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Oregon Revised Statutes Credit Unions, Lending Institutions and Pawnbrokers § 723.042

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

(1) A credit union chartered under this chapter may operate in another state unless prohibited by the laws of the other state. Oregon is the home state for any credit union chartered under this chapter.

(2) A credit union organized under the laws of another state may conduct business as a credit union in this state with the approval of the Director of the Department of Consumer and Business Services under the conditions described in subsection (3) of this section. Oregon is the host state for any credit union chartered under the laws of any other state and conducting business as a credit union in this state. The state that charters the credit union is the home state of the credit union.

(3) The director may issue a branch certificate to a credit union chartered in another state for the purposes of operating in this state if all of the following conditions are met:

(a) The credit union is organized under a credit union law substantially similar to this chapter;

(b) The credit union files an application that includes an agreement to comply with all rules prescribed by the director;

(c) The credit union agrees to submit an annual or other regular report of examination from the supervising agency of the state in which it is chartered;

(d) The credit union agrees to authorize the examination of its parent credit union by the director and to pay the fee determined under ORS 723.114;

(e) The field of membership of the credit union meets the definition of membership as defined in ORS 723.172;

(f) The credit union acknowledges that laws of this state relating to consumer protection apply to transactions with residents of this state;

(g) The credit union has account insurance comparable to that required for credit unions incorporated under this chapter;

(h) The credit union designates and maintains an agent for the service of process in this state; and

(i) The credit union submits quarterly financial reports as required by the director.

(4) The director may suspend or revoke the certificate of any credit union for which Oregon is the host state for any violation of the provisions of this chapter or rules or orders issued by the director.

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Cite this article: FindLaw.com - Oregon Revised Statutes Credit Unions, Lending Institutions and Pawnbrokers § 723.042 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-54-credit-unions-lending-institutions-and-pawnbrokers/or-rev-st-sect-723-042/

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