Oregon Statutes - Chapter 722 - Savings Associations

722.002 [1975 c.582 §2; repealed by 2007 c.71 §233]
722.004 Definitions.
As used in this chapter, unless the context otherwise requires: (1) �Account holder� means a person who owns a savings account. (2) �Borrower� means a...
722.005 [Amended by 1961 c.398 §1; 1967 c.234 §1; 1971 c.757 §3; repealed by 1975 c.582 §152]
722.008 Purposes; standards for exercise of regulatory powers.
(1) The Legislative Assembly adopts the Savings Association Act: (a) To provide for the safe and sound conduct of the business of savings associations, the...
722.010 [Amended by 1961 c.398 §2; 1963 c.288 §1; repealed by 1975 c.582 §152]
722.012 Authorization to transact business required; exceptions.
(1) A person shall not transact savings and loan business in this state unless the person has been issued a certificate of authority as provided...
722.014 Name of savings association.
(1) The name of a domestic association, or the name authorized and used by a foreign association doing business in this state, shall terminate with...
722.015 [Amended by 1971 c.743 §414; repealed by 1975 c.582 §152]
722.016 Incorporation; application of Oregon Business Corporation Act.
(1) A domestic association shall be incorporated, either as a stock or a mutual association. (2) ORS chapter 57 (1985 Replacement Part) applies to domestic...
722.018 Articles of incorporation.
Any individuals desiring to transact savings and loan business may, by complying with this chapter, become a body corporate for that purpose. The articles of...
722.020 [Amended by 1953 c.401 §11; 1961 c.398 §3; 1971 c.743 §415; 1971 c.757 §4; repealed by 1975 c.582 §152]
722.022 Application for incorporation.
When incorporators of a domestic association deliver articles of incorporation to the Director of the Department of Consumer and Business Services, they shall submit an...
722.024 Investigation of application; notice of application filing; hearing; authority to require additional information; fingerprinting.
(1) Upon receipt of an application and the documents described by ORS 722.022, the Director of the Department of Consumer and Business Services shall promptly...
722.025 [Amended by 1971 c.743 §416; repealed by 1975 c.582 §152]
722.026 Grounds for approval or denial of application for certificate of incorporation; organization.
(1) The Director of the Department of Consumer and Business Services shall approve an application for a certificate of incorporation if the director affirmatively finds...
722.028 Denial of application; right to hearing on denial.
If the Director of the Department of Consumer and Business Services denies an application for a certificate of incorporation the director shall enter an order...
722.030 [Amended by 1959 c.227 §1; 1961 c.398 §4; 1967 c.234 §10; repealed by 1975 c.582 §152]
722.032 Function of initial board; surety bond or letter of credit; subscriptions to capital; savings account pledges; completed organization report; time to organize limited.
(1) After the organizational meeting, the initial board of directors of an association shall: (a) File with the Director of the Department of Consumer and...
722.034 Surety bond or letter of credit conditions; designation of escrow agent.
(1) Any corporate surety bond or letter of credit filed with the Director of the Department of Consumer and Business Services as provided by ORS...
722.035 [Amended by 1959 c.227 §3; 1961 c.398 §67; repealed by 1975 c.582 §152]
722.036 Issuance or denial of certificate of authority; conditions of certificate.
(1) When the report of the board of directors is filed with the Director of the Department of Consumer and Business Services as provided by...
722.038 Amending articles or bylaws; copies to be furnished to association members.
(1) A domestic association may, after securing the approval of the Director of the Department of Consumer and Business Services, amend its articles of incorporation...
722.040 [Amended by 1959 c.227 §4; 1961 c.398 §5; 1967 c.234 §11; repealed by 1975 c.582 §152]
722.042 Minimum capital or expense fund and pledged savings accounts.
(1) When the Director of the Department of Consumer and Business Services issues a certificate of incorporation for a new association, the director shall include...
722.044 Restrictions on use of capital surplus or expense fund; repayment of expense fund; nonwithdrawable savings accounts of new associations.
(1) Until a new stock association is on a profitable operating basis as determined by the Director of the Department of Consumer and Business Services,...
722.045 [Amended by 1959 c.227 §5; 1961 c.398 §6; 1967 c.234 §12; repealed by 1975 c.582 §152]
722.046 Time allowed to secure insurance of accounts and commence business.
(1) A new association shall secure insurance of its savings accounts as provided by ORS 722.048 and commence business within six months after the date...
722.048 Insurers of accounts; representations as to insurance.
(1) A savings association shall obtain and maintain insurance of its savings accounts from the Federal Deposit Insurance Corporation or other federal or state agency,...
722.050 [Repealed by 1975 c.582 §152]
722.052 Revocation of certificate of authority; dissolution.
(1) The Director of the Department of Consumer and Business Services may revoke the certificate of authority of a domestic or a foreign association for...
