Chapter 715 — Bank
Holding Companies; Financial Holding Companies
2011 EDITION
BANK AND FINANCIAL HOLDING COMPANIES
FINANCIAL INSTITUTIONS
715.012 Application
to become financial holding company or bank holding company of Oregon stock
bank; filing with Federal Reserve Board and director
715.017 Out-of-state
financial holding companies; out-of-state bank holding companies
715.019 Mutual
financial holding companies; mutual bank holding companies; authority; rules
715.045 Examination
of certain financial holding companies or bank holding companies; payment of
costs of examination
715.055 Submission
of reports filed with Federal Reserve Board; additional information; rules;
penalty for failure to submit
715.075 Authority
of financial holding company or bank holding company to acquire corporation
licensed as insurance producer; rules
715.090 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c.12 §8; 1989 c.12 §1; 1989 c.447 §1; repealed by 1997 c.631 §567]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 Oregon stock bank; filing with
Federal Reserve Board and director. (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]
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 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]
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 Oregon stock
bank shall submit to the Director of the Department of Consumer and Business
Services, in a form and format specified by the director, a copy of specified
reports that the financial holding company or the bank holding company is
required to submit to the Federal Reserve Board. The financial holding company
or bank holding company shall submit the copies to the director within the time
periods required by applicable federal law and regulation for filing 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 a form and format that the director may
prescribe by rule or order, if the director considers the additional
information necessary in order to obtain full knowledge of the condition of the
Oregon stock bank that the financial holding company or the bank holding
company controls. The financial holding company or the bank holding company
shall submit the additional information 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 the financial holding company or bank holding
company 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; 2009 c.541 §36]
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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