Chapter 716 — Chapter 716
138 sections in this chapter.
ORS 716.440 [Repealed by 1959 c.185 §10 (716.441 enacted in lieu of 716.440)]
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[Repealed or reserved.]
ORS 716.441 Investments in equipment trust certificates. (1) A savings bank may invest the funds mentioned in ORS 716.410 in equipment trust certificates that are, at the time of purchase, rated in one of the three highest grades by a recognized investment service organization that has been engaged regularly and continuously for a period of not less than 10 years in rating bonds
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(2) Not more than 15 percent of the assets of a savings bank may be invested under this section and not more than three percent of its assets may be invested in any one corporation. [1959 c.185 §11 (enacted in lieu of 716.440); 1973 c.797 §368]
ORS 716.450 Investments in certain obligations. An Oregon savings bank may invest the funds mentioned in ORS 716.410
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(1) In the notes of any person, with a pledge as collateral of securities or personal property which are eligible for investment under ORS 716.410 to 716.590 and have an actual cash market value at least 25 percent greater than the amount of the loan. (2) In the obligations of an…
ORS 716.460 Investments in demand notes secured by deposit accounts. A savings bank may invest the funds mentioned in ORS 716.410 in promissory notes made payable on demand to the order of the savings bank, secured by the pledge and assignment of a time or savings account or any other kind of deposit account, including but not limited to an automatic savings to checking transfer account or a negotiable order of withdrawal account, if the account is fully or partially federally insured as collateral security for the payment of the notes. The loan shall not exceed 100 percent of the balance due the owner of the time or savings account. [Amended by 1961 c.239 §1; 1973 c.797 §370; 1981 c.192 §28]
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[Repealed or reserved.]
ORS 716.470 [Amended by 1959 c.185 §13; 1961 c.277 §1; 1965 c.215 §1; 1967 c.198 §1; 1969 c.211 §3; 1971 c.219 §4; 1973 c.797 §371; renumbered 716.552]
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[Repealed or reserved.]
ORS 716.480 [Amended by 1973 c.797 §373; renumbered 716.578]
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[Repealed or reserved.]
ORS 716.490 [Amended by 1973 c.797 §374; renumbered 716.582]
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[Repealed or reserved.]
ORS 716.500 [Amended by 1973 c.797 §375; renumbered 716.584]
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[Repealed or reserved.]
ORS 716.510 [Repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.520 Investments in bankers’ acceptances, bills of exchange, savings or time accounts; limits. (1) A savings bank may invest the funds mentioned in ORS 716.410 in
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(a) Bankers’ acceptances and bills of exchange of the kind and maturities made eligible by law for rediscount with Federal Reserve Banks, if they are accepted by an institution or a national bank. (b) Bills of exchange drawn by the seller on the purchaser of goods and accepted by…
ORS 716.530 Investments in corporate bonds, notes and debentures. A savings bank may invest the funds mentioned in ORS 716.410 in the bonds, notes and debentures of any corporation incorporated under the laws of and operating in any state of the United States, which are rated at the time of purchase under authority of this section in one of the four highest grades by a recognized service organization that has been regularly engaged for a period of 10 years or more in rating or grading bonds. However, not more than one percent of the assets of the savings bank shall be invested in bonds, notes and debentures of any one corporation, and not more than 20 percent of the assets shall be invested under this section. [Amended by 1969 c.211 §4; 1971 c.219 §5; 1973 c.797 §377; 1977 c.135 §34; 1981 c.192 §29]
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[Repealed or reserved.]
