(1) The Director of the Department of Consumer and Business Services shall approve an application filed under ORS 722.448 if:
(a) The population in the community where the branch facility or principal office is to be located, relocated or operated affords a reasonable promise of adequate support for the branch facility or principal office;
(b) The financial structure and earnings of the association are adequate to support the expense of establishing the branch or relocating the branch or principal office; and
(c) The establishment and operation of the branch facility or relocation of the branch or principal office will serve the public convenience and advantage.
(2) If an application is denied, the order shall contain a statement of the reason for the denial and notify the applicant of its right to a contested case hearing under ORS chapter 183.
(3) If an association does not commence operation of a branch facility or change the location of a branch facility or the principal office within a reasonable time after the date of the order approving the application, the approval shall be revoked by the director.
(4) The director shall maintain a record of the number and location of all branch facilities of associations. [1975 c.582 §124; 1985 c.762 §70]
Section: Previous 722.440 722.442 722.444 722.445 722.446 722.448 722.450 722.452 722.454 722.455 722.456 722.457 722.458 722.459 722.460 NextLast modified: August 7, 2008