2011 ORS § 295.031¹
Notice to public officials regarding adequacy of collateral

(1) Within three business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (Custodians receipt) (2)(e), receives information from the Director of the Department of Consumer and Business Services or other sources under ORS 295.071 (Investigation by regulatory bodies other than State Treasurer) or 295.073 (Report to State Treasurer of certain actions by Director of Department of Consumer and Business Services), or otherwise receives information indicating that a bank depository has failed to pledge adequate collateral with its custodian, the State Treasurer shall send written notice of the failure to each public official who has uninsured public funds on deposit in the bank depository with respect to which the notice was given or the information was received.

(2) Within five business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (Custodians receipt) (2)(f) indicating that a bank depository has once again pledged adequate collateral with its custodian, the State Treasurer shall send written notice to each public official who was notified under subsection (1) of this section stating that the bank depository once again has adequate collateral. [2007 c.871 §2; 2009 c.821 §8]

Note: The amendments to 295.031 (Notice to public officials regarding adequacy of collateral) by section 9, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply 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. The text that is operative on and after January 1, 2013, is set forth for the users convenience.

295.031 (Notice to public officials regarding adequacy of collateral). (1) Within three business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (Custodians receipt) (2)(e), receives information from the Director of the Department of Consumer and Business Services or other sources under ORS 295.071 (Investigation by regulatory bodies other than State Treasurer) or 295.073 (Report to State Treasurer of certain actions by Director of Department of Consumer and Business Services), or otherwise receives information that indicates that a depository has failed to pledge adequate collateral with the depositorys custodian, the State Treasurer shall send written notice of the failure to each public official who has uninsured public funds on deposit in the depository that is the subject of the notice from the custodian or of the information the State Treasurer received.

(2) Within five business days after the State Treasurer receives notice from a custodian pursuant to ORS 295.013 (Custodians receipt) (2)(f) that indicates that a depository has pledged adequate collateral with the depositorys custodian, the State Treasurer shall send written notice to each public official who was notified under subsection (1) of this section stating that the depository has adequate collateral.