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Oregon Revised Statutes Financial Institutions § 708A.145

Current as of January 01, 2023 | Updated by Findlaw Staff

(1) A bank service corporation may perform any of the following services for financial institutions:

(a) Check and deposit sorting and posting;

(b) Computing and posting interest and other credits and charges;

(c) Preparing and mailing checks, statements, notices and similar items; or

(d) Any other clerical, bookkeeping, accounting, statistical or similar functions.

(2) In addition to the services that a bank service corporation may perform for financial institutions under subsection (1) of this section, a bank service corporation:

(a) May perform for any person any service that any shareholders of the bank service corporation or any holding company or subsidiary of the shareholder may lawfully perform, except that a bank service corporation may not engage in the business of banking.

(b) Is subject to the limitations with respect to selling insurance that apply to depository institutions under ORS 746.213 to 746.219. For the purpose of this paragraph, “depository institution” has the meaning given that term in ORS 746.213.

(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 the banking institution, whether on or off the banking institution's premises, unless both the banking institution and the person that performs the services give a satisfactory assurance to the Director of the Department of Consumer and Business Services that the director may regulate and examine the performance of the services to the same extent as if the banking institution performed the services on the banking institution's 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 a bank service corporation's performance of the services described in subsection (2) of this section.

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Cite this article: FindLaw.com - Oregon Revised Statutes Financial Institutions § 708A.145 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-53-financial-institutions/or-rev-st-sect-708a-145/

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