territory or country under the laws of which the out-of-state bank or extranational institution is organized, or other evidence satisfactory to the director to the effect that the out-of-state bank or extranational institution has merged or consolidated and has ceased to exist. [1989 c.324 §71; 1997 c.631 §306; 2011 c.263 §18]

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ORS 713.270 Maintaining out-of-state bank branch in this state; requirements; application; fee; denial of application; enforcement. (1) An out-of-state bank, including a savings bank organized under the laws of another state, may open, occupy or maintain a branch in this state that results from

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ORS 713.280 Effect of laws of state or country in which out-of-state bank or extranational institution is organized. The Director of the Department of Consumer and Business Services may not deny a certificate of authority to an out-of-state bank or extranational institution solely because the laws of the state or country under which the out-of-state bank or extranational institution is organized, or the laws that govern the organization and internal affairs of the out-of-state bank or extranational institution, differ from the laws of this state. This chapter does not authorize this state to regulate the organization or internal affairs of an out-of-state bank or extranational institution. [1997 c.631 §285; 2011 c.263 §20]

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ORS 713.290 Requirements for deposits at office of extranational institution. An extranational institution may not accept deposits at an office in this state in an amount less than $250,000, unless the Federal Deposit Insurance Corporation insures the insurable deposits of the office or the Federal Deposit Insurance Act and the regulations of the Federal Deposit Insurance Corporation do not require insurance. [1997 c.631 §289; 2011 c.263 §21]

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ORS 713.300 Out-of-state bank, extranational institution or foreign association; activities that do not constitute transacting business in this state; filing notice with director; fee. (1) For purposes of this section, “foreign association” means a corporation organized to transact savings and loan business under federal law or under the laws of another state or territory of the United States, the home state or territory of which is a state or territory other than Oregon

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ORS 713.990 Civil penalties. The Director of the Department of Consumer and Business Services may impose on any person that violates any provision of this chapter a civil penalty of up to $1,000 for each day during which the offense continues. The penalty shall be assessed and collected in the manner prescribed in ORS 706.570 (3). [1997 c.631 §308; 2015 c.244 §88]

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