722.055 [Amended by 1961 c.398 §7; 1971 c.757 §5; repealed by 1975 c.582 §152]
722.056 Conversion from domestic association to federal or foreign association or Oregon savings bank; conditions; effective date.
(1) A domestic stock or mutual association may convert to a federal association whose principal office is in this state or to a foreign mutual...
722.058 Conversion of federal or foreign mutual association or savings bank to domestic mutual association; conversion of stock association or Oregon stock savings bank to domestic stock association.
(1) A federal mutual association whose principal office is in this state, a foreign mutual association or a savings bank may convert to a domestic...
722.060 [Amended by 1973 c.368 §1; repealed by 1975 c.582 §152]
722.062 Conversion of federal or foreign mutual association or savings bank to domestic stock association; conversion of stock association to domestic mutual association; conditions.
(1) A federal mutual association whose principal office is in this state or a foreign or domestic mutual association or savings bank may convert to...
722.064 Rules and supervision standards in conversions.
In adopting rules or issuing orders to carry out ORS 722.056 to 722.068, and especially when adopting rules or supervising conversions proposed under ORS 722.062,...
722.065 [Amended by 1971 c.743 §417; 1971 c.757 §6; repealed by 1975 c.582 §152]
722.066 Approval of conversion by members.
(1) A conversion proposed under ORS 722.056 to 722.068 by a domestic association or Oregon savings bank as defined in ORS 706.008 shall, after approval...
722.068 Effect of conversion.
(1) Upon the effective date of the conversion of a domestic association to a federal or foreign association or an Oregon savings bank, as defined...
722.070 [Amended by 1959 c.227 §6; 1961 c.398 §8; 1963 c.288 §18; repealed by 1975 c.582 §152]
722.072 Merger; consolidation; exchange; sale of assets.
(1) A domestic association may merge or consolidate with, participate in an exchange with or sell its assets, including one or more of its branch...
722.074 Voluntary dissolution.
(1) A consent to dissolve or a resolution to dissolve shall not be effective as provided by ORS 57.546 (1985 Replacement Part) unless the plan...
722.102 Directors� responsibility; designation, duties of managing officer and representative; service of process on nonresident director; fee.
(1) The board of directors of a savings association shall be responsible for the business policies of the association and for the enforcement of such...
722.104 Operating and employment contracts.
A savings association may make, transfer, extend or renew operating and employment contracts. A contract under this section shall be subject to rules, if any,...
722.105 [Amended by 1959 c.227 §7; 1961 c.398 §9; 1971 c.757 §7; repealed by 1975 c.582 §152]
722.106 Bonds and insurance coverage; notice of cancellation; exception.
(1) Except as provided in ORS 722.107, every savings association shall obtain and maintain fidelity and other bonds and insurance coverage, with one or more...
722.107 Fund in lieu of bonds and insurance coverage; rules.
Notwithstanding ORS 722.106, the Director of the Department of Consumer and Business Services may establish by rule a program under which a savings association may...
722.108 Fiduciary relationship of directors, officers and employees; conflict of interest; liability for violation.
(1) The directors, officers and employees of a savings association occupy a fiduciary relationship to the association. A director, officer or employee of an association...
722.110 [Repealed by 1975 c.582 §152]
722.112 Indemnification or reimbursement of director, officer, employee or agent.
In addition to the authority granted an association by ORS 57.255 (1985 Replacement Part), a director, officer, employee or agent may be indemnified by an...
722.113 Indemnification fund for officers and directors; rules.
The Director of the Department of Consumer and Business Services may establish by rule a program under which a savings association may create a fund...
722.114 Membership in association; voting; membership records.
(1) Memberships may be granted by the articles of incorporation or bylaws of an association to borrowers or account holders of the association, with such...
722.115 [Amended by 1953 c.401 §11; 1959 c.227 §8; 1963 c.288 §2; repealed by 1975 c.582 §152]
722.116 Member�s right to examine books and records; enforcement; attorney fees.
(1) Subject to ORS 722.118 (1), a member with voting rights has the right to examine in person, or by an agent or an attorney,...
722.118 Account holder�s and borrower�s right to inspect accounts; member�s right to communicate with members; enforcement; attorney fees.
(1) Every account holder and borrower has the right to inspect the books and records of a savings association that pertain to the accounts of...
722.120 [Repealed by 1975 c.582 §152]
722.122 Applicability of ORS 722.116 and 722.118 to federal associations.
Insofar as ORS 722.116 and 722.118 are not inconsistent with federal law, they apply to a federal association whose principal office is located in this...
722.124 Notice of cease and desist orders in annual meeting notice.
If a domestic association or a director, officer, employee or agent of a domestic association was issued one or more orders by the Director of...
