(1) Except as provided in ORS 722.107, every savings association shall obtain and maintain fidelity and other bonds and insurance coverage, with one or more insurers authorized to do business in this state, of the kinds and in the form and amounts required by the rules of the Director of the Department of Consumer and Business Services to protect the association, its account holders and other customers, and the public.
(2) Every required bond and insurance policy shall provide that a cancellation thereof, either by the insurer or the insured, shall not become effective until at least 30 days after notice that it is to be canceled is mailed to the director. [1975 c.582 §60; 1987 c.285 §3]
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