§ 706.580 — Illegal, unauthorized or unsafe practices; authority of director

Oregon § 706.580

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 706: Administration and Enforcement of Banking Laws Generally

Text

(1) The Director of the Department of Consumer and Business Services may take an action described in subsection (2) of this section if a banking institution or non-Oregon institution:
(a) Conducts business in an unsafe or unauthorized manner;
(b) Refuses to submit records for inspection by an examiner or by the Department of Consumer and Business Services; or
(c) Violates a law of this state or the United States or a duly issued order of the director.
(2) If the director believes a condition described in subsection (1) of this section exists, the director may:
(a) Notify the appropriate bank supervisory agency, with respect to the banking institution or non-Oregon institution, of the director’s determination and the facts and circumstances on which the determination is based;
(b) Provide the banking institution or non-Oregon institution with a statement of the charges on the basis of which the director determined that the banking institution or non-Oregon institution is violating the law or conducting business in an unsafe or unauthorized manner;
(c) Notify the banking institution or non-Oregon institution of the date and place of a hearing before the director, or a person designated by the director, with respect to the charges against the banking institution or non-Oregon institution; and
(d) Conduct a hearing pursuant to the notice given to the banking institution or non-Oregon institution under subsection (1)(c) of this section and make findings with respect to each of the charges specified in the notice to the banking institution or non-Oregon institution.
(3) After a hearing conducted under subsection (2) of this section, the director may:
(a) By an order in writing:
(A) Direct the discontinuance of the illegal, unsafe or unauthorized practices; and
(B) Direct the banking institution or non-Oregon institution to take affirmative action to correct or remedy a condition that resulted from the illegal, unsafe or unauthorized practice;
(b) Apply for and obtain an injunction or other appropriate order from a court that has jurisdiction over the matter to enforce the director’s order issued under paragraph (a) of this subsection;
(c) Publish notice of an order the director issued pursuant to paragraph (a) of this subsection; and
(d) Suspend or revoke the authority of a non-Oregon institution to open, occupy or maintain a branch or branches in this state.

Legislative History

Amended by 1973 c.797 §31; 1997 c.631 §10; 2009 c.541 §30a