722.125 [Amended by 1959 c.227 §9; 1961 c.398 §10; repealed by 1975 c.582 §152]
722.130 [Amended by 1953 c.401 §11; 1959 c.227 §10; 1961 c.398 §11; 1971 c.757 §8; 1973 c.368 §2; 1975 c.582 §79; renumbered 722.206]
722.132 Payment for stock issued by a stock association.
The consideration for the issuance of stock of a stock association shall be paid in money or payment in tangible assets at fair market value....
722.134 Sale or transfer of stock; when approval is required.
(1) A stock association, unless it has the prior approval of the Director of the Department of Consumer and Business Services, shall not: (a) Sell...
722.135 [Amended by 1955 c.181 §1; repealed by 1959 c.227 §32]
722.136 Ascertainment of earnings; payment of expenses.
The gross earnings of a savings association shall be ascertained at least annually on an accrual basis according to generally accepted accounting principles. The expenses...
722.138 Conditions for payment of dividends, distribution of earned surplus; holding earned surplus.
(1) Before payment of dividends to stockholders of a stock association or distribution of earned surplus to account holders of a mutual association, an association...
722.140 [Amended by 1953 c.401 §11; repealed by 1959 c.227 §32]
722.142 General reserve account for losses and net worth requirements; rules.
(1) A savings association shall establish and maintain a general reserve account for losses and other net worth accounts adequate to assure solvency of the...
722.145 [Amended by 1959 c.227 §11; 1975 c.582 §69; renumbered 722.136]
722.147 [1959 c.227 §2; repealed by 1975 c.582 §152]
722.148 [1963 c.288 §4; 1967 c.234 §5; 1971 c.757 §9; 1973 c.368 §3; repealed by 1975 c.582 §152]
722.150 [Amended by 1953 c.401 §11; 1959 c.227 §12; 1961 c.398 §12; 1965 c.306 §3; 1967 c.234 §4; repealed by 1975 c.582 §152]
722.152 Membership fees prohibited.
A savings association shall not charge or collect a membership fee for issuing a savings account or other obligation of the association. [1975 c.582 §72]
722.154 Publication of financial statements.
Every association annually shall prepare a printed statement of the financial condition of the association and make it available to the public. The statement shall...
722.155 [Amended by 1953 c.401 §11; 1959 c.227 §13; 1961 c.398 §13; 1965 c.306 §9; 1967 c.234 §2; 1975 c.582 §70; renumbered 722.138]
722.156 Records.
(1) A savings association shall keep correct and complete records, books of account and minutes of the proceedings of members, directors and the executive committee....
722.158 [1975 c.582 §75; repealed by 1987 c.650 §21]
722.160 [Amended by 1959 c.227 §14; repealed by 1975 c.582 §152]
722.162 Conduct of business on holidays; emergency closing.
(1) This section applies to domestic associations and to foreign or federal associations doing business in this state. (2) As used in this section: (a)...
722.164 Sharing of information on customers by savings associations and related companies.
(1) A savings association may share financial and credit information concerning its customers: (a) With any company of which it directly or indirectly controls 50...
722.165 [Amended by 1953 c.401 §11; 1961 c.280 §9; 1971 c.757 §10; 1975 c.582 §117; renumbered 722.434]
722.167 [1985 c.804 §4; repealed by 1987 c.491 §9]
722.170 [Amended by 1971 c.757 §11; 1973 c.368 §4; repealed by 1975 c.582 §152]
722.175 [Amended by 1971 c.743 §418; repealed by 1975 c.582 §152]
722.180 [Amended by 1961 c.398 §14; repealed by 1975 c.582 §152]
722.185 [Amended by 1975 c.582 §76; renumbered 722.162]
722.190 [Amended by 1959 c.169 §2; repealed by 1975 c.582 §152]
722.195 [1963 c.288 §17; 1969 c.138 §4; repealed by 1975 c.582 §152]
722.200 [1965 c.306 §7; repealed by 1975 c.582 §152]
722.202 General powers of associations.
A savings association has all the powers conferred by this chapter, or its charter or certificate of incorporation, both express and implied, and such other...
722.204 Associations may be granted powers of federal associations; rules.
Notwithstanding any limitation, condition or prohibition in this chapter and to carry out the purposes of this chapter, the Director of the Department of Consumer...
722.205 [Amended by 1963 c.288 §5; 1965 c.306 §4; 1971 c.757 §12; 1973 c.368 §5; repealed by 1975 c.582 §152]
722.206 Power of association to borrow; limitations, exceptions and preferences.
(1) A savings association may borrow money for any of its corporate purposes, when authorized by proper resolution of its board of directors. However, the...
