An Oregon savings bank may invest the funds mentioned in ORS 716.410:
(1) In the notes of any person, with a pledge as collateral of securities or personal property which are eligible for investment under ORS 716.410 to 716.590 and have an actual cash market value at least 25 percent greater than the amount of the loan.
(2) In the obligations of any person secured by an assignment of a life insurance policy, having a cash surrender value of not less than 100 percent of the amount of the obligations, plus an amount equal to one annual premium on the insurance policy.
(3) In loans, secured or unsecured, insured or guaranteed in part or in full by the United States or any instrumentality thereof, or by this state or instrumentality thereof, or for which a conditional guarantee has been issued. The limitations prescribed by ORS 716.552 to 716.574 shall not apply to loans made under this subsection, but the aggregate amount of loans made under this subsection and ORS 716.552 shall not exceed 85 percent of the assets of any Oregon savings bank.
(4) In loans secured as specified under ORS 708A.345.
(5) In commercial paper with a maturity of 180 days or less, subject to a limitation of one percent of the total assets of the Oregon savings bank for each obligor.
(6) In unsecured loans, retail installment contracts, leases and loans secured by security interests in personal property and by mortgages and deeds of trust covering real estate, that are not otherwise eligible for investment by an Oregon savings bank when the obligations are for home or property repairs, alterations, appliances, improvements or additions, home furnishing, for installation of underground utilities, for educational purposes, for manufactured dwellings used or to be used for permanent or semipermanent housing or for any other nonbusiness purpose, if:
(a) The application for the loan states that the proceeds are to be used for one of the purposes listed in this subsection.
(b) The loans evidenced by a note or other evidence of obligation made pursuant to this subsection to any one individual do not exceed one percent of the assets of the Oregon savings bank and the aggregate amount of such loans do not exceed 20 percent of the assets of the Oregon savings bank.
(c) In the case of leases, the lease conforms to ORS 708A.180 and 708A.560.
(7) In secured or unsecured commercial, corporate, business and agricultural loans or leases of personal property, not to exceed 25 percent of the assets of the Oregon savings bank and not to exceed one percent of its assets to any one person. Leases shall conform to ORS 708A.180 and 708A.560.
(8) Subsection (5) of this section shall not be construed to permit an Oregon savings bank to make loans on or for inventory of articles held for sale as merchandise, except manufactured dwellings. [Amended by 1963 c.393 §1; 1969 c.211 §2; 1971 c.219 §3; 1973 c.797 §369; 1975 c.544 §47; 1977 c.135 §33; 1979 c.88 §28; 1981 c.192 §27; 1983 c.37 §28; 1985 c.786 §54; 1987 c.528 §3; 1993 c.52 §1; 1997 c.631 §348]
Section: Previous 716.320 716.330 716.410 716.420 716.430 716.440 716.441 716.450 716.460 716.470 716.480 716.490 716.500 716.510 716.520 NextLast modified: August 7, 2008