Oregon Statutes - Chapter 713 - Out-of-State Banks and Extranational Institutions - Section 713.250 - Limits on banks and institutions without certificates of authority.

(1) No out-of-state state bank or extranational institution conducting banking business in this state without a certificate of authority shall be permitted to maintain any action, suit or proceeding in any court of this state until such out-of-state state bank or extranational institution shall have obtained a certificate of authority.

(2) The failure of an out-of-state state bank or extranational institution to obtain a certificate of authority to conduct banking business in this state shall not impair the validity of any contract or act of such out-of-state state bank or extranational institution, and shall not prevent such out-of-state state bank or extranational institution from defending any action, suit or proceeding in any court of this state.

(3) An out-of-state state bank or extranational institution that conducts banking business in this state without a certificate of authority shall be liable to this state for the years or parts thereof during which it conducted banking business in this state without a certificate of authority in an amount equal to all fees, assessments and other charges which would have been imposed upon the out-of-state state bank or extranational institution under the Bank Act had it duly applied for and received a certificate of authority to conduct banking business in this state as required by this chapter and thereafter filed all reports required by the Bank Act, plus all penalties imposed under the Bank Act for failure to pay such fees and charges. The Attorney General may bring proceedings to recover all amounts due this state under the provisions of this section. [1989 c.324 §70; 1997 c.631 §305]

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Last modified: August 7, 2008