722.208 Capital notes and debentures.
(1) A savings association may issue and sell its capital notes or debentures with the prior approval of the Director of the Department of Consumer...
722.210 [Repealed by 1967 c.234 §6 (722.211 enacted in lieu of 722.210)]
722.211 [1967 c.234 §7 (enacted in lieu of 722.210); repealed by 1975 c.582 §152]
722.212 Trust business powers.
A domestic association may, in addition to other powers granted by this chapter, conduct a trust business. In the conduct of a trust business an...
722.214 Acting as trustee or custodian under Employee Retirement Income Security Act of 1974.
A savings association may act as trustee or custodian within the contemplation of subsections (d) and (f) of section 401 and subsection (a) of section...
722.215 [Repealed by 1975 c.582 §152]
722.220 [Repealed by 1975 c.582 §152]
722.225 [Amended by 1975 c.582 §129; renumbered 722.468]
722.230 [Amended by 1959 c.227 §15; 1961 c.398 §15; repealed by 1969 c.138 §15]
722.235 [Repealed by 1971 c.743 §432]
722.240 [Amended by 1959 c.227 §16; 1963 c.288 §6; 1971 c.743 §419; repealed by 1975 c.582 §152]
722.245 [Repealed by 1975 c.582 §152]
722.250 [Repealed by 1975 c.582 §152]
722.252 Account holders as creditors of association.
The relationship between an association and its account holders is that of debtor and creditor. [1975 c.582 §83]
722.254 Savings accounts.
(1) A savings account may be opened and owned by any one or more persons, by a public officer, or a political subdivision or other...
722.256 Withdrawal from savings accounts; rules.
(1) An account holder may withdraw part or all of the funds of the account holder subject to the terms applicable to the savings account...
722.257 Time period for drawing on item deposited in savings or federal association; disclosure.
(1) A savings association or federal association shall allow an account holder who deposits an item in the account holder�s account to draw against the...
722.258 Payment of accounts of minors and persons under disability.
Unless the written savings account contract provides otherwise, when a minor or other person under legal disability holds a savings account, the association or federal...
722.260 [1967 c.257 §3; repealed by 1975 c.582 §152]
722.262 Payment of savings account or demand deposit account on death of holder; affidavit requirements.
(1) On the death of an account holder or a holder of a demand deposit account, if the savings liability of an association or federal...
722.264 Savings accounts as legal investments and as security.
(1) Personal representatives, trustees and other fiduciaries; banks, trust companies, credit unions and similar financial organizations; charitable, educational and eleemosynary corporations, funds and organizations; and...
722.266 Savings accounts as security for loans.
An association may take the pledge of a savings account of the association held by a person other than a borrower as security or additional...
722.268 Service charge on dormant accounts.
(1) A savings association may make a service charge against a savings account if the liability of the association on the account is $25 or...
722.302 Minimum liquid assets; rules.
(1) Every savings association shall have on hand at all times cash and other assets readily convertible into cash having a value of not less...
722.303 [1967 c.234 §9; 1975 c.582 §65; renumbered 722.118]
722.304 Permitted investments; limitations.
(1) A savings association may invest its assets without limit in: (a) Assets readily convertible to cash, as defined under ORS 722.302, and deposits and...
722.305 [Amended by 1961 c.398 §16; 1965 c.306 §5; 1967 c.257 §4; repealed by 1975 c.582 §152]
722.306 �Prudent person� investment rule.
(1) A savings association may invest its assets in a manner not expressly prohibited by law if such investments are made in the exercise of...
722.308 Investment in service corporations; services performed for association to be subject to regulation and examination by director; rules.
(1) An association may invest in the stock and obligations of one or more service corporations. However, an association shall not make such an investment,...
722.309 Service corporations undertaking public projects; authority to invest and organize; conditions; corporate form; functions.
(1) As provided in this section: (a) A savings association may invest its assets in a service corporation described in this section. (b) A savings...
722.310 [Amended by 1959 c.227 §17; 1961 c.398 §17; repealed by 1975 c.582 §152]
722.311 Proposal to invest in or organize service corporation for public projects; approval by director.
(1) A savings association shall submit to the Director of the Department of Consumer and Business Services, on an application form designed by the director,...
722.312 Real property investments; limit on property, improvements and furnishings for association�s business offices.
(1) An association may invest its funds in real property, including property convenient for locations for the transaction of its business. (2) An association shall...
722.314 Real property acquired by foreclosure; valuation.
(1) A savings association may purchase at any sale, public or private, any real property upon which it has a mortgage, judgment, lien or other...
722.315 [Amended by 1953 c.401 §11; 1957 c.224 §1; 1961 c.398 §18; 1963 c.288 §7; 1967 c.257 §5; repealed by 1975 c.582 §152]
722.320 [Amended by 1961 c.398 §19; repealed by 1975 c.582 §152]
722.322 Real estate loans.
(1) A savings association may invest any percentage of its assets in loans secured by mortgages or real estate contracts on interests in real property....
