Ask Reggi Your Question Now
Can you summarize ORRS Chapter 706?
Financial Institutions - Chapters 706-722 > Administration and Enforcement of Banking Laws Generally
Short Summary
This legal document pertains to the administration and enforcement of banking laws in Oregon. It establishes the responsibilities of the Director of the Department of Consumer and Business Services in receiving and filing reports required by the Bank Act. The document also governs the confidentiality of reports, records, and compliance review documents related to financial institutions. It outlines the authority of the Director to conduct examinations of banking institutions and non-Oregon institutions to assess their condition, resources, and compliance with laws. The document also allows for cooperative agreements with other bank supervisory agencies and the sharing of information. It establishes requirements for establishing loan production offices and the transfer of stock or controlling interest in institutions. The document also grants the Director the power to take actions to protect the interests of creditors and depositors of banking institutions or non-Oregon institutions. It outlines the powers of the Director in enforcing the Bank Act, including the ability to administer oaths, subpoena witnesses, and require the production of documents. The document also establishes civil penalties for violations of the Bank Act, with maximum penalties ranging from $1,000 to $10,000 depending on the offense. Overall, this document provides a comprehensive framework for the administration and enforcement of banking laws in Oregon.
Whom does it apply to?
Financial institutions, banks, customers
What does it govern?
Administration and enforcement of banking laws generally
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Oregon