ORS 706.580
Illegal, unauthorized or unsafe practices
- authority of director
(1)
The Director of the Department of Consumer and Business Services may take an action described in subsection (2) of this section if a banking institution or non-Oregon institution:(a)
Conducts business in an unsafe or unauthorized manner;(b)
Refuses to submit records for inspection by an examiner or by the Department of Consumer and Business Services; or(c)
Violates a law of this state or the United States or a duly issued order of the director.(2)
If the director believes a condition described in subsection (1) of this section exists, the director may:(a)
Notify the appropriate bank supervisory agency, with respect to the banking institution or non-Oregon institution, of the director’s determination and the facts and circumstances on which the determination is based;(b)
Provide the banking institution or non-Oregon institution with a statement of the charges on the basis of which the director determined that the banking institution or non-Oregon institution is violating the law or conducting business in an unsafe or unauthorized manner;(c)
Notify the banking institution or non-Oregon institution of the date and place of a hearing before the director, or a person designated by the director, with respect to the charges against the banking institution or non-Oregon institution; and(d)
Conduct a hearing pursuant to the notice given to the banking institution or non-Oregon institution under subsection (1)(c) of this section and make findings with respect to each of the charges specified in the notice to the banking institution or non-Oregon institution.(3)
After a hearing conducted under subsection (2) of this section, the director may:(a)
By an order in writing:(A)
Direct the discontinuance of the illegal, unsafe or unauthorized practices; and(B)
Direct the banking institution or non-Oregon institution to take affirmative action to correct or remedy a condition that resulted from the illegal, unsafe or unauthorized practice;(b)
Apply for and obtain an injunction or other appropriate order from a court that has jurisdiction over the matter to enforce the director’s order issued under paragraph (a) of this subsection;(c)
Publish notice of an order the director issued pursuant to paragraph (a) of this subsection; and(d)
Suspend or revoke the authority of a non-Oregon institution to open, occupy or maintain a branch or branches in this state. [Amended by 1973 c.797 §31; 1997 c.631 §10; 2009 c.541 §30a]
Source:
Section 706.580 — Illegal, unauthorized or unsafe practices; authority of director, https://www.oregonlegislature.gov/bills_laws/ors/ors706.html.
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