75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 3641
 
                           A-Engrossed
 
                         House Bill 2784
                  Ordered by the House April 30
            Including House Amendments dated April 30
 
Sponsored by Representative SHIELDS; Representatives BUCKLEY, D
  EDWARDS, GALIZIO, GARRARD, HARKER, KAHL, KOMP, MATTHEWS, RILEY,
  G SMITH, STIEGLER, VANORMAN, Senators BOQUIST, GEORGE,
  MORRISETTE, WHITSETT
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
    { - Creates Task Force on Oversight of Financial Institutions
Receiving Funds from the Troubled Asset Relief Program. Provides
that task force shall evaluate need for regulation of operations
of financial institutions licensed, certified or chartered in
this state that receive funds from program. - }
   { +  Directs specified interim legislative committees to
review operations of specified financial institutions that
receive funds from Troubled Asset Relief Program to ensure
institutions meet goals and obligations of program. + }
  Sunsets   { - task force - }  on date of convening of next
regular biennial legislative session.
  Declares emergency, effective on passage.
 
                        A BILL FOR AN ACT
Relating to Oregon financial institutions that receive funds from
  the Troubled Asset Relief Program; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + (1) The interim legislative committee of the
House of Representatives on consumer protection or other
appropriate interim legislative committee of the House of
Representatives on consumer protection, and the interim
legislative committee of the Senate on consumer protection and
public affairs or other appropriate interim legislative committee
of the Senate on consumer protection shall review the operations
of financial institutions, as defined in ORS 706.008, that are
licensed, certified or chartered in this state and that receive
funds from the Troubled Asset Relief Program created under the
Emergency Economic Stabilization Act of 2008, P.L. 110-343, in
order to ensure that the financial institutions meet the goals of
the Troubled Asset Relief Program and the obligations set forth
under the provisions of the program.
  (2) A member, partner, officer or other designated person who
is familiar with the operations of a financial institution
described in subsection (1) of this section shall appear at the
time and date and in the place designated by a committee
described in subsection (1) of this section. A financial
institution is subject to review under this section by the
appropriate Senate committee at least once and by the appropriate
House committee at least three times during the interim between
sessions of the Legislative Assembly. + }
  SECTION 2.  { + Section 1 of this 2009 Act is repealed on the
date of the convening of the next regular biennial legislative
session. + }
  SECTION 3.  { + This 2009 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2009 Act takes effect on its
passage. + }
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