(1) A banking institution may establish and operate one or more branches within or outside the State of Oregon. The board of directors of a banking institution desiring to establish a branch shall file an application with the Director of the Department of Consumer and Business Services. The application shall be in the form the banking institution is required to file with the Federal Reserve System or the Federal Deposit Insurance Corporation to establish a branch at such location, as the case may be, or in such other form as the director may require. The application shall be accompanied by a $500 fee, which fee shall only apply to the establishment of new branches and not to the acquisition or relocation of existing branches. The director shall promptly advise the banking institution if the application is incomplete or if the director requires additional information.
(2) Mobile banking facilities described in ORS 714.035 and temporary branches are considered branches for purposes of this section. A temporary branch is a branch that operates for a period not to exceed 60 days, which period shall not be extended. The application fee for a temporary branch shall be $100. The director may establish rules regarding temporary branches.
(3) Branches to be located in other countries or to be located in dependencies or insular possessions of the United States are subject to the requirements of this section and ORS 714.045. [1997 c.631 §313]Section: Previous 714.010 714.015 714.020 714.025 714.030 714.035 714.040 714.045 714.049 714.050 714.054 714.055 714.059 714.060 714.064 Next
Last modified: August 7, 2008