ORS 295.008
Qualified depositories


(1)

A depository is qualified to hold public funds if the depository:

(a)

Certifies in writing to the State Treasurer that the depository will furnish the reports required under ORS 714.075 (Reports of deposits held at branches) to the Director of the Department of Consumer and Business Services by the time specified by the director and furnish any other information the director considers necessary to determine whether to advise the State Treasurer to order a depository to increase its collateral under ORS 295.018 (Increase in required collateral of qualified depository);

(b)

Enters into a collateral agreement and, if the depository pledges securities as collateral, a separate pledge agreement that may be drawn upon by the State Treasurer in the event of a loss; and

(c)

Files with the State Treasurer an initial written report, signed by an officer of the depository, setting forth, as of the date the depository intends to commence acting as a qualified depository:

(A)

The estimated total amount of public funds that will be on deposit with the depository;

(B)

The estimated net worth of the depository;

(C)

The amount and nature of the collateral that the depository will provide to secure the public funds deposits; and

(D)

Other information requested by the State Treasurer to administer this chapter.

(2)

A qualified depository using collateral that consists of items that are not securities shall provide such evidence as the State Treasurer may require to demonstrate that the collateral is available in the event of a loss for disposition as provided in this chapter.

(3)

A depository that merges with, acquires all the assets of, acquires ownership of or otherwise becomes a successor entity to a qualified depository that has entered into a collateral agreement must execute a new collateral agreement or provide evidence satisfactory to the State Treasurer that the successor depository has assumed all of the qualified depository’s duties and obligations under the existing collateral agreement. A depository that fails to enter into a collateral agreement or provide evidence that the depository has assumed the existing collateral agreement within the time specified by the State Treasurer shall not be qualified to hold uninsured deposits of public funds. [2005 c.112 §3; 2007 c.871 §16; 2009 c.821 §4; 2010 c.101 §5; 2019 c.587 §5]

Source: Section 295.008 — Qualified depositories, https://www.­oregonlegislature.­gov/bills_laws/ors/ors295.­html.

295.001
Definitions for ORS 295.001 to 295.108
295.002
Deposit of public funds
295.004
Conditions for deposit of funds in excess of specified amounts
295.006
Public official filings with State Treasurer
295.007
Conditions for acting as custodian
295.008
Qualified depositories
295.012
State Treasurer rule setting maximum liability for qualified credit union depositories
295.013
Custodian’s receipt
295.015
Maintenance of securities by qualified depository
295.018
Increase in required collateral of qualified depository
295.022
Collateral not required for deferred compensation funds
295.031
Notice to public officials regarding adequacy of collateral
295.034
Withdrawal of inadequately collateralized funds
295.037
Distribution of collateral after loss in qualified depository
295.038
Assessment against collateral of qualified depositories
295.039
State Treasurer acceptance of moneys for purposes of administering ORS 295.038
295.041
Subrogation rights of State Treasurer
295.046
Limitation on acceptance of public funds from single public official
295.048
Limitations on aggregate uninsured public funds deposits
295.053
Custodian duties when qualified depository ceases holding uninsured public funds
295.056
Liability of public officials for loss of public funds
295.061
Treasurer reports
295.071
Investigation by regulatory bodies other than State Treasurer
295.073
Report to State Treasurer of actions that reduce net worth of depository
295.081
Time deposits
295.084
State Treasurer designation of depositories
295.091
Geographic preference in selecting depositories
295.093
Depositing moneys with treasurer of public body
295.097
State agency agreements with third parties
295.098
Public body agreements with third parties
295.101
Public funds not subject to ORS 295.001 to 295.108
295.103
Certain moneys related to motor carriers not public funds
295.106
State Treasurer charges
295.108
State Treasurer rules
295.195
Deposit of funds in foreign country
295.205
Accounts in financial institutions outside Oregon
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