The text appearing in this database was produced from material provided by the Legislative Counsel Committee of the Oregon Legislative Assembly. The official record copy is the printed published copy of the Oregon Revised Statutes. The text in the database is not the official text of Oregon law.
Although efforts have been made to match the database text to the official legal text they represent, substantive errors or differences may remain. It is the users responsibility to verify the legal accuracy of all legal text. The Legislative Counsel Committee claims copyright protection in those parts of Oregon Revised Statutes that are legally subject to copyright protection. The State of Oregon is not liable for any loss or damage resulting from errors introduced into the materials supplied by the Legislative Counsel Committee, by a user or any third party, or resulting from any defect in or misuse of any search software, drivers or other equipment.
Hint: Use your browser's Find feature (usually found in the Edit menu) to get to a section more quickly.
Chapter 715 — Bank Holding Companies; Financial Holding Companies
2001 EDITION
(2) The director may submit comments and recommendations for approval or disapproval to the Federal Reserve Board concerning any application to become a financial holding company or a bank holding company of an Oregon stock bank that is filed with the Federal Reserve Board.
(3) Following the filing of an application to become a financial holding company or a bank holding company and the submission to the director of the materials described in subsection (1) of this section, the company shall submit to the director copies of any written communications between itself and the Federal Reserve Board that relate to the application, including copies of any written approval or denial of the application. A copy of each such written communication shall be submitted to the director within 10 days after the original thereof is sent or received by the company. [1997 c.631 §329; 2001 c.377 §30]
(1) An Oregon stock bank or an in-state federal stock bank, by itself or together with any predecessor, only if the Oregon stock bank or in-state federal stock bank has been engaged in the business of banking in this state for a period of not less than three years prior to the date on which the out-of-state financial holding company or the out-of-state bank holding company becomes the financial holding company or the bank holding company of the Oregon stock bank or in-state federal stock bank.
(2) An Oregon stock bank organized under ORS 707.025 that has merged with or acquired all or substantially all of the assets and liabilities of an Oregon stock bank or in-state federal stock bank, by itself or together with any predecessor, only if the Oregon stock bank or in-state federal stock bank has been engaged in the business of banking in this state for a period of not less than three years prior to the date on which the out-of-state financial holding company or the out-of-state bank holding company becomes the financial holding company or the bank holding company of the Oregon stock bank. [1997 c.631 §330; 2001 c.377 §31]
(2) A mutual bank holding company may acquire or invest in the stock of one or more stock savings banks.
(3) A mutual bank holding company may merge with or acquire another mutual bank holding company.
(4) A mutual bank holding company formed under this section shall be subject to the provisions of this chapter.
(5) The director is authorized to adopt rules to carry out the provisions of this section. [1997 c.631 §330a; 2001 c.377 §32]
715.020 [Repealed by 1973 c.797 §428]
715.025 [1973 c.797 §338; 1985 c.12 §10; repealed by 1997 c.631 §567]
715.030 [Repealed by 1973 c.797 §428]
715.040 [Repealed by 1973 c.797 §428]
(2) The financial holding company or the bank holding company examined shall pay to the director the actual cost of the examination, as determined by the director. [1973 c.797 §340; 1997 c.631 §326; 2001 c.377 §33]
715.050 [Repealed by 1973 c.797 §428]
(2) The director may call for additional information from a financial holding company or a bank holding company, in such form as the director may prescribe by rule or order, if the director considers it necessary in order to obtain full knowledge of the condition of the Oregon stock bank which the financial holding company or the bank holding company controls. The financial holding company or the bank holding company shall submit the report to the director within the time period prescribed by the director.
