ORS 723.042
Interstate credit unions

Mentioned in

Oregon and Delaware Join the Surge of US States Enacting General Privacy Legislation

LexBlog, September 6, 2023

“…the law exempts ‘financial institutions’ as defined under Oregon’s Revised Statute 706.008, which has a narrower definition than the GLBA’s equivalent term, and in effect exempts only traditional banks and credit unions.”
 
Bibliographic info

(1)

A credit union chartered under this chapter may operate in another state unless prohibited by the laws of the other state. Oregon is the home state for any credit union chartered under this chapter.

(2)

A credit union organized under the laws of another state may conduct business as a credit union in this state with the approval of the Director of the Department of Consumer and Business Services under the conditions described in subsection (3) of this section. Oregon is the host state for any credit union chartered under the laws of any other state and conducting business as a credit union in this state. The state that charters the credit union is the home state of the credit union.

(3)

The director may issue a branch certificate to a credit union chartered in another state for the purposes of operating in this state if all of the following conditions are met:

(a)

The credit union is organized under a credit union law substantially similar to this chapter;

(b)

The credit union files an application that includes an agreement to comply with all rules prescribed by the director;

(c)

The credit union agrees to submit an annual or other regular report of examination from the supervising agency of the state in which it is chartered;

(d)

The credit union agrees to authorize the examination of its parent credit union by the director and to pay the fee determined under ORS 723.114 (Annual fees paid by credit unions);

(e)

The field of membership of the credit union meets the definition of membership as defined in ORS 723.172 (Credit union membership);

(f)

The credit union acknowledges that laws of this state relating to consumer protection apply to transactions with residents of this state;

(g)

The credit union has account insurance comparable to that required for credit unions incorporated under this chapter;

(h)

The credit union designates and maintains an agent for the service of process in this state; and

(i)

The credit union submits quarterly financial reports as required by the director.

(4)

The director may suspend or revoke the certificate of any credit union for which Oregon is the host state for any violation of the provisions of this chapter or rules or orders issued by the director. [1975 c.652 §10; 1981 c.412 §6; 1985 c.762 §89; 1987 c.373 §63b; 1999 c.185 §5]

Source: Section 723.042 — Interstate credit unions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html.

723.001
Definitions 723.002
Short title 723.006
“Credit union” defined 723.008
“Credit union” defined for ORS 723.136 and 723.464 to 723.498 723.012
Organization procedure 723.014
Denial of certificate of approval 723.016
Form of articles and bylaws 723.022
Amendment of articles and bylaws 723.026
Use of name exclusive 723.032
Places of business 723.036
Fiscal year 723.042
Interstate credit unions 723.102
Rulemaking authority 723.106
Reports 723.112
Examinations 723.114
Annual fees paid by credit unions 723.116
Records 723.118
Disclosure of records of department 723.122
Bond or letter of credit 723.126
Enforcement actions 723.132
Order to remove officer, director or committee member 723.134
Receipt of deposits from person not a member of credit union 723.136
Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network 723.152
General powers 723.156
Exercise of powers of federal credit union 723.172
Credit union membership 723.176
Business and nonbusiness organizations as members 723.182
Other credit unions as members 723.184
State deemed member with respect to deferred compensation deposits 723.186
Members who leave field of membership 723.192
Individual liability 723.196
Meeting of members 723.202
Withdrawal and expulsion of members 723.252
Election of directors and appointment of credit committee and credit manager 723.256
Record of board and committee members 723.262
Vacancies 723.266
Compensation of officials 723.272
Conflicts of interest 723.276
Executive officers 723.282
Authority of directors 723.286
Executive committee 723.292
Meetings of directors 723.296
Duties of directors 723.302
Duties of credit committee 723.306
Meetings of credit committee 723.312
Loan officers 723.316
Chief credit officer 723.322
Duties of supervisory committee 723.326
Suspension and removal of officials 723.338
Duty to notify law enforcement officers of violations of Oregon Credit Union Act 723.402
Shares 723.406
Dividends 723.412
Deposit and deposit certificate accounts 723.426
Joint accounts 723.432
Trust accounts 723.434
Share draft accounts 723.447
Certified share drafts 723.450
Payment on shares and deposits 723.454
Liens 723.460
Reduction in shares 723.464
Deposits made in name of minor 723.466
Disposition of deposit on death of depositor 723.468
Adverse claim to deposit 723.470
Checks drawn by agents presumed to be in authorized manner 723.472
Checks of intoxicated or drugged persons 723.474
Definitions for ORS 723.474 to 723.498 723.476
Application of ORS 723.478, 723.480 and 723.482 723.478
Ownership of multiple-party accounts 723.480
Multiple-party accounts 723.482
Rights of survivorship based on form of account 723.484
Transfers of moneys upon death of depositor or trustee is not testamentary disposition 723.486
Multiple party account 723.488
Joint account 723.490
P.O.D. account 723.492
Trust account 723.494
Discharge of credit union for payments made 723.496
Right of credit union to setoff 723.498
Designation of agent for account 723.502
Purposes 723.506
Application 723.512
Loan limit 723.516
Installments 723.522
Line of credit 723.526
Other loan programs 723.532
Loans to credit union officials 723.536
Loans to nonmembers 723.572
Insurance for members 723.576
Liability insurance for director, officer, employee or agent 723.582
Share and deposit insurance 723.586
Group purchasing 723.602
Investment of funds 723.631
Regular reserve 723.636
Charges to regular reserve 723.646
Special reserves 723.672
Suspension 723.676
Liquidation 723.682
Merger 723.686
Conversion of charter 723.702
Organization 723.706
Membership 723.712
Voting representative 723.716
Additional rights and powers 723.730
Corporate central credit union 723.752
Application of tax statutes to credit unions 723.756
Stock transfer taxes 723.762
Participation in government programs 723.806
Notice to law enforcement officers of violation of Oregon Credit Union Act 723.812
Actions 723.816
Prohibited acts 723.818
Giving false document, statement or report prohibited 723.822
Cease and desist orders 723.830
Regulation of services performed for credit union 723.832
Application to credit unions existing on September 13, 1975 723.836
Effect of amendment or repeal of Oregon Credit Union Act 723.840
Limitation on personal liability for good faith act or omission or exercise of judgment or discretion 723.844
Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box 723.992
Criminal penalties 723.995
Civil penalties
Green check means up to date. Up to date

Current through early 2024

§ 723.042’s source at oregon​.gov