Oregon Law
Law as of Jan 1, 2026
Chapter contents
723.001Definitions 723.002Short title 723.006“Credit union” defined 723.008“Credit union” defined for ORS 723.136 and 723.464 to 723.498 723.010[Amended by 1955 c.550 §1; repealed by 1975 c.652 §88] 723.012Organization procedure; articles of incorporation; bylaws; fee; rules 723.014Denial of certificate of approval 723.016Form of articles and bylaws 723.020[Repealed by 1975 c.652 §88] 723.022Amendment of articles and bylaws; fee; rules 723.026Use of name exclusive; criminal penalty 723.030[Amended by 1973 c.414 §1; repealed by 1975 c.652 §88] 723.032Places of business; mobile facilities 723.036[1975 c.652 §9; repealed by 2023 c.57 §1] 723.040[Amended by 1959 c.106 §1; 1971 c.681 §1; repealed by 1975 c.652 §88] 723.042Interstate credit unions 723.050[Amended by 1955 c.550 §2; 1959 c.106 §2; repealed by 1975 c.652 §88] 723.060[Amended by 1971 c.681 §2; repealed by 1975 c.652 §88] 723.070[Repealed by 1975 c.652 §88] 723.080[Repealed by 1975 c.652 §88] 723.090[Repealed by 1975 c.652 §88] 723.100[Amended by 1955 c.550 §3; repealed by 1975 c.652 §88] 723.102Rulemaking authority 723.104[1977 c.135 §43; repealed by 1985 c.762 §196] 723.106Reports; late filing penalty; rules 723.110[Amended by 1971 c.681 §3; repealed by 1975 c.652 §88] 723.112Examinations 723.114Annual fees paid by credit unions; rules 723.116Records; rules 723.118Disclosure of records of department; exemptions 723.120[Amended by 1959 c.106 §3; 1971 c.681 §5; 1973 c.719 §1; repealed by 1975 c.652 §88] 723.122Bond or letter of credit; rules 723.124[1971 c.681 §4; repealed by 1975 c.652 §88] 723.126Enforcement actions 723.128[1971 c.681 §12; repealed by 1975 c.652 §88] 723.130[Amended by 1955 c.550 §4; 1967 c.279 §1; 1971 c.681 §6; repealed by 1975 c.652 §88] 723.132Order to remove officer, director or committee member 723.134Receipt of deposits from person not a member of credit union; secondary capital accounts; rules 723.135[1973 c.148 §2; repealed by 1975 c.652 §88] 723.136Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network; contracts for use of credit union examiners; joint examination or enforcement; fees 723.152General powers; rules 723.156Exercise of powers of federal credit union 723.172Credit union membership; rules 723.176Business and nonbusiness organizations as members 723.182Other credit unions as members 723.184State deemed member with respect to deferred compensation deposits; restrictions on membership 723.186Members who leave field of membership 723.188[1989 c.550 §2; 1999 c.59 §226; 1999 c.316 §9; repealed by 2015 c.458 §4] 723.192Individual liability 723.196Meeting of members; mail or electronic ballots 723.202Withdrawal and expulsion of members; request for reinstatement 723.210[Repealed by 1975 c.652 §88] 723.220[Repealed by 1959 c.106 §23] 723.230[Amended by 1959 c.106 §7; 1967 c.279 §2; 1971 c.681 §7; repealed by 1975 c.652 §88] 723.240[Amended by 1959 c.106 §8; 1967 c.279 §3; repealed by 1975 c.652 §88] 723.245[1959 c.106 §6; repealed by 1975 c.652 §88] 723.250[Amended by 1959 c.106 §9; 1967 c.279 §4; 1971 c.681 §8; 1973 c.147 §1; repealed by 1975 c.652 §88] 723.252Election of directors; appointment of supervisory committee; appointment of credit committee or credit manager 723.256Record of board and committee members 723.260[Amended by 1959 c.106 §10; repealed by 1975 c.652 §88] 723.262Vacancies 723.266Compensation of officials 723.270[Repealed by 1975 c.652 §88] 723.272Conflicts of interest 723.275[1959 c.106 §5; repealed by 1975 c.652 §88] 723.276Executive officers 723.280[Amended by 1955 c.550 §5; 1959 c.106 §11; 1971 c.681 §9; repealed by 1975 c.652 §88] 723.282Authority of directors 723.286Executive committee 723.290[Amended by 1959 c.106 §12; repealed by 1975 c.652 §88] 723.292Meetings of directors; rules 723.296Duties of directors; delegation of duties 723.302Duties of credit committee 723.306Meetings of credit committee 723.312Loan officers 723.316Chief credit officer 723.322Duties of supervisory committee; verification of member accounts; rules 723.326Suspension and removal of officials; restrictions on service as director 723.332[1975 c.652 §41; 1985 c.762 §97; repealed by 2013 c.480 §8] 723.338Duty to notify law enforcement officers of violations of Oregon Credit Union Act; investigations; costs 723.350[Amended by 1959 c.106 §13; repealed by 1975 c.652 §88] 723.360[Amended by 1959 c.106 §14; repealed by 1975 c.652 §88] 723.370[Amended by 1959 c.106 §15; repealed by 1975 c.652 §88] 723.380[Amended by 1959 c.106 §16; repealed by 1975 c.652 §88] 723.390[Amended by 1959 c.106 §17; 1971 c.681 §10; 1973 c.719 §2; repealed by 1975 c.652 §88] 723.400[Amended by 1955 c.550 §6; 1959 c.106 §18; 1967 c.279 §5; repealed by 1975 c.652 §88] 723.402Shares 723.406Dividends 723.410[Amended by 1959 c.106 §19; 1967 c.279 §6; repealed by 1975 c.652 §88] 723.412Deposit and deposit certificate accounts; interest; priority 723.416[1975 c.652 §45; repealed by 1999 c.185 §58] 723.420[Repealed by 1959 c.106 §23] 723.422[1975 c.652 §46; repealed by 1999 c.185 §58] 723.426Joint accounts 723.430[Repealed by 1975 c.652 §88] 723.432Trust accounts 723.434Share draft accounts 