Oregon Revised Statutes
As used in this chapter, unless the context requires otherwise: “Assets” means property, a right or a claim with future objectively measurable value that is owned or effectively controlled by a credit union. “Capital” means a credit union’s reserves, undivided earnings and allowances for loan loss. “Corporate central credit union” means a cooperative orga…
This chapter shall be known and may be cited as the “Oregon Credit Union Act.”
A credit union is a cooperative, nonprofit association, incorporated under the laws of this state, for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest and providing an opportunity for its members to use and control their own money in order to improve their economic and social conditi…
As used in ORS 723.136 and 723.464 to 723.498, “credit union” means a credit union organized under this chapter, an interstate credit union doing business in this state or a federal credit union.
No operative statutory text appears at this designation in the selected edition.
Any seven or more residents of this state or another appropriate jurisdiction, of legal age, who have a common bond referred to in ORS 723.172 may organize a credit union and become charter members thereof by complying with this section. The incorporators shall execute the documents, including the articles of incorporation, required by the Director of the D…
The Director of the Department of Consumer and Business Services may not issue a certificate of approval under ORS 723.012 if a person named in the articles of incorporation submitted for approval: Is insolvent or bankrupt; Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession; Has willfully or repeatedly viola…
In order to simplify the organization of credit unions, the Director of the Department of Consumer and Business Services shall cause to be prepared a form of articles of incorporation and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance. The articles of incorporation and bylaws shall be availa…
No operative statutory text appears at this designation in the selected edition.
The articles of incorporation or the bylaws may be amended as provided in the bylaws. Amendments to the articles of incorporation or bylaws shall be submitted to the Director of the Department of Consumer and Business Services, together with a fee established by rule of the director. Amendments to articles of incorporation are effective upon approval in wri…
With the exception of a credit union organized under this chapter or of any other credit union act, or an association of credit unions or a recognized chapter thereof, any person using a name or title containing the words “credit union” or any derivation thereof or representing themselves in their advertising or otherwise as conducting business as a credit u…
No operative statutory text appears at this designation in the selected edition.
A credit union may establish a place of business or change the credit union’s place of business within this state 30 days after notifying the Director of the Department of Consumer and Business Services in writing. A credit union may establish one or more mobile facilities to engage in credit union operations. Mobile facilities of a credit union that have t…
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
A credit union chartered under this chapter may operate in another state unless prohibited by the laws of the other state. Oregon is the home state for any credit union chartered under this chapter. A credit union organized under the laws of another state may conduct business as a credit union in this state with the approval of the Director of the Departmen…
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
In accordance with ORS chapter 183, the Director of the Department of Consumer and Business Services may adopt rules for the purpose of carrying out this chapter.
No operative statutory text appears at this designation in the selected edition.
Credit unions shall report to the Director of the Department of Consumer and Business Services annually by a date established by the director on forms supplied and in the manner specified by the director for that purpose. Additional reports may be required. A civil penalty in an amount to be established by rule of the director, but not to exceed $1,000 for …
No operative statutory text appears at this designation in the selected edition.
The Director of the Department of Consumer and Business Services shall examine each credit union to determine its condition and whether the credit union is complying with the laws of this state and such other matters as the director may prescribe. For the purpose of conducting an examination or any part thereof, the director may employ an independent consult…
Each credit union shall pay to the Director of the Department of Consumer and Business Services each year a fee set in a schedule the director adopts by rule. The fee shall be paid by the date set by the director in the rule establishing the schedule. In addition to any fee collected under subsection (1) of this section, whenever the director devotes any ex…
A credit union shall maintain all books, records, accounting systems and procedures in accordance with such rules as the Director of the Department of Consumer and Business Services from time to time prescribes. In prescribing such rules, the director shall consider the relative size of a credit union and its reasonable capability of compliance.
The Director of the Department of Consumer and Business Services shall receive and file in the Department of Consumer and Business Services all reports required under this chapter. Except as provided in subsection (3) of this section, the records of the department pertaining to the administration of this chapter are available for public inspection unless th…
No operative statutory text appears at this designation in the selected edition.
A credit union shall obtain and maintain a fidelity bond or irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008, that includes coverage in accordance with rules of the Director of the Department of Consumer and Business Services, to protect the credit union against losses caused by occurrences such as fraud, dishonesty, f…
No operative statutory text appears at this designation in the selected edition.
