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Oregon Revised Statutes Financial Institutions § 713.130

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

(1) Except as provided in subsection (2) of this section, the Director of the Department of Consumer and Business Services may not issue a certificate of authority to an out-of-state bank or extranational institution if the name of the out-of-state bank or extranational institution is not distinguishable from:

(a) The name of any banking institution, insured institution, extranational institution that has complied with the provisions of ORS 713.020 or 713.300 or credit union, as defined in ORS 723.008; or

(b)(A) The name of any corporation, professional corporation, nonprofit corporation, cooperative, limited liability company, limited partnership or business trust currently on file with the Secretary of State; or

(B) Any reserved, registered or assumed business name currently on file with the Secretary of State.

(2) The director may refuse to permit an out-of-state bank or extranational institution to use a name if the director determines that the name is not distinguishable from the name of a financial institution that is already lawfully transacting business or making loans in this state.

(3)(a) Except as provided in paragraph (b) of this subsection, this section does not preclude an out-of-state bank or extranational institution from transacting business under one or more assumed business names if the names conform to the provisions of ORS 707.075.

(b) An out-of-state bank or extranational institution may not transact business under a name that the director determines is not distinguishable from:

(A) The name of any banking institution, insured institution, extranational institution that has complied with the provisions of ORS 713.020 or 713.300 or credit union, as defined in ORS 723.008; or

(B) The name of a corporation, professional corporation, nonprofit corporation, cooperative, limited liability company, limited partnership or business trust or any reserved, registered or assumed business name on file with the Secretary of State.

(c) The name designated under this section has the same legal effect under ORS 707.075 and ORS chapters 647 and 648 as the name of an Oregon bank.

(d) Issuing the certificate of authority does not abrogate or limit the law as to unfair competition or unfair trade practices or derogate from the common law, the principles of equity or the statutes of this state or of the United States with respect to the right to acquire and protect trade names, trademarks and service marks.

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Cite this article: FindLaw.com - Oregon Revised Statutes Financial Institutions § 713.130 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-53-financial-institutions/or-rev-st-sect-713-130/

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