(1) A financial holding company or a bank holding company of an Oregon stock bank shall submit to the Director of the Department of Consumer and Business Services copies of all reports that the financial holding company or the bank holding company is required to submit to the Federal Reserve Board. The copies shall be submitted to the director within the time periods required by applicable federal law and regulation for the filing of the originals with the Federal Reserve Board.
(2) The director may call for additional information from a financial holding company or a bank holding company, in such form as the director may prescribe by rule or order, if the director considers it necessary in order to obtain full knowledge of the condition of the Oregon stock bank which the financial holding company or the bank holding company controls. The financial holding company or the bank holding company shall submit the report to the director within the time period prescribed by the director.
(3) If a financial holding company or a bank holding company fails to submit a report or additional information as required by this section, the financial holding company or the bank holding company shall pay to the director a penalty of up to $1,000 for each day it fails to comply. If the financial holding company or the bank holding company delays or refuses to pay the penalty upon demand by the director, the director may maintain an action in the director’s name against the delinquent financial holding company or bank holding company for the recovery of the penalty. [1973 c.797 §341; 1997 c.631 §327; 2001 c.377 §34]
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