The Director of the Department of Consumer and Business Services may institute any action or other proceeding that the director considers necessary for enforcing any provision of this chapter or any rule, order or action adopted, issued or taken by the director under this chapter.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
The Director of the Department of Consumer and Business Services by order may direct a credit union to remove any officer, director or committee member of the credit union for any reason stated in ORS 723.014.
The Director of the Department of Consumer and Business Services by rule may establish guidelines for determining whether a credit union predominantly serves low-income members. If the director, using the guidelines established in accordance with this subsection, determines that a credit union predominantly serves low-income members, the credit union may: R…
No operative statutory text appears at this designation in the selected edition.
The Director of the Department of Consumer and Business Services may enter into cooperative, coordinating and information sharing agreements with another credit union supervisory agency, with the Financial Crimes Enforcement Network established by order of the United States Secretary of the Treasury or with an organization affiliated with or representing one…
In addition to the powers conferred by the general corporation law a credit union may, subject to the restrictions and limitations contained in this chapter and the credit union’s bylaws: Make contracts. Sue and be sued. Adopt, use and alter a common seal. Acquire, lease, hold and dispose of property, either in whole or in part, necessary or incidental t…
Notwithstanding any other provision of law, in addition to the powers and authorities provided under the laws of this state, a credit union may exercise any of the powers that were available to a federal credit union as of January 1, 2022. At least 45 days before exercising a power under this subsection, a credit union shall provide to the Director of the De…
As used in this section: “Organization” means a corporation, limited liability company, partnership or association, trust, estate or other entity and a director, officer, employee, member, partner, personal representative, trustee or volunteer of the corporation, limited liability company, partnership or association, trust, estate or other entity. “Well-de…
Business and nonbusiness organizations composed of individuals who are eligible for membership, or whose employees are eligible for membership, may be admitted to membership in the same manner and under the same conditions as individuals.
Any credit union organized under the laws of this state may permit membership of any other credit union organized under the laws of this state, of any other state or of the United States.
Notwithstanding any other provision of this chapter, a credit union may receive deposits from the State of Oregon of moneys belonging to the Deferred Compensation Fund established under ORS 243.411. With respect to such deposits, the State of Oregon shall be deemed to be a member of the credit union, except that the state shall not be entitled to vote, hold …
A member who leaves the credit union’s field of membership may be permitted to retain the member’s membership in the credit union.
No operative statutory text appears at this designation in the selected edition.
The members of the credit union shall not be personally or individually liable for the payment of the debts of the credit union.
The annual meeting and any special meetings of the members of the credit union shall be held at the time and in the manner indicated by the bylaws. At meetings described in subsection (1) of this section, a member has one vote, irrespective of the amount of that member’s shareholdings. A member may not vote by proxy, but a member may vote by mail or electro…
Subject to subsection (2) of this section, a credit union may expel any member of the credit union who: Has not carried out the member’s engagements with the credit union; Creates an undue risk of loss to the credit union, as determined in accordance with the bylaws of the credit union; Has been convicted of a criminal offense; Fails to comply with the p…
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
A credit union must be directed by a board that consists of an odd number of directors, at least five in number, who are elected by and from the credit union’s members in the manner provided in the credit union’s bylaws. Members of the board hold office for such terms as the bylaws provide. The board of directors shall appoint a supervisory committee of not…
Within such time as the Director of the Department of Consumer and Business Services may establish, a record of the names and addresses of the members of the board, committees and all officers of the credit union shall be filed with the director on forms provided and in the manner prescribed by the director.
No operative statutory text appears at this designation in the selected edition.
Subject to subsection (2) of this section, the board of directors may fill any vacancies occurring in the board until successors elected at the next annual meeting have qualified. If a vacancy occurring in the board reduces the number of directors to five or fewer, the board shall fill the vacancy until a successor elected at the next annual meeting has qua…
A credit union may pay to the credit union’s directors, supervisory committee members or members of other committees established by the board of directors or pursuant to bylaws reasonable compensation for service as directors or committee members. A credit union may reimburse directors or committee members while the directors or committee members are on offi…
No operative statutory text appears at this designation in the selected edition.
No director, committee member, officer, agent or employee of the credit union shall in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting pecuniary interest or the pecuniary interest of any corporation, partnership or association (other than the credit union) in which the director, committe…
No operative statutory text appears at this designation in the selected edition.
The board of directors shall elect an executive officer, whom the directors may designate as chairperson of the board or president, a vice chairperson of the board or one or more vice presidents, a treasurer and a secretary. The treasurer and the secretary may be the same individual. The persons that the board of directors elects are the executive officers o…
No operative statutory text appears at this designation in the selected edition.