(3) If a financial holding company or a bank holding company fails to submit a report or additional information as required by this section, the financial holding company or the bank holding company shall pay to the director a penalty of up to $1,000 for each day it fails to comply. If the financial holding company or the bank holding company delays or refuses to pay the penalty upon demand by the director, the director may maintain an action in the director’s name against the delinquent financial holding company or bank holding company for the recovery of the penalty. [1973 c.797 §341; 1997 c.631 §327; 2001 c.377 §34]
715.065 [1985 c.12 §12; 1987 c.371 §3; 1995 c.6 §4; repealed by 1997 c.631 §567]
715.070 [1985 c.12 §13; 1987 c.371 §4; repealed by 1997 c.631 §567]
715.075 Authority of financial holding company or bank holding company to acquire corporation licensed as insurance agent; rules. A financial holding company or a bank holding company may acquire and hold all or part of the stock of a corporation that is or may thereafter be licensed as an agent as required by ORS 744.053 to transact one or more of the classes of insurance described in ORS 744.062 except for title insurance, subject to the following requirements:
(1) The acquisition and holding of such stock shall be subject to the approval of the Director of the Department of Consumer and Business Services. The director shall base consideration for approval on the condition of the financial holding company or the bank holding company, the adequacy of a formal business plan for the insurance activities and the existence of satisfactory management for the corporation.
(2) The director may revoke or restrict the ongoing authority of the financial holding company or the bank holding company to hold stock in the corporation if the condition of the financial holding company or the bank holding company or of any bank owned by it substantially deteriorates or if the insurance activities are adversely affecting the financial holding company or the bank holding company or any bank owned by it.
(3) If the corporation conducts the insurance agency activity in any branch or office in which any bank owned by the financial holding company or the bank holding company carries on its banking business, the insurance agency activity shall be physically separated from those parts of the premises in which the bank carries on the banking business.
(4) No person who acts on behalf of the corporation as an agent, as that term is defined in ORS 731.062, shall while employed by the corporation engage on behalf of the financial holding company or the bank holding company or any bank owned by it in any activities relating to the making of loans or the granting of other credits to the customers of any bank owned by the financial holding company or the bank holding company, including but not limited to serving as a loan officer or as a member of a loan committee or any other group charged with approval of loans and other credits.
(5) The name of the corporation and any assumed business name used by it shall not be identical to that of any bank owned by the financial holding company or the bank holding company.
(6) Prior to selling any policy of insurance, the corporation shall give substantially the following notice in writing to the purchaser in at least 10-point boldfaced type:
______________________________________________________________________________
NOTICE
_________ (Name of corporation licensed as an agent) is owned by _________________ (Name of financial holding company or bank holding company) which also owns ____________ (Name of institution or savings bank). You are not required to purchase any insurance from it as a condition of obtaining any service from or engaging in any transaction with the institution, savings bank, financial holding company or bank holding company. Before committing to purchase any policy of insurance, you should shop for the coverage by carefully comparing information obtained from two or more agents on prices, benefits, services, terms of renewal and other policy features. You hereby acknowledge receipt of a copy of this notice.
_________________ ______
Customer’s signature Date
______________________________________________________________________________
(7) For each calendar year during which a financial holding company or a bank holding company owns all or part of any corporation licensed as an agent as required by ORS 744.053, the financial holding company or the bank holding company shall file a written report with the director. The report shall be filed no later than March 31 of the following year and shall disclose the insurance activities of the corporation. The required contents of the report shall be established by the director by rule. The reports filed with the director under this paragraph shall be available for public inspection in the office of the director.
(8) The corporation shall not in any manner use customer information obtained by the institution from another insurance agent to promote, develop or solicit insurance business for the corporation unless the other insurance agent consents to such use of the customer information.
(9) The corporation shall be subject to the limitations applicable to lending institutions under ORS 746.180 and 746.185 to 746.211. For the purpose of this subsection, the term "lending institution" has the meaning set forth in ORS 746.185. [1987 c.916 §4; 1989 c.331 §30; 1989 c.701 §66; 1997 c.831 §3; 2001 c.191 §54; 2001 c.377 §35]
(2) For purposes of this section, "customers" includes but is not limited to depositors, borrowers, credit card holders, lessees, purchasers under contracts and applicants for credit. [1985 c.357 §2; 2001 c.377 §36]
715.100 [1985 c.12 §17; repealed by 1987 c.371 §5]
715.910 [1975 c.544 §43; repealed by 1997 c.631 §567]
715.990 [Amended by 1973 c.797 §342; repealed by 1975 c.544 §62]