(1) The Director of the Department of Consumer and Business Services shall issue a certificate of authority to the association to conduct savings and loan business in this state when:
(a) A foreign association has complied with ORS 722.504;
(b) The director has examined and investigated according to the procedures set forth in ORS 722.024 (1) to (4), whether the application of the association should be granted; and
(c) The director has verified the financial status of the association by examination of its assets and its records for the purpose of ascertaining whether they meet the requirements of this chapter.
(2) Notwithstanding subsection (1) of this section, the director shall not issue the certificate under subsection (1) of this section unless:
(a) The director is satisfied that the association is in sound financial condition, and that it is conducting its business, and will conduct its business in this state in a manner consistent with the laws of this state;
(b) The director regards the association as safe, reliable and entitled to public confidence;
(c) The association pays the proper annual fee; and
(d) The director finds that the appropriate standards for approval of the application set forth in ORS 722.026 are satisfied.
(3) The certificate of authority continues in effect unless revoked as authorized by ORS 722.516. [Formerly 722.835; 1981 c.472 §25]
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