The board of directors shall have the general direction of the business affairs, funds and records of the credit union.
From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board.
No operative statutory text appears at this designation in the selected edition.
The board of directors of a credit union shall hold regular meetings. The Director of the Department of Consumer and Business Services may specify by rule the minimum frequency of meetings of the board of directors.
The board of directors shall manage the business and affairs of the credit union. The duties of the board include, but are not limited to, the duties listed in this section. The board may not delegate duties listed in subsection (2) of this section. The board may delegate the duties listed in subsection (3) of this section to a committee, officer or employee…
The credit committee shall have the general supervision of all loans to members.
The credit committee shall meet as often as the business of the credit union requires and not less frequently than once a month to consider applications for loans. No loan shall be made unless it is approved by a majority of the committee who are present at the meeting at which the application is considered.
The credit committee may appoint one or more loan officers and delegate the power to approve or disapprove loans, subject to such limitations or conditions as the credit committee prescribes. Loan applications not approved by a loan officer may be reviewed by the credit committee.
The board of directors of a credit union may appoint a chief credit officer in lieu of a credit committee to approve or disapprove loans under conditions that the board prescribes. If the board appoints a chief credit officer in lieu of a credit committee, the provisions of ORS 723.302 to 723.312 do not apply and the credit union may not make a loan unless t…
The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of the audit to the board of directors and the Director of the Department of Consumer and Business Services and a summary of that report to the members at the next annual meeting of the credit union. It …
The supervisory committee by a unanimous vote may suspend any member of the board until the next members’ meeting. The next members’ meeting must be held not less than 14 nor more than 45 days after the suspension. At the meeting the members shall decide whether to remove the suspended officer or board member. The board may remove any member of the supervis…
No operative statutory text appears at this designation in the selected edition.
If a director, officer or committee member of a credit union has reason to believe that a person has violated any provision of the Oregon Credit Union Act for which criminal prosecution is provided, such official shall give the information relative to the violation to the appropriate federal, state or local law enforcement officer having jurisdiction of the …
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
Shares may be subscribed to, paid for and transferred in such manner as the bylaws prescribe. A certificate need not be issued to denote ownership of a share in a credit union.
At such intervals and for such periods as the board of directors may authorize, and after provision for the required reserves, the board of directors may declare dividends to be paid on shares or share certificates. Dividends may be paid at various rates, or not paid at all, with due regard to the conditions that pertain to each class of share. Subject to t…
No operative statutory text appears at this designation in the selected edition.
A credit union may receive savings in deposit and deposit certificate accounts from its members and other credit unions, subject to such conditions as the board of directors establishes. Deposit and deposit certificate accounts differ from shares and share certificates in that a predeclared rate of return, as determined from time to time at such rates and u…
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
A member may designate any person or persons to hold shares, deposits and thrift club accounts with the member in joint tenancy, with or without the right of survivorship, but no joint tenant, unless a member in the member’s own right, shall be permitted to vote, obtain loans, or hold office or be required to pay an entrance or membership fee.
No operative statutory text appears at this designation in the selected edition.
Shares may be issued and deposits may be held in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in the beneficiary’s own right, shall be permitted to vote, obtain loans, hold office or be required to pay an entrance or membership fee.
A credit union may allow a member holding a regular share or deposit account to use that account as a share draft account as provided in this section, subject to conditions established by the board of directors. As used in this section: “Share draft” means a negotiable or nonnegotiable draft used to withdraw shares or deposits from a share draft account. …
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
A credit union may certify a share draft issued by the credit union. A credit union that certifies a share draft may immediately charge the amount of the share draft to the drawer’s share draft account.
Shares, share certificates, deposits and deposit certificates may be withdrawn for payment to the account holder or to third parties in accordance with the manner and procedures established by the board of directors. The board of directors may restrict one class of shares so that a share in the class may not be redeemed, withdrawn or transferred except upon …
No operative statutory text appears at this designation in the selected edition.
The credit union shall have a lien on all funds of a member or joint owner on deposit with the credit union in any individual or joint account held in any capacity, for any obligation of the member or joint owner to the credit union.
No operative statutory text appears at this designation in the selected edition.
