75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
HA to HB 2199
LC 793/HB 2199-5
HOUSE AMENDMENTS TO
HOUSE BILL 2199
By COMMITTEE ON CONSUMER PROTECTION
May 4
On page 1 of the printed bill, line 5, after '706.530, ' insert
'706.580,'.
In line 6, after '723.752,' insert '723.822,'.
On page 26, line 42, after 'with' delete the rest of the line
and line 43 and insert 'the Financial Crimes Enforcement Network
established by order of the United States Secretary of the
Treasury'.
In line 44, delete 'Stat. 272,'.
On page 28, after line 10, insert:
' { + SECTION 30a. + } ORS 706.580 is amended to read:
' 706.580. { + (1) + } { - When it appears to - } The
Director of the Department of Consumer and Business Services
{ - that - } { + may take an action described in subsection
(2) of this section if + } a banking institution or non-Oregon
institution { + :
' (a) Conducts business in an unsafe or unauthorized manner;
' (b) Refuses to submit records for inspection by an examiner
or by the Department of Consumer and Business Services; or
' (c) Violates a law of this state or the United States or a
duly issued order of the director. + } { - is violating any law
or duly issued order of the director, is conducting its business
in an unsafe or unauthorized manner, or has refused to submit its
records for inspection by an examiner or examination by the
Department of Consumer and Business Services: - }
' { - (1) - } { + (2) If the director believes a condition
described in subsection (1) of this section exists, + }the
director may:
' (a) Notify the appropriate bank supervisory agency, with
respect to { - such - } { + the + } banking institution or
non-Oregon institution, of the director's determination and the
facts and circumstances on which { - such - } { + the + }
determination is based;
' (b) Provide the banking institution or non-Oregon institution
with a statement of the charges on the basis of which the { +
director determined + } { - determination was made - } that
the banking institution or non-Oregon institution is violating
the law or conducting { - its - } business in an unsafe or
unauthorized manner;
' (c) Notify the banking institution or non-Oregon institution
of the date and place of a hearing before the director, or
{ - any - } { + a + } person designated by the director, with
respect to the charges against the banking institution or
non-Oregon institution; and
' (d) Conduct a hearing pursuant to the notice given to the
banking institution or non-Oregon institution under subsection
(1)(c) of this section { - , - } and make findings with respect
to each of the charges specified in the notice to the banking
institution or non-Oregon institution.
' { - (2) - } { + (3) After a hearing conducted under
subsection (2) of this section, + } the director may:
' (a) By an order in writing:
' (A) Direct the discontinuance of the illegal, unsafe or
unauthorized practices; and
' (B) Direct the banking institution or non-Oregon institution
to take affirmative action to correct or remedy { - any
conditions resulting - } { + a condition that resulted + } from
the illegal, unsafe or unauthorized practice;
' (b) Apply for and obtain an injunction or other appropriate
order from a court { - having - } { + that has + }
jurisdiction over the matter { - , enforcing - } { + to
enforce + } the director's order issued under
{ - subsection (2)(a) - } { + paragraph (a) + } of this
{ - section - } { + subsection + };
' (c) Publish notice of { - any - } { + an + } order
{ - issued by - } the director { + issued + } pursuant to
{ - subsection (2)(a) - } { + paragraph (a) + } of this
{ - section - } { + subsection + }; and
' (d) Suspend or revoke the authority of a non-Oregon
institution to open, occupy or maintain a branch or branches in
this state.'.
Delete lines 35 through 37 and insert:
' (g) Correspondence, reports or other information obtained
from or provided to the Financial Crimes Enforcement Network
established by order of the United States Secretary of the
Treasury.'.
On page 30, delete lines 35 through 45 and delete page 31.
On page 32, delete lines 1 through 9 and insert:
' { + NOTE: + } Sections 33 through 35 were deleted by
amendment. Subsequent sections were not renumbered.'.
On page 35, delete lines 12 through 14 and insert:
' (f) Correspondence, reports or other information obtained
from or provided to the Financial Crimes Enforcement Network
established by order of the United States Secretary of the
Treasury.'.
On page 36, line 6, after 'with' delete the rest of the line
and line 7 and insert 'the Financial Crimes Enforcement Network
established by order of the United States Secretary of the
Treasury'.
In line 8, delete '107-56, 115 Stat. 272,'.
On page 37, after line 16, insert:
' { + SECTION 42a. + } ORS 723.822 is amended to read:
' 723.822. (1) The Director of the Department of Consumer and
Business Services may issue and serve upon a credit union or a
director, officer, committee member, employee or agent of a
credit union an order to cease and desist from a practice or a
violation as follows:
' (a) The director may issue an order to cease and desist from
an unsafe or unsound practice when the director has reasonable
cause to believe that the person to whom the order is directed is
engaging, has engaged or is about to engage in an unsafe or
unsound practice in conducting the business of the credit union.
' (b) The director may issue an order to cease and desist from
a violation when the director has reasonable cause to believe
that the person to whom the order is directed is violating, has
violated or is about to violate a law { + , + } { - or - }
rule { + or regulation of this state or the United States + },
an order of the director or { - any - } { + a + } provision
of the articles of incorporation or bylaws of the credit union.
' (2) An order under subsection (1) of this section
{ - shall - } { + must + } include the following:
' (a) A statement of the facts { - constituting - } { +
that constitute + } the practice or violation.
' (b) A provision { - requiring - } { + that requires + }
the person named in the order to cease and desist from the
practice or violation. The provision may be mandatory or
otherwise.
' (c) The effective date of the order.
' (d) A notice to the person named in the order of the right to
a contested case hearing under ORS chapter 183.
' (3) { - When - } { + If + } the practice or violation
specified in the order or the continuation of the practice or
violation is likely to prejudice the interest of the members of a
credit union, the director may issue an order effective
immediately or at a later date. In all other cases, the order
{ - shall be - } { + is + } effective 30 days after the date
of the order unless the person named in the order requests a
hearing { - thereon - } { + on the order + }.
' (4) An order under this section remains in effect until
{ - it - } { + a court order or the director withdraws the
order + } { - is withdrawn by the director or by a court
order - } .
' (5) If an individual named in an order under this section
fails to comply with the order, the director may issue an order
{ - removing or suspending - } { + that removes or
suspends + } the individual from the office or position
{ - held by - } the individual { + holds + }. The removal or
suspension is in addition to any penalty provided by ORS 723.995
for failure to comply with an order issued under this section.'.
On page 39, line 7, after 'discount' delete the rest of the
line and line 8 and insert 'window primary credit rate'.
In line 9, delete 'cludes Oregon'.
On page 42, line 4, delete 'Sections 34 and 35 of this 2009
Act,'.
In line 7, after '706.530,' insert '706.580,'.
In line 8, after '723.752,' insert '723.822,'.
In line 14, delete 'sections 34 and 35 of this 2009 Act,'.
In line 17, after '706.530,' insert '706.580,'.
In line 18, after '723.752,' insert '723.822,'.
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