Chapter 723 — Chapter 723

ORS 723.001 Definitions. As used in this chapter, unless the context requires otherwise

2.1K chars

ORS 723.002 Short title. This chapter shall be known and may be cited as the “Oregon Credit Union Act.” [1975 c.652 §2; 1985 c.762 §78; 1985 c.801 §1; 1987 c.158 §152; 1987 c.373 §63; 1987 c.650 §2]

0.0K chars

ORS 723.006 “Credit union” defined. A credit union is a cooperative, nonprofit association, incorporated under the laws of this state, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social condition. [1975 c.652 §3]

0.0K chars

ORS 723.008 “Credit union” defined for ORS 723.136 and 723.464 to 723.498. As used in ORS 723.136 and 723.464 to 723.498, “credit union” means a credit union organized under this chapter, an interstate credit union doing business in this state or a federal credit union. [1999 c.185 §18; 2001 c.104 §286]

0.0K chars

ORS 723.010 [Amended by 1955 c.550 §1; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.012 Organization procedure; articles of incorporation; bylaws; fee; rules. (1) Any seven or more residents of this state or another appropriate jurisdiction, of legal age, who have a common bond referred to in ORS 723.172 may organize a credit union and become charter members thereof by complying with this section

2.1K chars

ORS 723.014 Denial of certificate of approval. The Director of the Department of Consumer and Business Services may not issue a certificate of approval under ORS 723.012 if a person named in the articles of incorporation submitted for approval

1.8K chars

ORS 723.016 Form of articles and bylaws. In order to simplify the organization of credit unions, the Director of the Department of Consumer and Business Services shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. The articles of incorporation and bylaws shall be available without charge to persons desiring to organize a credit union. [1975 c.652 §5; 1985 c.762 §87]

0.0K chars

ORS 723.020 [Repealed by 1975 c.652 §88]

0.0K chars

ORS 723.022 Amendment of articles and bylaws; fee; rules. (1) The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Director of the Department of Consumer and Business Services, together with a fee established by rule of the director

0.7K chars

ORS 723.026 Use of name exclusive; criminal penalty. With the exception of a credit union organized under this chapter or of any other credit union act, or an association of credit unions or a recognized chapter thereof, any person using a name or title containing the words “credit union” or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit union shall be fined not more than $500 or imprisoned not more than one year, or both, and may be permanently enjoined from using such words in its name. [1975 c.652 §7; 1985 c.762 §88]

0.0K chars

ORS 723.030 [Amended by 1973 c.414 §1; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.032 Places of business; mobile facilities. (1) A credit union may establish a place of business or change the credit union’s place of business within this state 30 days after notifying the Director of the Department of Consumer and Business Services in writing

1.1K chars

ORS 723.036 [1975 c.652 §9; repealed by 2023 c.57 §1]

0.0K chars

ORS 723.040 [Amended by 1959 c.106 §1; 1971 c.681 §1; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.042 Interstate credit unions. (1) A credit union chartered under this chapter may operate in another state unless prohibited by the laws of the other state. Oregon is the home state for any credit union chartered under this chapter

2.1K chars

ORS 723.050 [Amended by 1955 c.550 §2; 1959 c.106 §2; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.060 [Amended by 1971 c.681 §2; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.070 [Repealed by 1975 c.652 §88]

0.0K chars

ORS 723.080 [Repealed by 1975 c.652 §88]

0.0K chars

ORS 723.090 [Repealed by 1975 c.652 §88]

0.0K chars

ORS 723.100 [Amended by 1955 c.550 §3; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.102 Rulemaking authority. In accordance with ORS chapter 183, the Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out this chapter. [1975 c.652 §11; 1985 c.762 §90; 1991 c.331 §123; 1991 c.635 §4; 1999 c.185 §6]

0.0K chars

ORS 723.104 [1977 c.135 §43; repealed by 1985 c.762 §196]

0.0K chars

ORS 723.106 Reports; late filing penalty; rules. (1) Credit unions shall report to the Director of the Department of Consumer and Business Services annually by a date established by the director on forms supplied and in the manner specified by the director for that purpose. Additional reports may be required

0.3K chars

ORS 723.110 [Amended by 1971 c.681 §3; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.112 Examinations. (1) The Director of the Department of Consumer and Business Services shall examine each credit union to determine its condition and whether the credit union is complying with the laws of this state and such other matters as the director may prescribe. For the purpose of conducting an examination or any part thereof, the director may employ an independent consultant determined by the director as qualified to conduct examinations. Except as provided in subsection (3) of this section, examinations under this subsection must be conducted not less frequently than 24 months apart

1.4K chars

ORS 723.114 Annual fees paid by credit unions; rules. (1) Each credit union shall pay to the Director of the Department of Consumer and Business Services each year a fee set in a schedule the director adopts by rule. The fee shall be paid by the date set by the director in the rule establishing the schedule

0.8K chars

ORS 723.116 Records; rules. A credit union shall maintain all books, records, accounting systems and procedures in accordance with such rules as the Director of the Department of Consumer and Business Services from time to time prescribes. In prescribing such rules, the director shall consider the relative size of a credit union and its reasonable capability of compliance. [1975 c.652 §14; 1991 c.635 §5; 1999 c.185 §9]

