(1) After a certificate of authority to commence business has been issued to a savings association, before a person first takes office as director, president or managing officer, the name of the person shall be submitted to the Director of the Department of Consumer and Business Services, with any information about the person that the director may require.
(2) The director shall investigate each person whose name is submitted under this section to determine the character, honesty, financial responsibility and competence of the person. In the course of investigating any person under this section, the director may require the person to provide additional information for the director’s further inquiry. For the purpose of such further inquiry, the director may require the person to submit to fingerprinting. Fingerprints acquired under this subsection may be submitted to appropriate law enforcement agencies, including the Federal Bureau of Investigation, for the purpose of discovering any unlawful activities of the person.
(3) The director may disapprove the election or appointment of the person if the director determines that the person’s character, honesty, financial responsibility, experience or fitness does not command confidence or warrant the belief that the person will honestly and efficiently conduct the business of the savings association. The director shall issue the disapproval in writing to the board of directors that submitted the person’s name. A copy of the disapproval shall be served personally or by certified mail upon the disapproved person. The disapproval may be issued without a prior administrative hearing. A disapproval under this section must be made within 30 days after the name is submitted to the director. Thereafter, disapproval may be made only as provided in ORS 722.468.
(4) A person whom the director disapproves under this section may appeal the disapproval as a contested case pursuant to ORS 183.415 to 183.500. [1985 c.786 §57]
Section: Previous 722.450 722.452 722.454 722.455 722.456 722.457 722.458 722.459 722.460 722.462 722.464 722.465 722.466 722.468 722.470 NextLast modified: August 7, 2008