(1) Whenever an out-of-state state bank or extranational institution has given cause for revocation of its certificate of authority as provided in ORS 713.230 and has failed to correct the neglect, omission, misrepresentation or delinquency, the Director of the Department of Consumer and Business Services may revoke the right of the out-of-state state bank or extranational institution to conduct banking business in this state. The director shall mail a notice of the revocation to the mailing address shown for the out-of-state state bank or extranational institution in the current records of the director to the out-of-state state bank or extranational institution at its registered office in this state or its principal office in its home state.
(2) After the director revokes the certificate of authority, all powers that this state conferred upon the out-of-state state bank or extranational institution shall cease, and thereafter no person shall exercise or attempt to exercise in this state any power under the revoked certificate of authority.
(3) Whenever it is established to the satisfaction of the director that any out-of-state state bank or extranational institution, the certificate of authority of which has been revoked under subsection (1) of this section, has corrected the cause for revocation, the director shall restore the out-of-state state bank or extranational institution to all its former rights and privileges in the same manner as the director revoked the authority of the out-of-state state bank or extranational institution.
(4) Any out-of-state state bank or extranational institution previously authorized to conduct banking business in this state that has had its certificate of authority revoked and that has corrected the cause for revocation under subsection (1) of this section may apply for reinstatement of its certificate of authority within two years of the date of revocation. The out-of-state state bank or extranational institution shall pay all fees which accrued before the director revoked the certificate of authority and a reinstatement filing fee of $100. The payment shall accompany the application for reinstatement. If the director is satisfied that the cause for revocation has been corrected, the director shall file the application for reinstatement of the out-of-state state bank or extranational institution, entitling it to resume its business in this state. The director shall not file the application for reinstatement unless the name of the out-of-state state bank or extranational institution conforms to ORS 713.130 and the application is filed within two years of the date of revocation.
(5) Reinstatement under this section relates back to and takes effect as of the effective date of the revocation of the certificate of authority, so that the existence of the out-of-state state bank or extranational institution is deemed to have continued without interruption from that date. [1989 c.324 §69; 1997 c.631 §304]
Section: Previous 713.170 713.180 713.190 713.200 713.210 713.220 713.230 713.240 713.250 713.260 713.270 713.280 713.290 713.300 713.990 NextLast modified: August 7, 2008