0.0K chars

ORS 723.118 Disclosure of records of department; exemptions. (1) The Director of the Department of Consumer and Business Services shall receive and file in the Department of Consumer and Business Services all reports required under this chapter

4.0K chars

ORS 723.120 [Amended by 1959 c.106 §3; 1971 c.681 §5; 1973 c.719 §1; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.122 Bond or letter of credit; rules. (1) A credit union shall obtain and maintain a fidelity bond or irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008, that includes coverage in accordance with rules of the Director of the Department of Consumer and Business Services, to protect the credit union against losses caused by occurrences such as fraud, dishonesty, forgery, embezzlement, misappropriation, misapplication of duty and all acts of agents, directors, officers, committee members, employees or attorneys of the credit union. The minimum amount of the bond or letter of credit is based on the amount of the credit union’s total assets in accordance with the following table

1.5K chars

ORS 723.124 [1971 c.681 §4; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.126 Enforcement actions. The Director of the Department of Consumer and Business Services may institute any action or other proceeding that the director considers necessary for enforcing any provision of this chapter or any rule, order or action adopted, issued or taken by the director under this chapter. [1987 c.215 §10]

0.0K chars

ORS 723.128 [1971 c.681 §12; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.130 [Amended by 1955 c.550 §4; 1967 c.279 §1; 1971 c.681 §6; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.132 Order to remove officer, director or committee member. The Director of the Department of Consumer and Business Services by order may direct a credit union to remove any officer, director or committee member of the credit union for any reason stated in ORS 723.014. [1987 c.650 §6]

0.0K chars

ORS 723.134 Receipt of deposits from person not a member of credit union; secondary capital accounts; rules. (1) The Director of the Department of Consumer and Business Services by rule may establish guidelines for determining whether a credit union predominantly serves low-income members. If the director, using the guidelines established in accordance with this subsection, determines that a credit union predominantly serves low-income members, the credit union may

1.2K chars

ORS 723.135 [1973 c.148 §2; repealed by 1975 c.652 §88]

0.0K chars

ORS 723.136 Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network; contracts for use of credit union examiners; joint examination or enforcement; fees. (1) The Director of the Department of Consumer and Business Services may enter into cooperative, coordinating and information sharing agreements with another credit union supervisory agency, with the Financial Crimes Enforcement Network established by order of the United States Secretary of the Treasury or with an organization affiliated with or representing one or more credit union supervisory agencies. The director may enter into the agreements in order to examine or supervise a non-Oregon institution branch or other office or place of business located in this state or to examine or supervise a branch of a credit union that is chartered in Oregon and is located in another state. The director may accept an agency report made pursuant to an agreement entered into under this section in lieu of the director’s own examination or investigation. The agreement may resolve conflicts of laws and specify the manner in which examination, supervision and application processes will be coordinated between this state and the home state of the non-Oregon institution. The director may also share information with the Federal Home Loan Bank and the directors of the Federal Home Loan Bank

2.3K chars

ORS 723.152 General powers; rules. In addition to the powers conferred by the general corporation law a credit union may, subject to the restrictions and limitations contained in this chapter and the credit union’s bylaws

7.0K chars

ORS 723.156 Exercise of powers of federal credit union. (1) Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may exercise any of the powers that were available to a federal credit union as of January 1, 2022. At least 45 days before exercising a power under this subsection, a credit union shall provide to the Director of the Department of Consumer and Business Services written notice of the credit union’s intent to exercise the power. The notice must describe the power and specify the statutory or regulatory authority or other legal basis for the federal credit union power the credit union intends to exercise

1.0K chars

ORS 723.172 Credit union membership; rules. (1) As used in this section

4.6K chars

ORS 723.176 Business and nonbusiness organizations as members. Business and nonbusiness organizations composed of individuals who are eligible for membership, or whose employees are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals. [1975 c.652 §19; 1987 c.286 §3; 1999 c.185 §56; 2001 c.308 §3]

0.0K chars

ORS 723.182 Other credit unions as members. Any credit union organized under the laws of this state may permit membership of any other credit union organized under the laws of this state, of any other state or of the United States. [1975 c.652 §20]

0.0K chars

ORS 723.184 State deemed member with respect to deferred compensation deposits; restrictions on membership. Notwithstanding any other provision of this chapter, a credit union may receive deposits from the State of Oregon of moneys belonging to the Deferred Compensation Fund established under ORS 243.411. With respect to such deposits, the State of Oregon shall be deemed to be a member of the credit union, except that the state shall not be entitled to vote, hold office or otherwise participate in the management or operation of the credit union. [1977 c.721 §17; 1997 c.179 §31]

0.0K chars

ORS 723.186 Members who leave field of membership. A member who leaves the credit union’s field of membership may be permitted to retain the member’s membership in the credit union. [1975 c.652 §21; 2009 c.234 §4]

0.0K chars

ORS 723.188 [1989 c.550 §2; 1999 c.59 §226; 1999 c.316 §9; repealed by 2015 c.458 §4]

0.0K chars

ORS 723.192 Individual liability. The members of the credit union shall not be personally or individually liable for the payment of the debts of the credit union. [1975 c.652 §22; 1981 c.903 §10]

0.0K chars

ORS 723.196 Meeting of members; mail or electronic ballots. (1) The annual meeting and any special meetings of the members of the credit union shall be held at the time and in the manner indicated by the bylaws

0.7K chars