ORS 716.535 Investments in common stock of federally chartered corporation providing secondary mortgage sale markets and Federal Home Loan Bank. A savings bank may invest the funds mentioned in ORS 716.410 in the common stock of
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(1) Any federally chartered corporation that is chartered for the purpose of providing secondary markets for the sale of mortgages by savings banks. (2) The Federal Home Loan Bank. [1975 c.544 §46]
ORS 716.540 Investments in obligations of reconstruction and development banks. A savings bank may invest not more than five percent of its assets in each of the following categories of investments
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(1) In obligations issued or guaranteed by the International Bank for Reconstruction and Development. (2) In obligations issued or guaranteed by the Inter-American Development Bank. (3) In obligations issued or guaranteed by the Asian Development Bank. (4) In obligations issued o…
ORS 716.542 [1963 c.408 §1; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.543 [1973 c.638 §2; repealed by 1975 c.544 §62]
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[Repealed or reserved.]
ORS 716.545 Investments in bonds of Dominion of Canada. A savings bank may invest the funds mentioned in ORS 716.410 in bonds issued by the Dominion of Canada for which the faith of the Dominion of Canada is pledged, or bonds issued or guaranteed by a province of the Dominion of Canada. Such investments may be made only if
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(1) The interest and principal of such bonds is payable in the United States, or with exchange to a city in the United States, in lawful money of the United States or its equivalent; and (2) The bonds at the time of purchase pursuant to the authority of this section are rated in …
ORS 716.550 [1959 c.185 §4; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.552 Investments in notes or bonds secured by real estate mortgages or trust deeds. A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds, secured by first or junior mortgages or deeds of trust upon real estate. [Formerly 716.470; 1979 c.199 §8; 1979 c.810 §3; 1985 c.554 §5]
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[Repealed or reserved.]
ORS 716.554 Participation in investments in notes or bonds secured by real estate mortgages or trust deeds. (1) In participation with other mortgagees, a savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by mortgage or deed of trust upon real estate
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(2) An agreement setting forth the manner in which the participating mortgagees shall administer the mortgage and acquired real estate, if any, shall be executed on behalf of each of the mortgagees by two of their authorized officers. [1973 c.797 §371a; 1977 c.135 §36; 1985 c.554…
ORS 716.555 [1959 c.185 §5; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.556 Investment in loans secured by pledged notes or bonds. A savings bank may invest in loans secured by pledge of the notes or bonds specified in ORS 716.552, if the notes or bonds pledged as collateral are at least 25 percent more than the loans which they secure. [1973 c.797 §371b]
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[Repealed or reserved.]
ORS 716.558 Investment in notes or bonds secured by mortgages or trust deeds on real property leases. A savings bank may invest the funds mentioned in ORS 716.410, in notes or bonds secured by mortgage or deed of trust upon leasehold estates in real property, if the lease is binding upon the owners of the fee title to the leased premises, in full force and free from default. [1973 c.797 §371c; 1985 c.554 §7]
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[Repealed or reserved.]
ORS 716.560 [1959 c.185 §6; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.562 Investment in notes or bonds secured by mortgages or trust deeds to finance building construction and improvement. A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or similar instrument to finance the construction of buildings and improvements appurtenant thereto, if before making the investment, the savings bank requires sufficient guarantee from the contractor, builder or owner for the completion of the construction in accordance with the plans and specifications and within the estimated contract price for the construction. Moneys shall be advanced from time to time during the progress of construction upon a certificate of estimate to be furnished by the architect, contractor, builder or superintendent in charge of construction or the owner. [1973 c.797 §371d; 1977 c.135 §37; 1985 c.554 §8]
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[Repealed or reserved.]
ORS 716.564 Investment in notes or bonds secured by mortgages or trust deeds to finance real estate development. A savings bank may invest the funds mentioned in ORS 716.410 in notes or bonds secured by a mortgage, deed of trust or other instrument for the purpose of financing the acquisition and development of land for primarily commercial, industrial or residential usage. A loan may be made on real estate which is to be improved with the developments to be paid for from the proceeds of the loan if the proceeds will be used for that purpose. [1973 c.797 §371e; 1985 c.554 §9]
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[Repealed or reserved.]
