When it appears to the Director of the Department of Consumer and Business Services that a banking institution or non-Oregon institution is violating any law or duly issued order of the director, is conducting its business in an unsafe or unauthorized manner, or has refused to submit its records for inspection by an examiner or examination by the Department of Consumer and Business Services:
(1) The director may:
(a) Notify the appropriate bank supervisory agency, with respect to such banking institution or non-Oregon institution, of the director’s determination and the facts and circumstances on which such determination is based;
(b) Provide the banking institution or non-Oregon institution with a statement of the charges on the basis of which the determination was made that the banking institution or non-Oregon institution is violating the law or conducting its business in an unsafe or unauthorized manner;
(c) Notify the banking institution or non-Oregon institution of the date and place of a hearing before the director, or any person designated by the director, with respect to the charges against the banking institution or non-Oregon institution; and
(d) Conduct a hearing pursuant to the notice given to the banking institution or non-Oregon institution under subsection (1)(c) of this section, and make findings with respect to each of the charges specified in the notice to the banking institution or non-Oregon institution.
(2) The director may:
(a) By an order in writing:
(A) Direct the discontinuance of the illegal, unsafe or unauthorized practices; and
(B) Direct the banking institution or non-Oregon institution to take affirmative action to correct or remedy any conditions resulting from the illegal, unsafe or unauthorized practice;
(b) Apply for and obtain an injunction or other appropriate order from a court having jurisdiction over the matter, enforcing the director’s order issued under subsection (2)(a) of this section;
(c) Publish notice of any order issued by the director pursuant to subsection (2)(a) of this section; and
(d) Suspend or revoke the authority of a non-Oregon institution to open, occupy or maintain a branch or branches in this state. [Amended by 1973 c.797 §31; 1997 c.631 §10]
Section: Previous 706.544 706.548 706.550 706.555 706.560 706.570 706.575 706.580 706.590 706.600 706.610 706.620 706.630 706.640 706.650 NextLast modified: August 7, 2008