2007 Oregon Code - Chapter 715 :: Chapter 715 - Bank Holding Companies - Financial Holding Companies
Chapter 715 —
Bank Holding Companies; Financial Holding Companies
2007 EDITION
BANK AND FINANCIAL HOLDING COMPANIES
FINANCIAL INSTITUTIONS
715.012Â Â Â Â Application
to become financial holding company or bank holding company of
715.017Â Â Â Â Out-of-state
financial holding companies; out-of-state bank holding companies
715.019Â Â Â Â Mutual
financial holding companies; mutual bank holding companies; authority; rules
715.045Â Â Â Â Examination
of certain financial holding companies or bank holding companies; payment of
costs of examination
715.055Â Â Â Â Submission
of reports filed with Federal Reserve Board; additional information; rules;
penalty for failure to submit
715.075Â Â Â Â Authority
of financial holding company or bank holding company to acquire corporation
licensed as insurance producer; rules
715.090Â Â Â Â Authority
of financial holding company or bank holding company to share information
concerning customers with controlled company
     715.010 [Amended by 1973 c.797 §336; 1977 c.135 §27; 1979 c.88 §15; 1983 c.296
§9;
1985 c.12 §8; 1989 c.12 §1; 1989 c.447 §1;
repealed by 1997 c.631 §567]
     715.012
Application to become financial holding company or bank holding company of
     (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
     (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]
     715.015 [1973 c.797 §337; 1975 c.544 §41; 1977 c.135
§28; 1979 c.88 §16; 1985 c.12 §9; 1985 c.786 §44; repealed by 1997 c.631 §567]
     715.017
Out-of-state financial holding companies; out-of-state bank holding companies. An out-of-state financial holding company or
an out-of-state bank holding company may become the financial holding company
or the bank holding company of:
     (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]
     715.019
Mutual financial holding companies; mutual bank holding companies; authority;
rules. (1) An
     (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]
     715.035 [1973 c.797 §339; 1977 c.135 §29; 1983 c.37 §24;
1985 c.786 §45; repealed by 1997 c.631 §567]
     715.040 [Repealed by 1973 c.797 §428]
     715.045
Examination of certain financial holding companies or bank holding companies;
payment of costs of examination. (1) The Director of the Department of Consumer and Business Services
may examine the books, accounts, records and files of a financial holding
company or a bank holding company of an Oregon stock bank when the director
considers it necessary to evaluate the condition of the Oregon stock bank that
is a subsidiary of the financial holding company or the bank holding company.
     (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]
     715.055
Submission of reports filed with Federal Reserve Board; additional information;
rules; penalty for failure to submit. (1) A financial holding company or a bank holding company of an
     (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 directorÂ’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 producer; 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 insurance producer as required by
ORS 744.053 to transact one or more of the classes of insurance described in
ORS 744.062, 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) 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 insurance producer 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 subsection
shall be available for public inspection in the office of the director.
     (4) The corporation shall not in any
manner use customer information obtained by the institution from another
insurance producer to promote, develop or solicit insurance business for the
corporation unless the other insurance producer consents to such use of the
customer information.
     (5) The corporation shall be subject to
the limitations applicable to depository institutions under ORS 746.213 to
746.219. For the purpose of this subsection, “depository institution” has the
meaning given that term in ORS 746.213. [1987 c.916 §4; 1989 c.331 §30; 1989
c.701 §66; 1997 c.831 §3; 2001 c.191 §54; 2001 c.377 §35; 2003 c.363 §9; 2003
c.364 §60a; 2005 c.194 §2]
     715.090
Authority of financial holding company or bank holding company to share
information concerning customers with controlled company. (1) A financial holding company or bank
holding company may share financial and credit information concerning its
customers with any company of which it directly or indirectly controls 50
percent or more of the voting shares. Any company so controlled by a financial
holding company or bank holding company may share information concerning its
customers with the financial holding company or bank holding company and with
any other company so controlled by the same financial holding company or bank
holding company. This section shall not be construed as otherwise permitting or
limiting the sharing or disclosure of information.
     (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]
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