2011 ORS § 295.009¹
Conditions under which State Treasurer may decline to accept credit union as credit union depository
  • State Treasurer withdrawal from pledge agreement

(1) The State Treasurer may decline to accept from a credit union the certification and pledge agreement necessary to qualify the credit union as a credit union depository under ORS 295.008 (Conditions for acting as custodian or bank depository) unless:

(a) At the time the credit union submits the certification and pledge agreement, at least four other credit unions have each submitted:

(A) A certification and pledge agreement necessary to qualify as a credit union depository under ORS 295.008 (Conditions for acting as custodian or bank depository); and

(B) A signed statement from a public official that indicates that the public official intends to deposit more than $250,000 of public funds with the credit union if the credit union qualifies as a credit union depository; and

(b) The State Treasurer receives moneys under the provisions of ORS 295.039 (State Treasurer acceptance of moneys for purposes of administering ORS 295.038) or 295.106 (State Treasurer charges) that are sufficient to pay for one year the State Treasurers initial or continuing expenses related to administering ORS 295.038 (Distribution of collateral after loss in credit union depository).

(2)(a) The State Treasurer may withdraw from a pledge agreement that the State Treasurer previously accepted from a credit union under ORS 295.008 (Conditions for acting as custodian or bank depository) if fewer than five credit unions are qualified as credit union depositories under ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules) during any period of 180 days or longer.

(b) Except as provided in ORS 295.008 (Conditions for acting as custodian or bank depository) (4), a credit union that is a party to a pledge agreement from which the State Treasurer withdraws in accordance with paragraph (a) of this subsection does not qualify as a credit union depository under ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules). Within 10 business days after the State Treasurer notifies the credit union that the State Treasurer has withdrawn from the pledge agreement, the credit union shall return all uninsured public funds deposits that the credit union holds to the public official that deposited the public funds. [2010 c.101 §13a]

Note: 295.009 (Conditions under which State Treasurer may decline to accept credit union as credit union depository) becomes operative January 1, 2013, and applies to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010.