722.324 Appraisal of property prior to loan.
A savings association shall not make or acquire a loan secured by an interest in real property except upon the report, in writing, of an...
722.325 [Amended by 1953 c.401 §11; 1961 c.398 §20; 1973 c.823 §147; repealed by 1975 c.582 §152]
722.326 Real estate loans in excess of 95 percent of appraised value; reserve for payment of loss.
(1) An association may make a loan or invest in a real estate contract described by ORS 722.322 (7) if the excess is guaranteed or...
722.328 Loans to account holders.
A savings association may invest its assets in loans to its account holders on the security of its savings accounts, but any such loan shall...
722.330 [Amended by 1961 c.398 §21; 1973 c.823 §148; repealed by 1975 c.582 §152]
722.332 Loans secured by life insurance policies; education loans.
(1) A savings association may invest its funds in loans secured by the pledge of policies of life insurance. Any such loan shall not exceed...
722.334 Secured and unsecured loans related to real property; advance of credit for manufactured dwelling financing or home construction; loans to certain subsidiaries.
A savings association may invest its assets in: (1) Loans, with or without security, for the alteration, repair or improvement of real property; (2) Loans,...
722.335 [Repealed by 1959 c.227 §32]
722.336 Personal loans.
A savings association may make personal loans, secured or unsecured, evidenced by promissory notes. Each note shall require repayment in full within a period not...
722.338 Loans to officer or employee to purchase association stock.
(1) A stock association may invest its assets in loans to the employees, including officers, of the association and any wholly owned subsidiary, to enable...
722.340 [Amended by 1961 c.398 §22; repealed by 1975 c.582 §152]
722.342 Loans to directors, officers and persons related to them; conditions; exemptions; rules.
(1) Except as provided by subsection (2) of this section, an association shall not directly or indirectly make a loan to or for the benefit...
722.345 [Amended by 1961 c.398 §23; repealed by 1975 c.582 §152]
722.350 [Amended by 1959 c.227 §18; 1971 c.757 §13; repealed by 1975 c.582 §152]
722.352 Participation, insured or guaranteed loans.
(1) A savings association may participate with another lender or lenders in making loans of any type that an association may otherwise make, if the...
722.354 Maximum loans to one person or on one property; interest.
(1) A savings association shall lend no more than five percent of its total assets on the security of one property or to one person....
722.355 [Amended by 1959 c.227 §19; 1961 c.398 §24; repealed by 1975 c.582 §152]
722.356 Types of investments and loans limited; effect of unauthorized loan or investment; liability of officers.
(1) A savings association shall not make, purchase or hold any investments or loans except investments and loans of the kinds authorized by ORS 722.302...
722.360 [Amended by 1961 c.398 §25; repealed by 1975 c.582 §152]
722.365 [Amended by 1959 c.227 §20; 1961 c.398 §26; repealed by 1975 c.582 §152]
722.370 [Amended by 1959 c.227 §21; 1961 c.398 §27; 1963 c.288 §8; repealed by 1975 c.582 §152]
722.375 [Amended by 1953 c.401 §11; 1961 c.398 §28; 1969 c.193 §3; repealed by 1975 c.582 §152]
722.380 [Amended by 1969 c.193 §4; repealed by 1975 c.582 §152]
722.385 [Repealed by 1969 c.591 §305]
722.402 [1975 c.582 §109; repealed by 1985 c.762 §196]
722.404 [1975 c.582 §110; repealed by 1985 c.762 §196]
722.405 [Amended by 1969 c.138 §5; repealed by 1975 c.582 §152]
722.406 [1975 c.582 §111; repealed by 1985 c.762 §196]
722.407 [1969 c.138 §2; repealed by 1971 c.757 §18]
722.408 Rules.
(1) In accordance with ORS chapter 183, the Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying...
722.410 [Amended by 1959 c.227 §22; 1961 c.398 §29; 1963 c.288 §9; 1969 c.138 §6; 1973 c.368 §6; repealed by 1975 c.582 §152]
722.412 [1975 c.582 §113; repealed by 1985 c.762 §196]
722.414 [1975 c.582 §114; 1981 c.472 §20; repealed by 1985 c.786 §70]
722.415 [Amended by 1959 c.227 §23; 1961 c.398 §30; 1975 c.582 §100; renumbered 722.328]
722.416 Publication of statutes, rules and opinions.
The Director of the Department of Consumer and Business Services shall publish or revise at least once every two years, for distribution to savings associations...
