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 (Increase in required collateral of qualified depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), the public official shall withdraw from the qualified depository to which the notice applies all uninsured public funds deposits.

(2)

If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of qualified depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), beginning 15 business days after the public official receives the notice, the public official may not deposit into the qualified depository to which the notice applies any public funds that, as a result of the deposit, would be uninsured public funds deposits. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (Increase in required collateral of qualified depository) (6)(b), 295.031 (Notice to public officials regarding adequacy of collateral) (2) or 295.061 (Treasurer reports) (4)(b) indicating that the depository is in compliance with ORS 295.013 (Custodian’s receipt), 295.018 (Increase in required collateral of qualified depository) or 295.061 (Treasurer reports), as applicable.

(3)

Except as required by any applicable law or regulation, a qualified depository may not impose an early withdrawal penalty or a forfeiture of interest with respect to a withdrawal that a public official makes pursuant to this section. [2007 c.871 §3; 2009 c.821 §9; 2010 c.101 §10; 2019 c.587 §14]

Source: Section 295.034 — Withdrawal of inadequately collateralized funds, https://www.­oregonlegislature.­gov/bills_laws/ors/ors295.­html.

295.001
Definitions for ORS 295.001 to 295.108 295.002
Deposit of public funds 295.004
Conditions for deposit of funds in excess of specified amounts 295.006
Public official filings with State Treasurer 295.007
Conditions for acting as custodian 295.008
Qualified depositories 295.012
State Treasurer rule setting maximum liability for qualified credit union depositories 295.013
Custodian’s receipt 295.015
Maintenance of securities by qualified depository 295.018
Increase in required collateral of qualified depository 295.022
Collateral not required for deferred compensation funds 295.031
Notice to public officials regarding adequacy of collateral 295.034
Withdrawal of inadequately collateralized funds 295.037
Distribution of collateral after loss in qualified depository 295.038
Assessment against collateral of qualified depositories 295.039
State Treasurer acceptance of moneys for purposes of administering ORS 295.038 295.041
Subrogation rights of State Treasurer 295.046
Limitation on acceptance of public funds from single public official 295.048
Limitations on aggregate uninsured public funds deposits 295.053
Custodian duties when qualified depository ceases holding uninsured public funds 295.056
Liability of public officials for loss of public funds 295.061
Treasurer reports 295.071
Investigation by regulatory bodies other than State Treasurer 295.073
Report to State Treasurer of actions that reduce net worth of depository 295.081
Time deposits 295.084
State Treasurer designation of depositories 295.091
Geographic preference in selecting depositories 295.093
Depositing moneys with treasurer of public body 295.097
State agency agreements with third parties 295.098
Public body agreements with third parties 295.101
Public funds not subject to ORS 295.001 to 295.108 295.103
Certain moneys related to motor carriers not public funds 295.106
State Treasurer charges 295.108
State Treasurer rules 295.195
Deposit of funds in foreign country 295.205
Accounts in financial institutions outside Oregon
Green check means up to date. Up to date

Current through early 2024

§ 295.034’s source at oregon​.gov