ORS 295.048
Limitations on aggregate uninsured public funds deposits

  • notice
  • exceptions

(1)

Notwithstanding ORS 295.046 (Limitation on acceptance of public funds from single public official), a qualified depository may not permit the aggregate of uninsured public funds deposits on deposit with the depository from all public officials to exceed at any time the least of:

(a)

100 percent of the value of the qualified depository’s net worth, if the depository is an undercapitalized depository;

(b)

150 percent of the value of the qualified depository’s net worth, if the depository is an adequately capitalized depository;

(c)

200 percent of the value of the qualified depository’s net worth, if the depository is a well capitalized depository;

(d)

For a qualified depository that is a bank, 30 percent of the total aggregate uninsured public funds deposits of all public officials in all qualified depositories that are banks as reported in the most recent notice the depository received from the State Treasurer; or

(e)

For a qualified depository that is a credit union, 30 percent of the total aggregate uninsured public funds deposits of all public officials in all qualified depositories that are credit unions as reported in the most recent notice the depository received from the State Treasurer.

(2)

The State Treasurer shall notify each qualified depository, or the depository’s custodian if required by an individual pledge agreement or by rule, of the total aggregate uninsured public funds deposits of all public officials in all qualified depositories, based on the most recently submitted treasurer reports. The State Treasurer shall give the notification required by this subsection by the last day of the month in which the depositories are required to submit a treasurer report.

(3)

If a qualified depository’s aggregate of uninsured public funds deposits exceeds the amount set forth in subsection (1) of this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of uninsured public funds.

(4)

Notwithstanding subsections (1) and (3) of this section:

(a)

A qualified depository may accept and hold uninsured public funds deposits in excess of the limits specified in subsection (1) of this section if the State Treasurer, upon good cause shown, approves the depository’s request to hold uninsured public funds in excess of the limits specified in subsection (1) of this section for a period not exceeding 90 days and eligible collateral is provided in an amount at least equal to the amount by which the uninsured public funds deposits exceed the limits specified in subsection (1) of this section. Upon the expiration of the 90-day period, if the depository does not comply with the limits specified in subsection (1) of this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of public funds.

(b)

The limits specified in subsection (1) of this section do not apply to public funds deposits a qualified depository holds in a certificate of deposit, time deposit or insured deposit account under ORS 295.004 (Conditions for deposit of funds in excess of specified amounts).

(c)

A well capitalized qualified depository or an adequately capitalized qualified depository may accept and hold uninsured public funds deposits that exceed the limit specified in subsection (1)(d) or (e) of this section if eligible collateral is provided in an amount at least equal to the amount by which the uninsured public funds deposits exceed the limit specified in subsection (1)(d) or (e) of this section.

(5)

If the State Treasurer notifies a qualified depository that the depository must cease accepting deposits of public funds under subsection (3) or (4) of this section, the State Treasurer may also notify public officials who have deposited public funds in the depository that within 15 business days after the public official receives the notice from the State Treasurer, the public official must withdraw from the depository to which the notice applies all public funds deposits that exceed the limit specified in subsection (1)(d) or (e) of this section. A public official who is notified by the State Treasurer under this subsection must begin to withdraw funds as specified in the notice. Except as required by any applicable law or regulation, a qualified depository may not impose an early withdrawal penalty or a forfeiture of interest with respect to a withdrawal made pursuant to this subsection. [2007 c.871 §11; 2009 c.821 §13; 2010 c.101 §16; 2011 c.25 §§1,2; 2011 c.477 §§7,8; 2011 c.667 §§3,4; 2017 c.17 §26; 2017 c.500 §6; 2019 c.587 §20]

Source: Section 295.048 — Limitations on aggregate uninsured public funds deposits; notice; exceptions, 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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