722.419 Public inspection of records of department pertaining to this chapter; exemptions.
(1) Except as provided in subsections (2) and (3) of this section, the records of the Department of Consumer and Business Services pertaining to the...
722.420 [Amended by 1961 c.398 §31; repealed by 1975 c.582 §152]
722.422 [1963 c.288 §10; 1975 c.582 §106; renumbered 722.352]
722.424 [1967 c.257 §2; 1975 c.582 §104; renumbered 722.338]
722.425 [Amended by 1957 c.225 §1; 1959 c.227 §24; 1961 c.398 §32; repealed by 1975 c.582 §152]
722.430 [Amended by 1959 c.227 §25; repealed by 1975 c.582 §152]
722.432 Communications from director; notices generally.
(1) Every approval or rejection by the Director of the Department of Consumer and Business Services given pursuant to this chapter and every communication having...
722.434 Financial statements and audits.
(1) Every savings association shall, on January 1 of each year, or within 30 days thereafter, file with the Director of the Department of Consumer...
722.435 [Amended by 1961 c.398 §33; repealed by 1975 c.582 §152]
722.436 Examinations by director; report; examination program with federal regulators; acceptance of federal or other state examinations.
(1) Except as provided under subsections (4) and (5) of this section, every two years, or more often if the Director of the Department of...
722.438 Extended audit, examination or revaluation; payment of costs.
(1) If in the opinion of the Director of the Department of Consumer and Business Services the examination conducted under ORS 722.436 fails to disclose...
722.440 [Repealed by 1975 c.582 §152]
722.442 Right of access to books and records of association; authority to issue subpoenas, administer oaths and examine witnesses.
(1) Except as provided by ORS 40.225 to 40.295, the Director of the Department of Consumer and Business Services and any of the examiners, auditors...
722.444 Appraisal of association property by director.
(1) The Director of the Department of Consumer and Business Services may cause property owned by an association or securing the loans of an association...
722.445 [Amended by 1959 c.227 §26; 1963 c.288 §11; 1969 c.138 §7; 1971 c.757 §20; repealed by 1975 c.582 §152]
722.446 Authority to establish branch facility; approval of director required to change location of branch or principal office; applicability of ORS 722.448 and 722.452.
(1) The board of directors of a savings association may, with the approval of the Director of the Department of Consumer and Business Services, establish...
722.448 Application for approval to establish branch or change location of branch; notice and hearing.
(1) When a savings association wants to establish a new branch facility, or change the location of a branch facility or its principal office, it...
722.450 [Amended by 1959 c.227 §27; 1969 c.138 §8; 1973 c.368 §7; repealed by 1975 c.582 §152]
722.452 Approval of branch application; right to hearing if approval denied; list of branch facilities.
(1) The Director of the Department of Consumer and Business Services shall approve an application filed under ORS 722.448 if: (a) The population in the...
722.454 Discontinuance of branch; revocation of approval by director.
(1) The board of directors of an association, after notice to the Director of the Department of Consumer and Business Services, may discontinue the operation...
722.455 [Amended by 1959 c.227 §28; 1969 c.138 §9; repealed by 1975 c.582 §152]
722.456 Director to be notified of certain illegal acts.
The Director of the Department of Consumer and Business Services shall be notified promptly, and in writing, stating the facts whenever it is established that...
722.457 Giving false document, statement or report prohibited.
A person may not knowingly give or cause to be given to the Department of Consumer and Business Services any document or any oral or...
722.458 Records of extensions of credit by domestic associations; rules.
(1) As required by rule of the Director of the Department of Consumer and Business Services, each domestic association shall file with the director each...
722.459 Investigation of new director, president and managing officer; fingerprinting; disapproval of election or appointment.
(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...
722.460 [Amended by 1959 c.227 §29; repealed by 1969 c.138 §16]
722.462 Enforcement generally; authority to require specific reserves.
(1) The Director of the Department of Consumer and Business Services may institute such actions or other lawful proceedings as the director may consider necessary...
722.464 Cease and desist orders.
(1) On any of the following grounds, the Director of the Department of Consumer and Business Services may issue and serve upon an association or...
722.465 [Amended by 1959 c.227 §30; 1969 c.138 §10; repealed by 1975 c.582 §152]
722.466 [1975 c.582 §128; 1983 c.696 §28; 1985 c.762 §72a; 1985 c.786 §63; 1987 c.373 §60; 1991 c.734 §96; renumbered 722.991 in 2001]
722.468 Removal of association officer or employee.
(1) The Director of the Department of Consumer and Business Services shall immediately inform the board of directors of an association and may order the...
722.470 [Amended by 1959 c.227 §31; repealed by 1975 c.582 §152]
722.472 [1975 c.582 §130; repealed by 1985 c.762 §196]
722.474 Appointment of conservator; duties; compensation.
(1) The Director of the Department of Consumer and Business Services may appoint a conservator for an association if the director, as a result of...