Whenever the losses of any credit union, resulting from a depreciation in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the shareholders, the credit union may by a majority vote of the entire membership order a reduction in the shares …
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
Any deposit to a credit union made to an account in the name of a minor shall be held for the exclusive right and benefit of the minor and free from the control or lien of all other persons, except other parties to the account and creditors, and shall be paid, in accordance with the terms of the account, together with any interest thereon, to or upon the ord…
On the death of a member of a credit union, if the deposit to the credit of the deceased member is $25,000 or less, the credit union may, upon receipt of an affidavit from a person claiming the deposit as provided in subsection (3) of this section, or a declaration from the Department of Human Services or the Oregon Health Authority as provided in subsection…
A credit union shall be obligated to recognize an adverse claim to a deposit it holds only if the adverse claimant gives notice to the credit union of its claim and: Procures a restraining order, injunction or other appropriate process against the credit union in an action wherein the person to whose credit the deposit stands is made a party and served with…
If a person who owns a share or deposit account subject to check authorizes another person as agent to draw checks against the account, the credit union, in the absence of written notice to the contrary, may presume that any check drawn by the agent in the manner authorized by the terms and conditions of the account, including checks drawn to the personal or…
A credit union may refuse to pay any check, draft or order drawn upon it when the officers or employees of the credit union have reason to believe that the person signing or indorsing the instrument was so under the influence of alcohol, drugs or controlled substances or that the person was otherwise so incapacitated as to make it reasonably doubtful whether…
As used in ORS 723.474 to 723.498, unless the context requires otherwise: “Account” means a contract of deposit of funds between a member and a credit union and includes a checking account, savings account, certificate of deposit and share account. “Beneficiary” means a person named in a trust account as one for whom a party to the account is named as trus…
The provisions of ORS 723.478, 723.480 and 723.482 concerning beneficial ownership between parties or between parties and P.O.D. payees or beneficiaries of multiple-party accounts are relevant only to controversies between those persons and their creditors and other successors, and have no bearing on the power of withdrawal of those persons as determined by …
A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each party to the sums on deposit, unless there is clear and convincing evidence of a different intent. A P.O.D. account belongs to the original party during the lifetime of the party and not to the P.O.D. payee or payees. If two or more per…
Sums remaining on deposit at a credit union at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties against the estate of the decedent. If there are two or more surviving parties, their respective ownerships during their lifetimes shall be in proportion to their previous ownership interests under ORS 723…
The provisions of ORS 723.480 that apply to rights of survivorship are determined by the form of the account at the time of death of a party. Subject to satisfaction of the requirements of the credit union, the form of an account may be altered by a written order given by a party to the credit union. The order must be signed by the party, be received by the …
Any transfers resulting from the application of ORS 723.480 are effective by reason of the account contracts involved and application of ORS 723.480. The transfers are not to be considered as testamentary or subject to administration in the estate of a deceased party.
Credit unions may enter into multiple-party accounts to the same extent that they may enter into single-party accounts. Any multiple-party account may be paid, on request, to any one or more of the parties. For purposes of establishing net contributions a credit union shall not be required to inquire about the source of funds received for deposit to a multip…
Any sums in a joint account may be paid, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the payment is requested. Payment may not be made to the personal representative or heirs of a deceased party unless: Proof of death is presented to the credit union, showing that the decedent was the last surv…
Any P.O.D. account may be paid, on request, to any original party to the account. Payment may be made, on request, to the P.O.D. payee or to the personal representative or heirs of a deceased P.O.D. payee upon presentation to the credit union of proof of death showing that the P.O.D. payee survived all persons named as original parties. Payment may be made t…
Any trust account may be paid, on request, to any trustee. Unless the credit union has received written notice that the beneficiary has a vested interest not dependent upon the beneficiary surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to the credit union showing that th…
Payment made pursuant to ORS 723.486, 723.488, 723.490 or 723.492 discharges the credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account between parties, P.O.D. payees or beneficiaries, or their successors. The protection given by this section does not extend to payments made after …
Without qualifying any other statutory or common law right to setoff or lien, and subject to any contractual provision, if a party to a multiple-party account is indebted to a credit union, the credit union has a right to setoff against the account in which the party has or had immediately before the death of the party a present right of withdrawal. The amou…
Nothing in ORS 723.426, 723.432, 723.474, 723.476 or 723.478 shall preclude a party to an account from adding the name of another person to the account with the designation of “agent.” The agent shall have no present or future interest in the sums on deposit in the account, but the credit union may honor requests for payment from the accounts by the agent, u…
A credit union may make loans to members of the credit union for such purpose and upon such security and terms as the credit committee, credit manager or loan officer approves. A person who is not a member of the credit union may be a guarantor or co-obligor on a credit union’s loan to a member of the credit union.
Every application for a loan shall be made in the form prescribed by the credit committee, credit manager or loan officer. The application shall state the security, if any offered. Each loan shall be evidenced by a written document.
