2007 ORS 713.300¹
Activities of out-of-state bank, extranational institution or foreign association that do not constitute transacting business in this state
  • filing statement with director
  • fee

(1) For purposes of this section, "foreign association" means a foreign association as defined in ORS 722.004 (Definitions) or a federal association as defined in ORS 722.004 (Definitions), the home state of which is a state other than Oregon.

(2) Subject to subsection (3) of this section, any out-of-state bank, extranational institution or foreign association, without being authorized to transact banking business or savings and loan business in this state, may take, acquire, hold and enforce notes secured by mortgages or trust deeds and make commitments to purchase such notes. The out-of-state bank, extranational institution or foreign association may foreclose the mortgages or trust deeds in the courts of this state, acquire the mortgaged property, hold, own and operate the property for a period not exceeding five years and dispose of the property. The activities authorized under this subsection by an out-of-state bank, extranational institution or foreign association shall not constitute transacting business in this state for the purposes of ORS chapter 60.

(3) Before an out-of-state bank, extranational institution or foreign association engages in any of the activities described in subsection (2) of this section, the bank, institution or association shall first file with the Department of Consumer and Business Services a statement signed by its president, secretary, treasurer or general manager indicating that the bank, institution or association designates the Director of the Department of Consumer and Business Services its attorney for service of process. The out-of-state bank, extranational institution or foreign association shall pay an initial filing fee of $200 and an annual fee of $200. The statement shall include the address of the principal place of business of the out-of-state bank, extranational institution or foreign association.

(4) The Director of the Department of Consumer and Business Services, upon receiving service of process as authorized by subsection (3) of this section, immediately shall forward all documents served upon the director to the principal place of business of the out-of-state bank, extranational institution or foreign association.

(5) The filing requirements of subsection (3) of this section do not apply to an out-of-state bank or extranational institution that has obtained a certificate of authority to transact banking business in this state under ORS 713.020 (Certificate of authority to conduct banking business), or to a foreign association that has obtained a certificate of authority to transact savings and loan business in this state under ORS 722.502 (Certificate of authority required to transact business in Oregon). Notwithstanding subsection (3) of this section, such an out-of-state bank, extranational institution or foreign association may take, acquire, hold and enforce notes secured by mortgages or trust deeds, make commitments to purchase such notes and participate with other lenders authorized to do business in this state in the making of loans for which such notes are executed and delivered.

(6) An out-of-state bank, extranational institution or foreign association that indirectly engages in the activities described in subsection (2) of this section because of its beneficial interest in a pool of notes secured by mortgages or trust deeds need not comply with subsection (3) of this section. [1999 c.30 §4]

Chapter 713

Atty. Gen. Opinions

Applicability of licensing and registra­tion require­ments under Bank Act to loan solicita­tion office operating in Oregon, (1985) Vol. 44, p 378

1 Legislative Counsel Committee, CHAPTER 713—Out-of-State Banks and Extranational Institutions, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­713.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 713, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­713ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
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.