723.436[1975 c.652 §49; renumbered 723.454] 723.440[Repealed by 1975 c.652 §88] 723.441[1985 c.804 §6; repealed by 1987 c.491 §9] 723.442[1975 c.652 §50; 1981 c.257 §1; renumbered 723.457] 723.444[1987 c.491 §8; repealed by 1997 c.832 §10] 723.446[1975 c.652 §51; renumbered 723.460] 723.447Certified share drafts 723.450Payment on shares and deposits; restriction on class of shares 723.452[1981 c.298 §1; renumbered 723.463] 723.454Liens 723.457[Formerly 723.442; 1991 c.635 §13; repealed by 2001 c.308 §5] 723.460Reduction in shares 723.462[1999 c.185 §19; repealed by 2005 c.95 §12] 723.463[Formerly 723.452; 1987 c.658 §4; repealed by 1997 c.832 §10] 723.464Deposits made in name of minor 723.466Disposition of deposit on death of depositor 723.468Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit 723.470Checks drawn by agents presumed to be in authorized manner 723.472Checks of intoxicated or drugged persons 723.474Definitions for ORS 723.474 to 723.498 723.476Application of ORS 723.478, 723.480 and 723.482; liability and setoff rights of credit unions 723.478Ownership of multiple-party accounts 723.480Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will 723.482Rights of survivorship based on form of account; alteration of form of account 723.484Transfers of moneys upon death of depositor or trustee is not testamentary disposition 723.486Multiple party account; payment of deposit to one or more parties; credit union not required to determine source or use of funds in account 723.488Joint account; payment to any party to account; payment to others 723.490P.O.D. account; payment to any original party; payment to others 723.492Trust account; payment to trustee; payment to others 723.494Discharge of credit union for payments made; conditions 723.496Right of credit union to setoff; amount 723.498Designation of agent for account; powers of agent 723.502Purposes; terms 723.506Application 723.510[Amended by 1959 c.106 §20; 1971 c.681 §11; repealed by 1975 c.652 §88] 723.512Loan limit; exception 723.516Installments 723.520[Repealed by 1959 c.106 §23] 723.522Line of credit 723.526Other loan programs 723.530[Amended by 1959 c.106 §21; 1971 c.367 §1; repealed by 1975 c.652 §88] 723.532Loans to credit union officials; waiver; rules 723.536Loans to nonmembers; personal liability 723.540[Repealed by 1975 c.652 §88] 723.550[Amended by 1959 c.106 §22; repealed by 1975 c.652 §88] 723.560[Repealed by 1975 c.652 §88] 723.572Insurance for members 723.576Liability insurance for director, officer, employee or agent 723.582Share and deposit insurance 723.586Group purchasing 723.602Investment of funds; rules 723.631Regular reserve; reserve for loan losses; rules 723.632[1975 c.652 §65; 1979 c.88 §35; repealed by 1981 c.192 §37 (723.631 enacted in lieu of 723.632)] 723.636Charges to regular reserve 723.642[1975 c.652 §67; 1977 c.628 §4; repealed by 1981 c.192 §46] 723.646Special reserves; purpose 723.672Suspension; revocation of charter 723.676Liquidation 723.682Merger; opposition to merger 723.686Conversion of charter 723.702Organization; name 723.706Membership 723.712Voting representative 723.716Additional rights and powers 723.730Corporate central credit union; membership; rights and powers; rules 723.752Application of tax statutes to credit unions 723.756Stock transfer taxes 723.762Participation in government programs 723.802[1975 c.652 §80; repealed by 1985 c.762 §196] 723.806Notice to law enforcement officers of violation of Oregon Credit Union Act; exceptions 723.812Actions; assistance 723.816Prohibited acts 723.818Giving false document, statement or report prohibited 723.822Cease and desist orders; contents; effective date; removal or suspension 723.826[1975 c.544 §57; 1981 c.192 §42; 1985 c.762 §104; 1987 c.215 §9; 1987 c.373 §65; 1991 c.734 §97; renumbered 723.995 in 1995] 723.830Regulation of services performed for credit union 723.832Application to credit unions existing on September 13, 1975 723.836Effect of amendment or repeal of Oregon Credit Union Act 723.840Limitation on personal liability for good faith act or omission or exercise of judgment or discretion; reliance on information or reports; causes of action 723.844Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box 723.990[Repealed by 1975 c.544 §62 and by 1975 c.652 §88] 723.992Criminal penalties 723.995Civil penalties

Chapter 723 — Credit Unions

ORS 723.631 Regular reserve; reserve for loan losses; rules

(1)

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:

(a)

Minimum net worth requirements for credit unions; and

(b)

Actions a credit union must take when the net worth of the credit union falls below the applicable minimum net worth requirement.

(2)

In addition to the regular reserve required in subsection (1) of this section, a credit union shall establish a reserve for loan losses in accordance with generally accepted accounting principles issued by the Financial Accounting Standards Board or a successor organization.

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Online copy of the published ORS edition

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Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.