Disclosure of financial records prohibited
- • exceptions
(1) Except as provided in ORS 192.588 (Disclosure to Department of Human Services or Oregon Health Authority), 192.589 (Financial institution records of deceased individual), 192.591 (Disclosure to state court), 192.593 (Authorization by customer for disclosure), 192.596 (Disclosure under summons or subpoena), 192.597 (Disclosure pursuant to abuse investigation), 192.598 (Disclosure under search warrant) and 192.603 (Procedure for disclosure to law enforcement agency) or as required by ORS 25.643 (Disclosure of information on obligors by financial institutions) and 25.646 (Disclosure of financial records of customers by financial institutions) and the Uniform Disposition of Unclaimed Property Act, ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436):
(a) A financial institution may not provide financial records of a customer to a state or local agency.
(b) A state or local agency may not request or receive from a financial institution financial records of customers.
(2) Subsection (1) of this section does not preclude a financial institution, in the discretion of the financial institution, from initiating contact with, and thereafter communicating with and disclosing customer financial records to:
(a) Appropriate state or local agencies concerning a suspected violation of the law.
(b) The office of the State Treasurer if the records relate to state investments in commercial mortgages involving the customer. The records and the information contained therein are public records but are exempt from disclosure under ORS 192.410 (Definitions for ORS 192.410 to 192.505) to 192.505 (Exempt and nonexempt public record to be separated) unless the public interest in disclosure clearly outweighs the public interest in confidentiality. However, the following records in the office must remain open to public inspection:
(A) The contract or promissory note establishing a directly held residential or commercial mortgage and information identifying collateral;
(B) Any copy the office retains of the underlying mortgage note in which the office purchases a participation interest; and
(C) Information showing that a directly held loan is in default.
(c) An appropriate state or local agency in connection with any business relationship or transaction between the financial institution and the customer, if the disclosure is made in the ordinary course of business of the financial institution and will further the legitimate business interests of the customer or the financial institution.
(a) The dissemination of any financial information that is not identified with, or identifiable as being derived from, the financial records of a particular customer.
(b) The examination by, or disclosure to, the Department of Consumer and Business Services of financial records that relate solely to the exercise of the department’s supervisory function. The scope of the department’s supervisory function shall be determined by reference to statutes that grant authority to examine, audit, or require reports of financial records or financial institutions.
(c) The furnishing to the Department of Revenue of information by the financial institution, whether acting as principal or agent, as required by ORS 314.360 (Information returns).
(d) Compliance with the provisions of ORS 708A.655 (Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box) or 723.844 (Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box).
(4) Notwithstanding subsection (1) of this section, a financial institution may:
(a) Enter into an agreement with the Oregon State Bar that requires the financial institution to make reports to the Oregon State Bar whenever a properly payable instrument is presented for payment out of an attorney trust account that contains insufficient funds, whether or not the instrument is honored by the financial institution; and
(b) Submit reports to the Oregon State Bar concerning instruments presented for payment out of an attorney trust account under a trust account overdraft notification program established under ORS 9.685 (Trust account overdraft notification program). [Formerly 192.555; 2012 c.70 §§10a,26; 2013 c.352 §2; 2015 c.129 §3]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.