722.475 [Repealed by 1975 c.582 §152]
722.476 Powers of conservator.
(1) A conservator may take immediate possession and control of the property and affairs of an association and act to protect the interest of the...
722.478 Acquiring possession of contents of safety deposit vaults, safes and boxes.
(1) The Director of the Department of Consumer and Business Services may, after the director has taken possession of the property and business of a...
722.480 [Amended by 1961 c.398 §34; 1971 c.757 §14; repealed by 1975 c.582 §152]
722.482 Contest of conservatorship appointment by association officers.
A director or officer of an association in office at the time of the initiation of a proceeding under ORS 722.474 may contest the proceeding...
722.484 Correction of alleged wrongdoings by unimpaired association.
A conservator shall not be appointed, or private property seized under this chapter, when any association is not in an impaired condition as defined in...
722.485 [Repealed by 1975 c.582 §152]
722.490 [Amended by 1971 c.757 §15; repealed by 1975 c.582 §152]
722.495 [Amended by 1967 c.335 §59; repealed by 1975 c.582 §152]
722.497 [1971 c.757 §17; 1975 c.582 §93; renumbered 722.306]
722.498 [1973 c.288 §5 (enacted in lieu of 722.499); repealed by 1975 c.582 §152]
722.499 [1971 c.104 §2; repealed by 1973 c.288 §4 (722.498 enacted in lieu of 722.499)]
722.502 Certificate of authority required to transact business in Oregon.
A foreign association shall not transact savings and loan business in this state unless it receives from the Director of the Department of Consumer and...
722.504 Application for certificate of authority; payment of filing fee.
A foreign association may apply to the Director of the Department of Consumer and Business Services for a certificate of authority to transact business in...
722.505 [Repealed by 1975 c.582 §152]
722.506 Issuance of certificate to foreign association.
(1) The Director of the Department of Consumer and Business Services shall issue a certificate of authority to the association to conduct savings and loan...
722.508 Law applicable to contracts.
Any contract made by a foreign savings association with any person who is residing in or a foreign corporation authorized to do business in this...
722.510 [Amended by 1961 c.398 §35; repealed by 1965 c.226 §7]
722.512 Applicability of Business Corporation Act.
Except as otherwise provided by ORS 722.502 to 722.516, a foreign association shall comply with the provisions of ORS 57.655 to 57.745 (1985 Replacement Part)...
722.514 Prohibition against operation of certain foreign associations; exception; prohibition against savings and loan business by entity based in foreign country.
(1) Except as provided in subsection (2) of this section, when the laws, regulations or administrative actions of any other state or any territory of...
722.515 [Amended by 1961 c.398 §36; repealed by 1965 c.226 §7]
722.516 Revocation of certificate of authority.
In the manner specified for issuance of an order under ORS 722.464, the Director of the Department of Consumer and Business Services may revoke a...
722.520 [Amended by 1961 c.398 §37; repealed by 1965 c.226 §7]
722.525 [Amended by 1961 c.398 §38; repealed by 1965 c.226 §7]
722.530 [Amended by 1961 c.398 §39; repealed by 1965 c.226 §7]
722.535 [Amended by 1961 c.398 §40; 1965 c.226 §6; repealed by 1975 c.582 §152]
722.540 [Repealed by 1959 c.227 §32]
722.545 [Amended by 1961 c.398 §41; repealed by 1975 c.582 §152]
722.550 [Repealed by 1975 c.582 §152]
722.555 [Amended by 1961 c.398 §42; repealed by 1975 c.582 §152]
722.560 [Amended by 1961 c.398 §43; repealed by 1975 c.582 §152]
722.565 [Amended by 1961 c.398 §44; repealed by 1975 c.582 §152]
722.570 [Repealed by 1975 c.582 §152]
722.575 [Amended by 1961 c.398 §45; repealed by 1975 c.582 §152]
722.580 [Repealed by 1975 c.582 §152]
722.585 [Repealed by 1975 c.582 §152]
722.590 [Amended by 1961 c.398 §46; repealed by 1975 c.582 §152]
722.595 [Amended by 1961 c.398 §47; repealed by 1975 c.582 §152]
722.600 [Repealed by 1975 c.582 §152]
722.602 Filing fees; charges for examinations.
(1) The Director of the Department of Consumer and Business Services shall charge and collect fees for filing: (a) An application for a certificate of...
722.604 [1975 c.582 §144; repealed by 1985 c.762 §196; 1985 c.786 §69]
722.605 [Amended by 1961 c.398 §48; repealed by 1975 c.582 §152]
722.606 Annual fees paid by savings associations.
(1) Each savings association shall pay to the Director of the Department of Consumer and Business Services each year the fee determined by reference to...
