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Can you summarize ORAR 441-505?
Department of Consumer and Business Services, Finance and Securities Regulation > BANKING SECTION (IN GENERAL)
Short Summary
The provided legal document content covers a wide range of banking regulations in Oregon. It includes reporting requirements for deposits by various entities, such as Oregon commercial banks, Oregon savings banks, non-Oregon institutions, federal banks, insured institutions, and trust companies. The documents also outline the reporting requirements for banks and extranational institutions, including the submission of quarterly reports of condition, earnings, and dividends. Additionally, there are reporting requirements for trust companies, which must file a Report of Fiduciary Activity with the Director. The documents also govern the meetings of the board of directors of banking institutions, specifying the minimum number of regular meetings per calendar year and allowing for additional meetings as necessary. Other topics covered include the acceptance of real property in exchange for stock, insurance activities conducted by banks, sale or disposal of real property by financial institutions, market value of real estate acquired by institutions, loans to partnerships, aggregation of obligations, interest rate swap transactions, trust company certificate of authority requirements, exemptions from trust company certificate of authority requirements, and deposit requirements for extranational institutions. The documents apply to various entities, including Oregon commercial banks, Oregon savings banks, non-Oregon institutions, federal banks, insured institutions, trust companies, banking institutions, individuals appointed as personal representatives, trustees, or conservators, and individuals appointed as Personal Representatives or Special Administrators. Specific exemptions are mentioned for non-Oregon institutions, extranational institutions, banking institutions involved in activities related to notes secured by real estate mortgages or trust deeds, out-of-state trust companies regulated in their home state by an authority comparable to the Division of Financial Regulation, and individuals appointed as personal representatives, trustees, or conservators by a court of competent jurisdiction. No specific penalties are mentioned in the documents.
Whom does it apply to?
The documents apply to various entities, including Oregon commercial banks, Oregon savings banks, non-Oregon institutions, federal banks, insured institutions, trust companies, banking institutions, individuals appointed as personal representatives, trustees, or conservators, and individuals appointed as Personal Representatives or Special Administrators.
What does it govern?
The documents cover various aspects of banking regulations in Oregon, including reporting requirements for deposits, reporting requirements for banks and extranational institutions, reporting requirements for trust companies, meetings of the board of directors of banking institutions, acceptance of real property in exchange for stock, insurance activities conducted by banks, sale or disposal of real property by financial institutions, market value of real estate acquired by institutions, loans to partnerships, aggregation of obligations, interest rate swap transactions, trust company certificate of authority requirements, exemptions from trust company certificate of authority requirements, and deposit requirements for extranational institutions.
What are exemptions?
Specific exemptions are mentioned for non-Oregon institutions, extranational institutions, banking institutions involved in activities related to notes secured by real estate mortgages or trust deeds, out-of-state trust companies regulated in their home state by an authority comparable to the Division of Financial Regulation, and individuals appointed as personal representatives, trustees, or conservators by a court of competent jurisdiction.
What are the Penalties?
No specific penalties are mentioned in the documents.
Jurisdiction
Oregon