USA Statutes : oregon
Title : TITLE 53 FINANCIAL INSTITUTIONS
Chapter : Chapter 715 Bank Holding Companies; Financial Holding Companies
(1) If a company proposes to become a financial holding
company or a bank holding company of an Oregon stock bank, when the
company files its application and any related materials with the Federal
Reserve Board, the company shall submit to the Director of the Department
of Consumer and Business Services copies of the application and related
materials.
(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]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](1) An Oregon nonstock bank may, pursuant to
rules adopted by the Director of the Department of Consumer and Business
Services, reorganize so that the resulting entities are an Oregon stock
savings bank, controlled by a mutual financial holding company or a
mutual bank holding company. For purposes of this section, a “mutual
financial holding company or a mutual bank holding company” is a
financial holding company or a bank holding company that does not issue
capital stock. The mutual financial holding company shall be mutually
owned by the depositors of the reorganizing Oregon nonstock bank and
shareholders of other companies under the control of the mutual financial
holding company. The mutual bank holding company shall be mutually owned
by the depositors of the reorganizing Oregon nonstock bank.
(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](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](1) A
financial holding company or a bank holding company of an Oregon stock
bank shall submit to the Director of the Department of Consumer and
Business Services copies of all reports that the financial holding
company or the bank holding company is required to submit to the Federal
Reserve Board. The copies shall be submitted to the director within the
time periods required by applicable federal law and regulation for the
filing of the originals with the Federal Reserve Board.
(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]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](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]
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