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Can you summarize ORRS Chapter 714?
Financial Institutions - Chapters 706-722 > Branch Banking; Automated Teller Machines
Short Summary
The provided legal document content covers two main areas: the establishment and operation of branches by banking institutions within or outside the state of Oregon, and the use of automated teller machines (ATMs) and night deposit facilities. For the establishment of branches, banking institutions must file a notice with the Director of the Department of Consumer and Business Services at least 30 days before establishing a branch, providing details such as the institution’s name, proposed location, and start date of operations. The director has the authority to limit or restrict the establishment of additional branches if it adversely affects the institution’s safety and soundness. Mobile banking facilities and temporary branches are also considered branches, with temporary branches operating for a maximum of 60 days. The application fee for a temporary branch is $100. The documents also address the establishment of branches in foreign countries or dependencies of the United States, with specific requirements and reporting obligations. Regarding ATMs and night deposit facilities, operators are required to disclose any fees imposed on ATM transactions and provide cancellation options. Safety measures, including lighting requirements, are outlined for operators of ATMs and night deposit facilities. The documents also emphasize the importance of providing safety information to customers using ATMs and night deposit facilities. Compliance with the provided regulations creates a rebuttable presumption of adequate safety measures. The documents do not mention any specific exemptions or penalties, except for the penalties mentioned above for operating a branch without filing notice and for violation of ATM safety regulations.
Whom does it apply to?
Banking institutions, directors of the Department of Consumer and Business Services, local bank supervisory agencies or regulators, operators of ATMs and night deposit facilities, issuers of access devices, and 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, and the use of automated teller machines (ATMs) and night deposit facilities
What are exemptions?
No specific exemptions are mentioned in the documents.
What are the Penalties?
For operating a branch without filing notice: Up to $1,000 per day. For violation of ORS 714.270 (ATM safety): Class C felony.
Jurisdiction
Oregon