ORS 295.205
Accounts in financial institutions outside Oregon

  • conditions
  • rules

(1)

Notwithstanding any other law:

(a)

The State Treasurer may establish demand deposit accounts in financial institutions outside this state for the purpose of accepting deposits of funds related to state investments in the geographical areas that the financial institutions serve.

(b)

Moneys that a financial institution or other entity receives or collects under an agreement to provide loan servicing for a state agency or public body may be deposited in accounts in financial institutions outside this state for the purpose of:

(A)

Accepting payments of loan principal and interest;

(B)

Accepting and holding escrow funds;

(C)

Accepting and holding funds required to be held in reserve with or on behalf of the state agency or public body; or

(D)

Collecting and holding other moneys the financial institution must collect and hold for loan servicing under the agreement before remitting the moneys to the state agency, public body or a third party.

(c)

Public funds held by a trustee or escrow agent pursuant to a trust agreement, bond indenture, certificate of participation indenture, escrow agreement or similar agreement with a state agency or public body may be deposited in accounts in financial institutions outside this state.

(2)

The State Treasurer shall establish the demand deposit accounts described in subsection (1)(a) of this section in accordance with rules adopted pursuant to ORS 183.310 (Definitions for chapter) to 183.410 (Agency determination of applicability of rule or statute to petitioner) that ensure that reasonable and prudent measures are taken to protect state investment funds from loss.

(3)

When accounts are established for a state agency or public body under subsection (1)(b) or (c) of this section, the state agency or public body shall require in the relevant agreement or indenture that reasonable and prudent measures are taken to protect the moneys in the accounts from loss.

(4)

As used in this section, the terms “financial institution outside this state” and “public body” have the meanings given those terms in ORS 295.001 (Definitions for ORS 295.001 to 295.108). [1993 c.69 §1; 1995 c.259 §5; 1997 c.171 §15; 2007 c.871 §24; 2010 c.101 §26; 2019 c.587 §33]

Source: Section 295.205 — Accounts in financial institutions outside Oregon; conditions; rules, 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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