Administration and Enforcement of Banking Laws Generally

ORS 706.005
Definitions for Bank Act

As used in the Bank Act:
(1)(a) “Access area” means any paved walkway or sidewalk within 50 feet of an automated teller machine or night deposit facility.


“Access area” does not include publicly maintained sidewalks or roads.


“Access device” means:


An access device as defined in Federal Reserve Board Regulation E (12 C.F.R. Part 205) adopted under the Electronic Fund Transfer Act (15 U.S.C. 1693, et seq.); or


A key or other mechanism that a financial institution issues to a customer to give the customer access to the financial institution’s or bank’s night deposit facility.


“Acquisition transaction” means:


A sale and purchase of all or substantially all of a bank’s assets that does not occur in the bank’s ordinary course of business; or


The transfer and assumption of all or substantially all of a bank’s liabilities.
(4)(a) “Automated teller machine” or “ATM” means any electronic information processing device located in this state that:


Accepts or dispenses cash in connection with a credit, deposit or convenience account, provides information and initiates transactions in accordance with the request or instruction of a customer or the customer’s agent; and


Is unstaffed except for persons that install the device, provide security or provide periodic servicing, maintenance or repair.


“Automated teller machine” or “ATM” does not include a device that is used solely to facilitate check guarantees or check authorizations, or that is used in connection with accepting or dispensing cash on a person to person basis, such as by a store cashier.


“Bank Act” means ORS chapters 706 to 716.
(6)(a) “Banking business” or “business of banking” means a regular business of receiving or accepting money or the equivalent of money on deposit, whether the deposit is made subject to check or is evidenced by a certificate of deposit, a pass book or other writing or evidence.


“Banking business” or “business of banking” does not include:


Depositing money or the equivalent of money in escrow or with an agent, pending an investment in real estate or securities for or on account of a principal;


The business of a credit union;


Accepting deposits in connection with purchasing or leasing property or services; or


Accepting deposits through an ATM or night deposit facility.


“Banking day” has the meaning given that term in ORS 708A.650 (Banking days).


“Branch” means an office or other place, except a principal place of business or an ATM, at which:


A bank engages in banking business; or


A trust company transacts trust business.


“Candlefoot power” means a light intensity of candles on a horizontal plane at 36 inches above ground level and 5 feet in front of the area to be measured.


“Capital debentures” means capital notes, capital debentures and any other form of unsecured obligations that an institution or stock savings bank issues to evidence borrowings in which the rights of the lender are subordinate to the rights of the depositors.
(11)(a) “Defined parking area” means a portion of any parking area or a single level in a multiple-story parking area that is open for customer parking and is:


Contiguous to the access area of an ATM or night deposit facility;


Regularly, principally and lawfully used for parking by users of the ATM or night deposit facility while the users conduct transactions during hours of darkness;


Owned or leased by the operator of the ATM or night deposit facility or owned or controlled by the party that leases the ATM or night deposit facility site to the operator; and


The parking area that the operator of the ATM or night deposit facility designates as the most directly accessible to the ATM or night deposit facility, if the parking area is a single level in a multiple-story parking area.


“Defined parking area” does not include any parking area that:


Users of an ATM or night deposit facility do not regularly use for parking while conducting transactions during the hours of darkness; or


Is physically closed to access or has conspicuous signs that indicate that the parking area is closed.


“Department” means the Department of Consumer and Business Services.


“Director” means the Director of the Department of Consumer and Business Services.


“Document of title” means document of title as defined in ORS 71.2010 (General definitions).


“Federal Reserve Act” means the Act of Congress approved December 23, 1913 (38 Stat. 251), as amended.


“Federal Reserve Bank” means a Federal Reserve Bank that is created and organized under the authority of the Federal Reserve Act.


“Federal Reserve Board” means the Federal Reserve Board created and described in the Federal Reserve Act.


“Home state” means:


With respect to a state bank, the state under the laws of which the state bank is incorporated or otherwise organized;


With respect to a federal bank, the state in which the main office of the federal bank is located;


With respect to an extranational institution, the state that the extranational institution or the Board of Governors of the Federal Reserve System elects as the extranational institution’s home state; or


With respect to a financial holding company or a bank holding company, the state in which the total deposits of all banking subsidiaries of the financial holding company or bank holding company are the largest on the date on which the company becomes a financial holding company or a bank holding company.


“Hours of darkness” means the period that commences 30 minutes after sunset and ends 30 minutes before sunrise.


“Loan production office” means a physical location in this state at which representatives of an insured institution or extranational institution hold themselves out to the public as providing loan origination services, leasing services or services of a similar nature, but at which representatives of the insured institution or extranational institution do not conduct banking business.


“Night deposit facility” means a receptacle that a financial institution provides for the financial institution’s customers to use to deliver cash, checks and other items to the financial institution.


“Obligations” includes:


The direct liability of a maker or acceptor of paper discounted with or sold to an institution;


The liability of a drawer, indorser or assignor;


Obligations of the several members of a copartnership or association;


Obligations of all subsidiaries of a corporation in which the corporation owns or controls 50 percent or more of the capital stock; and


The liability of a lessee under a lease.


“Officer” of a banking institution means a chief executive officer, president, any vice president, secretary, treasurer, cashier or any individual who the board of a banking institution designates as an officer under ORS 707.700 (Selection and control of officers by directors).


“Operator” means any financial institution or other business entity, or any person that operates an ATM or night deposit facility.


“Outside director” means a member of the board of directors of a banking institution who is not employed by the banking institution or by any holding company or subsidiary of the banking institution.


“Paid-in capital” means the aggregate amount that an institution or stock savings bank receives from issuing the institution’s or stock savings bank’s stock or that the institution or stock savings bank transfers from retained earnings.


“Person” means an individual, corporation, limited liability company, partnership, association, joint stock company, business trust or unincorporated organization.


“Stockholders’ equity” means the aggregate of paid-in capital and retained earnings of an institution or Oregon stock savings bank.


“Trust business” means acting as a trustee of a trust. [1973 c.797 §2; 1975 c.193 §1; 1975 c.725 §1; 1983 c.37 §1; 1985 c.12 §1; 1985 c.451 §1; 1985 c.627 §3; 1985 c.762 §16; 1987 c.373 §47; 1987 c.371 §1; 1987 c.445 §7; 1991 c.331 §109; 1993 c.229 §1; 1993 c.318 §6; 1993 c.744 §22; 1995 c.313 §1; 1997 c.631 §1; 1999 c.107 §1; 2001 c.377 §45; 2005 c.348 §123; 2015 c.244 §5; 2021 c.97 §80]

See also annotations under ORS 706.030, 706.060, 706.070 and 714.010 in permanent edition.

Notes of Decisions

Notwithstanding requirements of this section and ORS 709.030, savings and loan association was estopped to deny its authority to act as trustee where it undertook and assumed to administer and manage testamentary trust fund. Stephan v. Equitable Sav. & Loan Assn., 268 Or 544, 522 P2d 478 (1974)

Attorney General Opinions

Political contributions by savings and loan association or a credit union, (1974) Vol 37, p 144; Cash Management Account program operated by brokerage firm as constituting “banking business”, (1982) Vol 42, p 273; Investor-owned utility solicitation and acceptance of short-term interest-bearing investments directly from ratepayers or other persons, (1982) Vol 43, p 130


Last accessed
Mar. 11, 2023