722.610 [Amended by 1961 c.398 §49; repealed by 1975 c.582 §152]
722.615 [Repealed by 1975 c.582 §152]
722.620 [Repealed by 1975 c.582 §152]
722.625 [Amended by 1961 c.398 §50; repealed by 1975 c.582 §152]
722.630 [Amended by 1961 c.398 §51; repealed by 1975 c.582 §152]
722.635 [Amended by 1961 c.398 §52; 1971 c.743 §420; repealed by 1975 c.582 §152]
722.640 [Amended by 1971 c.743 §421; repealed by 1975 c.582 §152]
722.645 [Amended by 1961 c.398 §53; repealed by 1975 c.582 §152]
722.650 [Amended by 1973 c.368 §8; repealed by 1975 c.582 §152]
722.652 Effect of laws on existing associations.
(1) Savings associations formed or existing on January 1, 1976, shall not be impaired by the enactment of the Savings Association Act, by any change...
722.654 Reserve fund associations redesignated stock associations.
A reserve fund association formed under the laws of this state and existing on January 1, 1976, shall be known as a stock association after...
722.656 Certain outstanding shares, share accounts and investment certificates considered savings accounts.
After January 1, 1976, any shares, share accounts, passbook accounts, certificates and investment certificates (except reserve fund stock) that an association subject to the Savings...
722.658 Limitation on personal liability for good faith acts or omissions.
A person may not be held personally liable for an act done or omitted by the person in good faith and in compliance with a...
722.660 Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box.
(1) This section applies to the safe deposit box of any person who is the sole lessee or last surviving lessee of the box and...
722.670 [1965 c.226 §2; repealed by 1975 c.582 §152]
722.675 [1965 c.226 §1; repealed by 1975 c.582 §152]
722.680 [1965 c.226 §3; 1971 c.734 §32; repealed by 1975 c.582 §152]
722.685 [1965 c.226 §4; repealed by 1975 c.582 §152]
722.705 [Amended by 1961 c.398 §54; repealed by 1967 c.234 §13]
722.710 [Amended by 1961 c.398 §55; repealed by 1975 c.582 §152]
722.715 [Amended by 1961 c.398 §56; repealed by 1975 c.582 §152]
722.720 [Repealed by 1975 c.582 §152]
722.725 [Amended by 1961 c.398 §57; 1967 c.234 §3; repealed by 1975 c.582 §152]
722.730 [Repealed by 1975 c.582 §152]
722.735 [Repealed by 1975 c.582 §152]
722.740 [Amended by 1957 c.670 §34; 1961 c.398 §58; repealed by 1975 c.582 §152]
722.745 [Repealed by 1975 c.582 §152]
722.750 [Repealed by 1975 c.582 §152]
722.755 [Amended by 1961 c.398 §59; repealed by 1975 c.582 §152]
722.760 [Amended by 1961 c.398 §60; repealed by 1975 c.582 §152]
722.765 [Repealed by 1975 c.582 §152]
722.770 [Repealed by 1975 c.582 §152]
722.775 [Repealed by 1975 c.582 §152]
722.780 [Repealed by 1975 c.582 §152]
722.785 [Amended by 1975 c.582 §133; renumbered 722.478]
722.790 [Repealed by 1975 c.582 §152]
722.795 [Repealed by 1975 c.582 §152]
722.805 [Amended by 1961 c.398 §61; 1963 c.288 §12; repealed by 1975 c.582 §152]
722.810 [Repealed by 1975 c.582 §152]
722.815 [Amended by 1961 c.398 §62; 1963 c.288 §13; 1971 c.743 §422; repealed by 1975 c.582 §152]
722.820 [Repealed by 1975 c.582 §152]
722.825 [Amended by 1961 c.398 §63; repealed by 1975 c.582 §152]
722.830 [Amended by 1961 c.398 §64; 1963 c.288 §14; repealed by 1975 c.582 §152]
722.835 [Amended by 1975 c.582 §138; renumbered 722.506]
722.840 [Amended by 1963 c.288 §15; repealed by 1975 c.582 §152]
722.845 [Amended by 1975 c.582 §139; renumbered 722.508]
722.850 [Amended by 1961 c.398 §65; repealed by 1975 c.582 §152]
722.855 [Amended by 1969 c.138 §11; repealed by 1975 c.582 §152]
722.860 [Amended by 1961 c.398 §66; repealed by 1975 c.582 §152]
722.990 [Amended by 1963 c.288 §16; 1971 c.743 §423; repealed by 1975 c.582 §152]
722.991 Civil penalties.
(1) The Director of the Department of Consumer and Business Services may assess an association or any officer, director, agent or employee of an association...

Last modified: August 7, 2008