ORS 295.015
Maintenance of securities by qualified depository


Except as provided in ORS 295.018 (Increase in required collateral of qualified depository):

(1)

Intentionally left blank —Ed.

(a)

Throughout the period that a qualified depository possesses uninsured public funds deposits, the depository shall maintain collateral, at the depository’s own expense, that has a value at least equal to the depository’s minimum collateral requirement and as otherwise prescribed in ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules). If the collateral consists of securities, the depository shall deposit the securities with the depository’s custodian. The depository and custodian shall identify the securities in their respective records as security for public funds deposited in accordance with ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules).

(b)

For purposes of this section, when pledged as collateral for public funds deposits, loans described in ORS 295.001 (Definitions for ORS 295.001 to 295.108) (23)(f) must be discounted to 75 percent of the unpaid principal balance owing on the loan from time to time, or to a lower value that the State Treasurer determines from time to time.

(c)

A bond anticipation note that is pledged as collateral for public funds deposits and for which there is no readily determinable market value must be discounted to 75 percent of the unpaid principal balance owing on the note from time to time, or to a lower value that the State Treasurer determines from time to time.

(2)

A qualified depository may deposit other eligible securities with the depository’s custodian and release from deposit securities that the depository pledged to secure deposits of public funds if the remaining securities have a value not less than the depository’s minimum collateral requirement. The State Treasurer shall execute releases and surrender custodian’s receipts that are appropriate to effect pledges and releases of matured and excess pledged securities.

(3)

If a qualified depository’s minimum collateral requirement increases because the depository ceases to be a well capitalized depository as reflected in the depository’s last treasurer report, call report or other public filing, or if the depository receives notice from the State Treasurer that its minimum collateral requirement is increased, the depository shall:

(a)

Within three business days after the date on which the qualified depository’s minimum collateral requirement increases, the depository shall notify the depository’s custodian and the State Treasurer in writing that the depository’s minimum collateral requirement has increased, setting forth the depository’s new minimum collateral requirement and the depository’s plan for increasing the depository’s pledged collateral to the minimum collateral requirement; and

(b)

Within five business days after the date on which the qualified depository’s minimum collateral requirement increases, or within a longer period approved by the State Treasurer in coordination with the Department of Consumer and Business Services, the depository shall, in accordance with the plan approved by the State Treasurer, provide additional collateral sufficient to increase the total value of the depository’s securities pledged as collateral for public funds deposits to the depository’s new minimum collateral requirement.

(4)

If a qualified depository’s minimum collateral requirement decreases because the depository becomes well capitalized, or because the State Treasurer no longer requires the depository to pledge additional collateral under ORS 295.018 (Increase in required collateral of qualified depository), the depository may:

(a)

Notify the qualified depository’s custodian, if any, and the State Treasurer in writing that the depository’s minimum collateral requirement has decreased, setting forth the depository’s new minimum collateral requirement; and

(b)

With the written approval of the State Treasurer, reduce the value of the qualified depository’s collateral including a release from the depository’s custodian of those securities that exceed the depository’s new minimum collateral requirement.

(5)

The State Treasurer shall act upon requests for releases of securities under subsections (2) and (4)(b) of this section within three business days after receiving each request. [1967 c.451 §2; 1975 c.515 §3; 2007 c.871 §17; 2009 c.821 §6; 2010 c.101 §7; 2017 c.500 §3; 2019 c.587 §10]

Source: Section 295.015 — Maintenance of securities by qualified depository, 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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