Ask Reggi Your Question Now
Can you summarize ORRS Chapter 723?
Credit Unions, Lending Institutions and Pawnbrokers - Chapters 723-727 > Credit Unions
Short Summary
The provided legal document content pertains to the Oregon Revised Statutes governing credit unions. It covers various aspects of credit union organization, operation, membership, governance, and financial transactions. The documents define terms related to credit unions and establish the legal framework for credit unions in Oregon. They outline the procedure for organizing a credit union, the requirements for obtaining a certificate of approval, the powers and duties of credit union directors and committees, the rights and obligations of credit union members, and the rules for conducting credit union operations. The documents also address issues such as the establishment and operation of credit union places of business, the fiscal year of credit unions, the regulation and examination of credit unions, the payment of fees, the maintenance of books and records, the disclosure of records, the requirement for fidelity bonds or letters of credit, the enforcement of provisions, the recognition of low-income credit unions, and the authority and powers of the Director of the Department of Consumer and Business Services. No specific exemptions or penalties are mentioned in the documents.
Whom does it apply to?
Credit unions organized under the laws of Oregon, interstate credit unions doing business in Oregon, and federal credit unions
What does it govern?
Credit unions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Oregon