(1) A financial institution or a Federal Home Loan Bank may be a custodian for securities pledged by a qualified depository if it:

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(a) Is approved by the State Treasurer;

(b) Enters into a pledge agreement; and

(c) Except as provided in subsection (3) of this section, certifies in writing to the State Treasurer that it will furnish the reports required under ORS § 714.075 to the Director of the Department of Consumer and Business Services.

(2) The State Treasurer may adopt rules setting forth additional requirements the State Treasurer determines must be met for a depository to be approved as a custodian under this section.

(3) A Federal Home Loan Bank may serve as a custodian without meeting the requirements of subsection (1)(c) this section. [2019 c.587 § 8]