ORS 716.565 [1959 c.185 §7; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.566 Documents to be furnished by borrower in real estate loans. In loans upon real property, the borrower shall furnish the savings bank with
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(1) A note or bond secured by a mortgage or deed of trust on the real estate upon which the loan is made; and (2) A policy of title insurance issued by a reliable title insurance company authorized to insure titles within the state in which the property is situated. [1973 c.797 §…
ORS 716.568 Requirement of insurance for loan secured by mortgage, trust deed or other instrument on real estate. If a loan is secured by mortgage, deed of trust or other similar instrument on real estate, the mortgage, deed of trust or other instrument shall contain provisions requiring the maintenance of insurance on the buildings on the premises to the reasonable amount as stipulated in the mortgage, deed of trust or other instrument. The policy shall be payable, in case of loss, to the savings bank and shall be deposited with the savings bank except where the savings bank’s interest is insured under a blanket policy of insurance. [1973 c.797 §371g; 1985 c.554 §11]
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[Repealed or reserved.]
ORS 716.570 [1959 c.185 §8; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.572 Mortgage loan applications; conditions for granting loan; manner of holding mortgages and trust deeds. (1) An application for a mortgage loan or renewal or extension of a mortgage loan shall be written and show the date, name of the applicant, amount of loan requested and the security offered
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(2) A mortgage loan shall be granted only upon the written report of at least two members of the board of investment of the savings bank certifying on the application, according to their best judgment, the value of the property to be mortgaged and recommending the loan. The appli…
ORS 716.574 Purchase of real estate sale contract as loan; authority to acquire contracts. (1) The purchase of a bona fide contract covering a sale of real estate is a loan on real estate within the meaning of ORS 716.552 to 716.574
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(2) A savings bank may acquire contracts covering a sale of real estate if all other requirements of ORS 716.552 to 716.574 are satisfied. [1973 c.797 §371i; 1985 c.554 §12]
ORS 716.575 [1959 c.185 §9; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.576 [1973 c.797 §372; 1979 c.88 §29; 1981 c.192 §30; repealed by 1985 c.554 §13]
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[Repealed or reserved.]
ORS 716.578 Purchase of notes secured by real estate from third persons. A savings bank may take and hold by purchase and assignment from third persons notes, bonds, mortgages and deeds of trust eligible for investment under ORS 716.552 to 716.574. [Formerly 716.480]
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[Repealed or reserved.]
ORS 716.582 [Formerly 716.490; repealed by 1985 c.554 §13]
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[Repealed or reserved.]
ORS 716.584 Limitations on single loans on real estate; exceptions. (1) If deposits are less than $1 million, a single loan on real estate shall not exceed $10,000. When deposits exceed $1 million but are less than $2 million, a single loan on real estate shall not exceed two and one-half percent of the deposits. When deposits exceed $2 million, a single loan on real estate shall not exceed two percent of the savings bank’s deposit liability
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(2) A loan may exceed the limitations prescribed in subsection (1) of this section if the borrower furnishes the savings bank with a copy of an agreement entered into with a financially responsible person wherein the person agrees to refinance or repurchase, without recourse, the…
ORS 716.586 Credit card transactions. (1) A savings bank may issue and honor credit cards for the purpose of making loans to one or more persons. The loans shall be made by the means determined by the board of investment of the savings bank including, but not limited to, the means of paying to or for the account of a party the amount of a sales slip, voucher or other evidence of a transaction in which goods or services are sold or cash advanced to the party in reliance on a credit card issued by the savings bank
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(2) The savings bank may advance cash to a person holding a credit card issued by the savings bank or any other person who, directly or indirectly, has agreed to pay to or for the account of the savings bank the amount of cash advanced by it in reliance on credit cards issued by …
ORS 716.588 Investments in certain corporate capital stocks; conditions; restrictions on corporate indebtedness. (1) A savings bank may invest the funds mentioned in ORS 716.410 in the capital stock of a corporation organized under the laws of this state if
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(a) All of the capital stock of the corporation is owned by one or more savings banks organized under the laws of this state; (b) The activities of the corporation are performed directly or through one or more wholly owned subsidiaries, and consist only of one or more of the foll…
ORS 716.590 Miscellaneous investments; conditions. A savings bank may invest the funds mentioned in ORS 716.410 in investments which do not qualify under any of the provisions of ORS 716.420 to 716.590, however an investment shall not be made under this section
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(1) If the amount of the investment exceeds one percent of the assets of the savings bank or 10 percent of the total amount of its guaranty fund, undivided profits and unallocated reserves, whichever is less; (2) If the aggregate amount of all the investments exceeds or by the ma…
ORS 716.592 Pledging assets to secure public funds. A savings bank may pledge its assets to secure public funds as provided under ORS chapter 295. For the purposes of this section, “public funds” has the meaning given that term in ORS 295.001. [1973 c.288 §7; 1999 c.311 §6; 2007 c.71 §232]
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[Repealed or reserved.]
