ORS 713.035
Failure to maintain required assets

  • notice to director
  • effect of deficiency
If at the close of any banking day an extranational institution does not have on deposit the assets required to be maintained under ORS 713.025 (Assets requirement for extranational institutions), the managing officer in charge of the office of the extranational institution shall immediately notify the Director of the Department of Consumer and Business Services and the main office of the extranational institution of the deficit. The extranational institution shall have three banking days to eliminate the deficiency. If the deficiency is not eliminated within the three-day period, the extranational institution is prohibited from conducting banking business, making loans, issuing letters of credit or accepting drafts or bills of exchange and the director may revoke its certificate of authority. [1975 c.725 §4; 1997 c.631 §291]

Source: Section 713.035 — Failure to maintain required assets; notice to director; effect of deficiency, https://www.­oregonlegislature.­gov/bills_laws/ors/ors713.­html.

Green check means up to date. Up to date

Current through early 2024

§ 713.035’s source at oregon​.gov