Authorized services of bank service corporations
- • sale of insurance
- • regulation of services
(1) A bank service corporation may perform any of the following services for financial institutions:
(a) Check and deposit sorting and posting;
(b) Computation and posting of interest and other credits and charges;
(c) Preparation and mailing of checks, statements, notices and similar items; or
(d) Any other clerical, bookkeeping, accounting, statistical or similar functions performed for a financial institution.
(2) In addition to the services that may be performed by a bank service corporation for financial institutions under subsection (1) of this section, a bank service corporation:
(a) May perform for any person any service that may lawfully be performed by all shareholders of the bank service corporation, or by any holding company or subsidiary of any such shareholder, except that a bank service corporation shall not take deposits.
(b) With respect to the sale of insurance, shall be subject to the limitations applicable to depository institutions under ORS 746.213 (Definitions for ORS 746.213 to 746.219) to 746.219 (Investigatory powers). For the purpose of this paragraph, "depository institution" has the meaning given that term in ORS 746.213 (Definitions for ORS 746.213 to 746.219).
(3) A banking institution may not cause to be performed, by contract or otherwise, any of the services described in subsection (1) of this section for itself, whether on or off its premises, unless assurances satisfactory to the Director of the Department of Consumer and Business Services are furnished to the director by both the banking institution and the person performing the services that the performance of the services will be subject to regulation and examination by the director to the same extent as if the services were performed by the banking institution itself on its own premises.
(4) The director may regulate and examine the performance of the services described in subsection (1) of this section for financial institutions, and may regulate and examine the performance by bank service corporations of the services described in subsection (2) of this section. [1997 c.631 §124; 2003 c.363 §8]
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. Currency Information