(2) Subject to subsection (3) of this section, an out-of-state bank, extranational institution or foreign association, without being authorized to transact banking business or savings and loan business in this state, may take, acquire, hold and enforce notes secured by mortgages or trust deeds and make commitments to purchase the notes. The out-of-state bank, extranational institution or foreign association may foreclose the mortgages or trust deeds in the courts of this state, acquire the mortgaged property, hold, own and operate the property for a period not exceeding five years and dispose of the property. The activities that this subsection authorizes an out-of-state bank, extranational institution or foreign association to engage in do not constitute transacting business in this state for the purposes of ORS chapter 60.
(3) Before an out-of-state bank, extranational institution or foreign association engages in an activity described in subsection (2) of this section, the out-of-state bank, extranational institution or foreign association shall first file with the Department of Consumer and Business Services a notice that states that the out-of-state bank, extranational institution or foreign association intends to engage in one or more of the activities described in subsection (2) of this section. The out-of-state bank, extranational institution or foreign association shall pay an initial filing fee of $200 and an annual fee of $200. The notice must include the address of the principal place of business of the out-of-state bank, extranational institution or foreign association.
(4) An out-of-state bank, extranational institution or foreign association that is authorized to transact banking business in this state under ORS 713.160 need not comply with subsection (3) of this section.
(5) An out-of-state bank, extranational institution or foreign association that indirectly engages in the activities described in subsection (2) of this section because of a beneficial interest in a pool of notes secured by mortgages or trust deeds need not comply with subsection (3) of this section. [1999 c.30 §4; 2009 c.541 §32; 2015 c.244 §87; 2017 c.209 §1]
Structure 2021 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 713 - Out-of-State Banks and Extranational Institutions
Section 713.016 - Requirements for conducting banking business; deposit insurance.
Section 713.025 - Assets requirement for extranational institutions; type; amount.
Section 713.090 - Reports; fees; examination and regulation.
Section 713.130 - Name of out-of-state bank or extranational institution.
Section 713.150 - Submission of application; fee; issuance of certificate of authority.
Section 713.170 - Registered office or agent.
Section 713.190 - Service of process on agent; director as agent; fee; affidavit.
Section 713.200 - Delivery of documents filed with Secretary of State; change of name or duration.
Section 713.210 - Withdrawal from state.
Section 713.220 - Application for withdrawal; effect of filing.
Section 713.230 - Revocation of certificate of authority.
Section 713.250 - Limits on banks and institutions without certificates of authority.