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Can you summarize Financial institutions - Chapters 706-722 > Branch Banking; Automated Teller Machines?
Financial institutions - Chapters 706-722 > Branch Banking; Automated Teller Machines
Short Summary
The legal documents reviewed pertain to the establishment and operation of branches by banking institutions within or outside the state of Oregon, as well as the compliance requirements for operators of ATMs and night deposit facilities. For banking institutions, the documents outline the process of filing a notice with the Director of the Department of Consumer and Business Services before establishing a branch, including details such as the institution’s name, proposed location, and date of operation. The Director has the authority to limit or restrict the establishment of additional branches if it is deemed necessary for the safety and soundness of the institution. The documents also cover provisions for mobile banking facilities, temporary branches, and branches located in foreign countries or dependencies of the United States. No specific penalties are mentioned for non-compliance with these requirements. For operators of ATMs and night deposit facilities, the documents establish safety standards, including lighting requirements and the evaluation of safety measures. Compliance with these standards creates a presumption of adequate safety measures. The documents also require operators to provide customers with safety information and disclose any fees associated with ATM transactions. Exemptions include ATMs or night deposit facilities located inside a building or in areas not controlled by the operator. Violation of certain provisions may result in penalties, such as a Class C felony for knowingly violating ORS 714.270. Overall, these documents aim to ensure the safe and convenient access to banking services through branches, ATMs, and night deposit facilities in Oregon.
Whom does it apply to?
Banking institutions, operators of ATMs and night deposit facilities, customers of ATMs and night deposit facilities
What does it govern?
Establishment and operation of branches by banking institutions within or outside the state of Oregon, compliance requirements for operators of ATMs and night deposit facilities
What are exemptions?
ATMs or night deposit facilities located inside a building, areas not controlled by the operator
What are the Penalties?
Each day a banking institution operates a branch without filing notice: penalty of up to $1,000; Violation of ORS 714.270: Class C felony
Jurisdiction
Oregon