§ 708A.420 — Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate; exception

Oregon § 708A.420

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 708A: Regulation of Institutions Generally

Text

(1) If an Oregon commercial bank changes the terms, service charges or conditions for withdrawal of any deposit account, the Oregon commercial bank shall notify the depositor in writing before the change is effective. If an Oregon commercial bank decreases the interest rate on any deposit account, other than an account that by its terms provides for a floating, variable or indexed rate of interest, the Oregon commercial bank shall notify the depositor in writing before the change is effective. With respect to deposit accounts for which the terms provide for a floating, variable or indexed rate of interest, the Oregon commercial bank need not give notice to the depositor concerning changes in the interest rate other than by means of account statements the Oregon commercial bank provides to the depositor in the ordinary course, not less than once each calendar quarter. For accounts that two or more depositors hold, the Oregon commercial bank may give or send the notice to any of the depositors. An Oregon commercial bank may notify a depositor under this section:
(a) In person;
(b) By sending the notice by regular mail to the last address shown in the Oregon commercial bank’s deposit account records; or
(c) By sending the notice electronically in accordance with an agreement the depositor has with the Oregon commercial bank, provided that the Oregon commercial bank complies with all laws and regulations that apply to electronic consumer notices.
(2) The provisions of subsection (1) of this section do not apply to any change in the interest rate payable upon an account as described in ORS 86.245.

Legislative History

1997 c.631 §165; 2015 c.244 §47