ORS 716.594 Authority of Oregon savings bank to acquire corporation licensed as insurance producer; rules. An Oregon savings bank may acquire and hold all or part of the stock of a corporation that is or may thereafter be licensed as an insurance producer as required by ORS 744.053 to transact one or more of the classes of insurance described in ORS 744.062, subject to the following requirements
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(1) The acquisition and holding of such stock shall be subject to the approval of the Director of the Department of Consumer and Business Services. The director shall base consideration for approval on the condition of the Oregon savings bank, the adequacy of a formal business pl…
ORS 716.600 Relationship to powers of federal savings banks. (1) Notwithstanding any provision contained in ORS chapters 706 to 715, except as limited by articles of incorporation of an Oregon savings bank
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(a) Oregon savings banks are authorized to engage in those activities in which federal savings banks may engage and may acquire and retain those investments that federal savings banks may acquire and retain, subject to the conditions and restrictions that apply to federal savings…
ORS 716.610 General powers; licensing as insurance producer; rules. A savings bank, subject to the restrictions and limitations contained in this chapter, may
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(1) Receive time deposits and demand deposits of money without restriction. (2) Offer time and savings accounts and other kinds of deposit accounts, including but not limited to automatic savings to checking transfer accounts and negotiable order of withdrawal accounts, to indivi…
ORS 716.616 [1973 c.797 §380a; repealed by 1975 c.291 §1]
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[Repealed or reserved.]
ORS 716.620 [Amended by 1969 c.211 §6; 1971 c.219 §7; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.622 [1973 c.797 §380b; repealed by 1981 c.192 §46]
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[Repealed or reserved.]
ORS 716.626 Certificates indicating contribution to guaranty or expense funds. (1) An Oregon nonstock bank may issue transferable certificates showing the amounts contributed by any incorporator or director to the guaranty or expense funds of the Oregon nonstock bank
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(2) The certificate shall show that it does not constitute a liability of the Oregon nonstock bank, except as provided in ORS 716.800. (3) A certificate shall not be transferred by an incorporator or director without the prior written consent of the Director of the Department of …
ORS 716.630 Real estate held for use as place of business. (1) The cost of the land and buildings to be used by an Oregon nonstock bank for the transaction of its business shall not exceed
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(a) 50 percent of the guaranty fund and undivided profits account of the Oregon nonstock bank; or (b) 50 percent of the capital, as defined in ORS 708A.290, of the Oregon stock savings bank. (2) The Director of the Department of Consumer and Business Services may approve an amoun…
ORS 716.640 [Amended by 1957 c.161 §3; repealed by 1973 c.797 §428]
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[Repealed or reserved.]
ORS 716.645 [1957 c.161 §2; 1973 c.797 §383; 1975 c.193 §12; 1977 c.135 §59; 1995 c.79 §355; 1995 c.313 §2; repealed by 1997 c.631 §567]
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[Repealed or reserved.]