(1) Except as provided in this section, if a financial institution determines from a garnishment account review conducted under ORS § 18.784 (1) that one or more payments described in ORS § 18.784 (3) have been deposited into the debtor’s account by direct deposit or electronic payment during the lookback period described in ORS § 18.784 (2), and there is a positive balance in the account at the time the garnishment account review is conducted, the financial institution shall:

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(a) Immediately calculate and establish the amount in the debtor’s account that is not subject to garnishment and ensure that the debtor has full customary access to that amount; and

(b) Issue a notice to the account holder in substantially the form set forth in ORS § 18.847.

(2) A financial institution shall issue the notice required by this section directly to the account holder or to a fiduciary who administers the account and receives communications on behalf of the account holder.

(3) The notice required by this section must be sent separately to the debtor and may not be included with other materials being provided to the debtor by the financial institution that do not relate to the garnishment.

(4) The notice required by this section must be sent to the account holder within three business days after the financial institution completes the garnishment account review required by ORS § 18.784 (1).

(5) A financial institution shall perform the calculation described in subsection (1) of this section for each account of the account holder. However, the financial institution may issue a single notice under this section for multiple accounts of the same account holder.

(6) Issuance of a notice under this section does not constitute the giving of legal advice and a financial institution is not obligated to provide legal advice by reason of issuing a notice required by this section. [2011 c.733 § 4]