2013 ORS § 295.034¹
Withdrawal of inadequately collateralized funds

(1) Within 15 business days after a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), the public official shall withdraw from the depository to which the notice applies all uninsured public funds deposits.

(2) If a public official receives a notice from the State Treasurer pursuant to ORS 295.018 (Increase in required collateral of depository) (6)(a), 295.031 (Notice to public officials regarding adequacy of collateral) (1) or 295.061 (Treasurer reports) (4)(a), beginning 15 business days after the public official receives the notice, the public official may not deposit into the depository to which the notice applies any public funds that, as a result of the deposit, would be uninsured public funds deposits. The prohibition on deposits continues until the public official receives notice under ORS 295.018 (Increase in required collateral of depository) (6)(b), 295.031 (Notice to public officials regarding adequacy of collateral) (2) or 295.061 (Treasurer reports) (4)(b) indicating that the depository is in compliance with ORS 295.013 (Custodians receipt), 295.018 (Increase in required collateral of depository) or 295.061 (Treasurer reports), as applicable.

(3) Except as required by any applicable law or regulation, a depository may not impose an early withdrawal penalty or a forfeiture of interest with respect to a withdrawal that a public official makes pursuant to this section. [2007 c.871 §3; 2009 c.821 §9; 2010 c.101 §10]