ORS 713.240
Procedure for revocation of certificate of authority
- restoration
- reinstatement
- fee
(1)
If an out-of-state bank or extranational institution has given cause for revocation of a certificate of authority as provided in ORS 713.230 (Revocation of certificate of authority) and has failed to correct the neglect, omission, misrepresentation or delinquency, the Director of the Department of Consumer and Business Services may revoke the right of the out-of-state bank or extranational institution to conduct banking business in this state. The director shall mail a notice of the revocation to the mailing address shown for the out-of-state bank or extranational institution in the current records of the director and to the out-of-state bank or extranational institution at the registered office for the out-of-state bank or extranational institution in this state or the principal office in the out-of-state bank’s or extranational institution’s home state or country.(2)
After the director revokes the certificate of authority, all powers that this state conferred upon the out-of-state bank or extranational institution cease, and thereafter a person may not exercise or attempt to exercise power under the revoked certificate of authority in this state.(3)
If the director is satisfied that an out-of-state bank or extranational institution that has had a certificate of authority revoked under subsection (1) of this section has corrected the cause for revocation, the director shall restore the out-of-state bank’s or extranational institution’s former rights and privileges in the same manner as the director revoked the authority of the out-of-state bank or extranational institution.(4)
An out-of-state bank or extranational institution previously authorized to conduct banking business in this state that has had a certificate of authority revoked and that has corrected the cause for revocation under subsection (1) of this section may apply to reinstate the certificate of authority within two years after the date of revocation. The out-of-state bank or extranational institution shall pay all fees that accrued before the director revoked the certificate of authority and a reinstatement filing fee of $100. The payment must accompany the application for reinstatement. If the director is satisfied that the out-of-state bank or extranational institution has corrected the cause for revocation, the director shall file the application for reinstatement, which entitles the out-of-state bank or extranational institution to resume business in this state. The director may not file the application for reinstatement unless the name of the out-of-state bank or extranational institution conforms to ORS 713.130 (Name of out-of-state bank or extranational institution) and the application is filed within two years after the date of revocation.(5)
Reinstatement under this section relates back to and takes effect as of the effective date of the revocation of the certificate of authority, so that the existence of the out-of-state bank or extranational institution is deemed to have continued without interruption from that date. [1989 c.324 §69; 1997 c.631 §304; 2011 c.263 §16]
Source:
Section 713.240 — Procedure for revocation of certificate of authority; restoration; reinstatement; fee, https://www.oregonlegislature.gov/bills_laws/ors/ors713.html.
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