No operative statutory text appears at this designation in the selected edition.
A credit union may not make a loan to any member in an aggregate amount that exceeds $100,000, or 15 percent of the credit union’s equity, whichever is greater. In determining the amount of loans to be made to a member, loans for which that member is a guarantor or surety must be included, as well as loans to persons who are not individuals if the individual…
A member may receive a loan in installments, or in one sum, and may pay the whole or any part of the member’s loan on any day on which the office of the credit union is open for business.
No operative statutory text appears at this designation in the selected edition.
The credit committee, credit manager, or loan officer may approve in advance upon their own motion or upon application by a member, a line of credit, and advances may be granted to such member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligatio…
Loans to credit union members may be shared with other credit unions, corporations or financial organizations. A credit union may participate in guaranteed loan programs of the federal government, the State of Oregon or any other state. A credit union may purchase the conditional sales contracts, notes and similar instruments of its members. A credit unio…
No operative statutory text appears at this designation in the selected edition.
For the purposes of this section, “management team” means the president or chief executive officer of a credit union or an individual who holds a position in a credit union of vice president or higher who has policymaking authority or authority to approve loans. A credit union may make a loan to a director, a member of the credit union’s management team, th…
Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a nonmember of the credit union shall be primarily liable to the credit union for the amount thus illegally loaned. The illegality of such loan shall be no defense in any action by the credit union to recover the amount loaned…
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
No operative statutory text appears at this designation in the selected edition.
A credit union may purchase or make available life savings, loan protection and other forms of insurance for its members in amounts related to their respective ages, shares, deposits or loan balances or to any combination of them. A credit union may enter into cooperative marketing arrangements to facilitate its members’ voluntary purchases of insurance.
A credit union may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted …
Each credit union shall secure insurance on shares and deposits from the National Credit Union Administration under the Federal Credit Union Act or its successor, or from any other insuring organization that provides comparable coverages and is approved by the Director of the Department of Consumer and Business Services. Any one share of a member, as designa…
A credit union may enter into cooperative marketing arrangements to facilitate its members’ voluntary purchases of such goods and services as are in the interest of improving economic and social conditions of the members. Said investment shall not exceed one percent of the credit union’s assets. Notwithstanding any other provision of law, the taxable income …
A credit union may invest funds not used in loans to members in: Securities, obligations or other instruments of or issued by or fully guaranteed as to principal and interest by the United States or an agency of the United States or in a trust or trusts established directly or collectively in the securities, obligations or instruments described in this subs…
A credit union shall establish and maintain a regular reserve for contingencies. The Director of the Department of Consumer and Business Services may adopt rules prescribing: Minimum net worth requirements for credit unions; and Actions a credit union must take when the net worth of the credit union falls below the applicable minimum net worth requirement.…
No operative statutory text appears at this designation in the selected edition.
Subject to subsection (2) of this section, the board of directors of a credit union may authorize losses to be charged to the regular reserve after first depleting the balance of the undivided earnings account and other appropriations of undivided earnings designated by the management of the credit union or by the regulatory authorities. An authorization ma…
No operative statutory text appears at this designation in the selected edition.
