ORS 706.600
Authority to protect creditors and depositors of banking institution or non-Oregon institution


(1)

The Director of the Department of Consumer and Business Services may take one or more of the actions described in this section to protect the interest of the creditors and depositors of a banking institution or non-Oregon institution if any of the following occurs:

(a)

It is unsafe or inexpedient for the banking institution or non-Oregon institution to continue to transact business.

(b)

Extraordinary withdrawals of money are jeopardizing the interests of remaining depositors.

(c)

A director or officer has abused that person’s trust or has been guilty of misconduct in an official position injurious to the banking institution or non-Oregon institution.

(d)

The banking institution or non-Oregon institution has suffered a serious loss by fire, floods, burglary, disaster or otherwise.

(e)

The banking institution or non-Oregon institution neglects or refuses to observe an order of the director under ORS 706.580 (Illegal, unauthorized or unsafe practices) or refuses to submit to the inspection of an examiner.

(f)

A director or officer refuses to be examined under oath regarding the affairs of the banking institution or non-Oregon institution.

(2)

For purposes of subsection (1) of this section and subject to subsection (5) of this section, the director may take any of the following actions in regard to a banking institution:

(a)

Take immediate possession and control of the property and affairs of the banking institution.

(b)

If the director has issued an order under ORS 706.580 (Illegal, unauthorized or unsafe practices), enter the banking institution to monitor and enforce implementation of the order.

(c)

Direct the sale of all or part of the banking institution’s assets, or portions thereof, and the assumption of all or part of its liabilities.

(d)

Direct the conversion, reorganization or consolidation of the banking institution, either with or without a merger.

(e)

Direct the merger of the banking institution.

(f)

Direct the sale of a banking institution.

(g)

Direct the banking institution to develop and endeavor to implement an acquisition plan, under which the banking institution will acquire or be acquired by a national bank or banking institution, or a state or federal savings association.

(h)

Take any other action that the director determines is necessary and expedient to facilitate the sale of the stock or assets of the banking institution, or the sale, conversion, reorganization, consolidation or merger of the banking institution.

(3)

For purposes of subsection (1) of this section, and subject to ORS 706.515 (Agreements with other bank supervisory agencies and Financial Crimes Enforcement Network), the director may take any one of the following actions in regard to a non-Oregon institution:

(a)

Take immediate possession and control of the property in this state of the non-Oregon institution.

(b)

If the director has issued an order under ORS 706.580 (Illegal, unauthorized or unsafe practices), enter the branches, offices or other places of business in this state of the non-Oregon institution to monitor and enforce implementation of the order.

(c)

Acting alone or in concert with another appropriate bank supervisory agency, take any action authorized or permitted to be taken under or pursuant to any agreement or contract between the director and one or more bank supervisory agencies.

(4)

Notwithstanding any other provision of law and pursuant to ORS 706.544 (Costs for special examination or other actions taken), any actual costs incurred by the Department of Consumer and Business Services under this section shall be paid by the banking institution or non-Oregon institution to the director for deposit in the Consumer and Business Services Fund. The moneys deposited in the Consumer and Business Services Fund under this subsection shall not be considered as a budget item on which a limitation is otherwise fixed by law, but shall be in addition to any specific biennial appropriations or amounts authorized to be expended from the Consumer and Business Services Fund for any biennial period.

(5)

Subsection (2)(c) to (h) of this section are available to the director only when a banking institution is in immediate danger of insolvency. [Amended by 1973 c.797 §32; 1985 c.786 §12; 1993 c.318 §7; 1997 c.631 §11]

Source: Section 706.600 — Authority to protect creditors and depositors of banking institution or non-Oregon institution, 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
Green check means up to date. Up to date