Oregon Statutes 706.655 – Records of extensions of credit by banking institutions; rules
(1) Each banking institution shall submit to the Director of the Department of Consumer and Business Services each calendar quarter a copy of such records concerning extensions of credit by the banking institution to its executive officers, directors and principal shareholders, and the related interests of those persons, as are required by rule of the director.
Terms Used In Oregon Statutes 706.655
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(2) The director may require a banking institution to file records under subsection (1) of this section more often than quarterly, as the director determines is necessary.
(3) The director shall adopt rules governing the submission of records concerning extensions of credit, as required under subsections (1) and (2) of this section, and the identification of the persons to whom the extensions are made. The rules shall be consistent with provisions of the Financial Institutions Regulatory and Interest Rate Control Act of 1978 and regulations adopted by the Federal Reserve Board and the Federal Deposit Insurance Corporation thereunder:
(a) In order that banking institutions may satisfy the requirements of subsections (1) and (2) of this section by submitting copies of records required to be maintained under such federal laws and regulations; and
(b) In order to otherwise minimize the inconvenience to banking institutions of having to maintain separate records for the federal regulators and the director. [1985 c.786 § 2]
[Amended by 1973 c.797 § 37; 1979 c.88 § 3; 1997 c.631 § 15; repealed by 2015 c.244 § 90]
[Amended by 1973 c.797 § 38; repealed by 1997 c.631 § 567]
[Amended by 1973 c.797 § 39; 1979 c.88 § 4; 1997 c.631 § 16; repealed by 2015 c.244 § 90]