ORS 706.008
Additional definitions for Bank Act


Mentioned in

Oregon and Delaware Join the Surge of US States Enacting General Privacy Legislation

LexBlog, September 6, 2023

“…the law exempts ‘financial institutions’ as defined under Oregon’s Revised Statute 706.008, which has a narrower definition than the GLBA’s equivalent term, and in effect exempts only traditional banks and credit unions.”
 
Bibliographic info

As used in the Bank Act:

(1)

“Bank” means a company, other than an extranational institution, that accepts deposits that the Bank Insurance Fund insures to any extent under the provisions of the Federal Deposit Insurance Act, as amended, 12 U.S.C. 1811, et seq.

(2)

“Bank holding company” means a company that is a bank holding company under the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. 1841, et seq.

(3)

“Bank service corporation” means a corporation or a limited liability company that is organized to perform services authorized by ORS 708A.145 (Authorized services of bank service corporations), all of the capital stock or membership interests of which one or more banking institutions or national banks own.

(4)

“Banking institution” means an Oregon commercial bank, an Oregon trust company or an Oregon savings bank.

(5)

“Company” means an entity that is a company under the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. 1841, et seq.

(6)

“Extranational institution” means a corporation, unincorporated company, partnership or association of two or more persons organized under the laws of a nation other than the United States, or other than a territory of the United States, Puerto Rico, Guam, American Samoa or the Virgin Islands, that engages directly in banking business.

(7)

“Federal bank” means a national bank or another bank organized under the laws of the United States.

(8)

“Financial holding company” means a company that engages in activities described for a financial holding company in section 103 of the federal Gramm-Leach-Bliley Act (P.L. 106-102).

(9)

“Financial institution” means an insured institution, an extranational institution, a credit union as defined in ORS 723.006 (“Credit union” defined), an out-of-state credit union under ORS 723.042 (Interstate credit unions) or a federal credit union.

(10)

“Institution” means an Oregon commercial bank or an Oregon trust company.

(11)

“Insured institution” means a company, the deposits of which are insured under the provisions of the Federal Deposit Insurance Act, as amended, 12 U.S.C. 1811, et seq.

(12)

“National bank” means a bank that was organized under the provisions of the National Bank Act, as amended, 12 U.S.C. 21, et seq.

(13)

“Non-Oregon institution” means:

(a)

An out-of-state state bank that engages in banking business in Oregon;

(b)

An out-of-state trust company that transacts trust business in Oregon; or

(c)

An extranational institution that engages in banking business in Oregon.

(14)

“Nonstock bank” means a bank that does not issue capital stock.

(15)

“Oregon bank” means an Oregon stock bank or Oregon nonstock bank.

(16)

“Oregon commercial bank” means an Oregon stock bank that was chartered under ORS chapter 707 as a bank other than a stock savings bank.

(17)

“Oregon nonstock bank” means a nonstock bank or savings bank, the home state of which is Oregon.

(18)

“Oregon operating institution” means:

(a)

A bank that engages in banking business in this state;

(b)

An extranational institution that engages in banking business in this state; or

(c)

A trust company that transacts trust business in this state.

(19)

“Oregon savings bank” or “savings bank” means an Oregon stock savings bank or an Oregon nonstock savings bank.

(20)

“Oregon stock bank” means a stock bank, the home state of which is Oregon.

(21)

“Oregon stock savings bank” means an Oregon stock bank that was initially chartered as or was converted to a stock savings bank under the Bank Act.

(22)

“Oregon trust company” means a trust company that was organized under the provisions of ORS chapter 707.

(23)

“Out-of-state bank” means an out-of-state state bank or an out-of-state federal bank.

(24)

“Out-of-state bank holding company” means a bank holding company, the home state of which is not Oregon, and that is not the bank holding company of an Oregon stock bank or an in-state federal stock bank.

(25)

“Out-of-state federal bank” means a federal bank, the home state of which is not Oregon.

(26)

“Out-of-state financial holding company” means a financial holding company, the home state of which is not Oregon, and that is not the financial holding company of an Oregon stock bank or an in-state federal stock bank.

(27)

“Out-of-state state bank” means a state bank, the home state of which is not Oregon.

(28)

“Out-of-state trust company” means a trust company that was organized under the laws of another state.

(29)

“State bank” means a bank that was organized under the laws of a state.

(30)

“Stock bank” means a bank that issues capital stock.

(31)

Intentionally left blank —Ed.

(a)

“Trust company” means a company that is authorized under the provisions of ORS chapter 709 to transact trust business, including the trust department of a bank.

(b)

“Trust company” does not include a corporation that a United States Bankruptcy Court appoints to serve as a bankruptcy trustee under Title 11, United States Code, during a time in which the corporation is acting as a bankruptcy trustee. [1997 c.631 §3; 2001 c.377 §29; 2011 c.263 §1; 2015 c.244 §6]

Source: Section 706.008 — Additional definitions for Bank Act, https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html.

706.005
Definitions for Bank Act
706.008
Additional definitions for Bank Act
706.015
Bank Act references to federal statutes and regulations
706.500
Examination of banking institutions and non-Oregon institutions
706.515
Agreements with other bank supervisory agencies and Financial Crimes Enforcement Network
706.520
Request by directors or stockholders for examination
706.530
Annual fees paid by banking institutions and non-Oregon institutions
706.544
Costs for special examination or other actions taken
706.560
Appraisal of securities and audit
706.570
Requirement that banking institution keep books and accounts
706.575
Certificate as evidence that document is filed with director
706.578
Establishment of loan production office
706.580
Illegal, unauthorized or unsafe practices
706.600
Authority to protect creditors and depositors of banking institution or non-Oregon institution
706.610
Examiners required to report insolvency of Oregon operating institution
706.620
Records
706.630
Regular reports of condition
706.650
Delay or failure to furnish reports of condition
706.655
Records of extensions of credit by banking institutions
706.690
Transfer of stock or controlling interest
706.700
Resignation or retirement of director, president or chief executive officer
706.710
Waiver of retirement or resignation notices
706.720
Reports filed with director
706.723
Confidential documents
706.725
False statements, reports and book entries
706.730
Depositor and debtor information confidential
706.775
Enforcement of Bank Act
706.780
Notice to law enforcement officers of Bank Act violations
706.785
Attorney General to conduct actions
706.790
Rules
706.795
Rules authorizing banking institutions to exercise powers of certain financial institutions
706.815
Single account for moneys relating to supervision of Oregon operating institutions
706.980
Civil penalties
706.990
Criminal penalties
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