In addition to the regular reserve established under ORS 723.631, special reserves to protect the interest of members shall be established, as provided in this section: When required by rule; or When found by the board of directors of the credit union or by the Director of the Department of Consumer and Business Services, or if the members’ accounts are in…
If it appears that any credit union is bankrupt or insolvent, or that it has willfully violated any provision of this chapter, or is operating in an unsafe or unsound manner, the Director of the Department of Consumer and Business Services shall issue an order temporarily suspending the credit union’s operations for not less than 30 nor more than 60 days. Th…
A credit union may elect to dissolve voluntarily and liquidate its affairs in the manner prescribed in this section. The board of directors shall adopt a resolution recommending the credit union be dissolved voluntarily and directing that the question of liquidation be submitted to the members. Within 10 days after the board of directors decides to submit …
A credit union chartered in this state may, with the approval of the Director of the Department of Consumer and Business Services, merge with another credit union under the existing charter of the other credit union pursuant to a plan that the majority of each board of directors of each credit union joining in the merger agrees to and that is approved by the…
A credit union chartered under the laws of this state may be converted to a credit union chartered under the laws of the United States, subject to the approval of the National Credit Union Administration. A credit union chartered under the laws of the United States may convert to a credit union chartered under the laws of this state subject to approval of t…
Any central credit union may be organized and operated under this chapter with all the rights and powers of any credit union organized under this chapter, except those granted to a corporate central credit union under ORS 723.730, and shall be subject to all provisions of this chapter not inconsistent with ORS 723.702 to 723.730. Such a credit union shall us…
Membership in a central credit union is limited to: Credit unions organized and operating under this chapter or under any other credit union act. Officers, directors, committee members and employees of such credit unions; officials and employees of any association of credit unions; and employees of federal or state governmental agencies responsible for the…
Each credit union becoming a member of such central credit union may designate one person to be its voting representative in the central credit union, which person shall be designated by the board of directors of the member credit union. Such voting representative shall be eligible to hold office in the central credit union as if such person were a member of…
A central credit union shall have all of the rights and powers of any other credit union organized under this chapter and the additional rights and powers specified in this section, notwithstanding any limitations or restrictions found elsewhere in this chapter. A central credit union may make loans to other credit unions, purchase shares of and make deposi…
Membership in a corporate central credit union shall be limited to credit unions organized under federal law or under the laws of states listed in the bylaws of the corporate central credit union, and to subsidiaries of any such credit unions, associations of any such credit unions and affiliates of such associations. A corporate central credit union shall h…
Any credit union subject to this chapter shall be deemed an institution for savings within the meaning of the law that exempts such institutions from taxation. No law, except as stated in this section, that taxes corporations in any form, or the shares thereof or the accumulations therein, shall apply to credit unions doing business in accordance with this c…
The shares of any credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another.
The participation by a credit union in any government program providing unemployment, Social Security, old age pension or other benefits shall not be deemed a waiver of the taxation exemption hereby granted.
No operative statutory text appears at this designation in the selected edition.
If the Director of the Department of Consumer and Business Services has reason to believe that a person has violated any provision of the Oregon Credit Union Act for which criminal prosecution is provided, the director shall give the information relative to the violation to the federal, state or local law enforcement agency having jurisdiction of the violati…
The Attorney General shall conduct all actions begun by the Director of the Department of Consumer and Business Services under authority of the Oregon Credit Union Act, and may require the assistance of the district attorney of the district in which the action is conducted.
No credit union officer, director, employee or agent, shall willfully: With intent to deceive, falsify any book of account, report, statement, record or other document of a credit union whether by alteration, false entry, omission or otherwise. Sign, issue, publish or transmit to a governmental office any book of account, report, statement, record or other…
A person may not knowingly give or cause to be given to the Director of the Department of Consumer and Business Services any document or any oral or written statement or report that is false in any material respect, in the course of any investigation or examination by the director under this chapter.
The Director of the Department of Consumer and Business Services may issue and serve upon a credit union or a director, officer, committee member, employee or agent of a credit union an order to cease and desist from a practice or a violation as follows: The director may issue an order to cease and desist from an unsafe or unsound practice when the director…
No operative statutory text appears at this designation in the selected edition.
A credit union may not contract for any of the services described in this section to be performed for the credit union unless both the credit union and the person performing the services agree to be subject to regulation and examination by the Director of the Department of Consumer and Business Services to the same extent as if the services were performed by…
The provisions of the Oregon Credit Union Act shall apply to the fullest extent permitted by the laws and Constitutions of the United States and of the State of Oregon, to all existing credit unions organized under any general Act of this state.
The Oregon Credit Union Act may be amended, repealed or modified, but such amendment, repeal or modification shall not take away or impair any remedy for any liability which shall have been previously incurred. The repeal of a previous law by section 88, chapter 652, Oregon Laws 1975, shall not affect any right accrued or established, or any liability or pe…
A person is not personally liable for an act or omission the person does or fails to do in good faith and in compliance with a statute, rule or order of the Director of the Department of Consumer and Business Services under this chapter regardless of whether the statute, rule or order is later amended, rescinded or determined to be invalid by judicial or oth…
This section applies to the safe deposit box of any person who is the sole lessee or last surviving lessee of the box and who has died. Subject to ORS 114.537, upon being furnished with a certified copy of the decedent’s death record or other evidence of death satisfactory to the credit union, the credit union within which the box is located shall cause or …
No operative statutory text appears at this designation in the selected edition.
Violation of ORS 723.816 (1) is a Class C felony. Violation of ORS 723.816 (2) is a Class A misdemeanor.
The Director of the Department of Consumer and Business Services may assess any person who violates any provision of this chapter or any rule or final order issued under this chapter a civil penalty of not more than $2,000 for each violation or $10,000 in the aggregate for all violations within any three-month period. In the case of an individual agent or em…