Oregon Statutes 706.580 – Illegal, unauthorized or unsafe practices; authority of director
(1) The Director of the Department of Consumer and Business Services may take an action described in subsection (2) of this section if a banking institution or non-Oregon institution:
Terms Used In Oregon Statutes 706.580
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(a) Conducts business in an unsafe or unauthorized manner;
(b) Refuses to submit records for inspection by an examiner or by the Department of Consumer and Business Services; or
(c) Violates a law of this state or the United States or a duly issued order of the director.
(2) If the director believes a condition described in subsection (1) of this section exists, the director may:
(a) Notify the appropriate bank supervisory agency, with respect to the banking institution or non-Oregon institution, of the director’s determination and the facts and circumstances on which the determination is based;
(b) Provide the banking institution or non-Oregon institution with a statement of the charges on the basis of which the director determined that the banking institution or non-Oregon institution is violating the law or conducting business in an unsafe or unauthorized manner;
(c) Notify the banking institution or non-Oregon institution of the date and place of a hearing before the director, or a person designated by the director, with respect to the charges against the banking institution or non-Oregon institution; and
(d) Conduct a hearing pursuant to the notice given to the banking institution or non-Oregon institution under subsection (1)(c) of this section and make findings with respect to each of the charges specified in the notice to the banking institution or non-Oregon institution.
(3) After a hearing conducted under subsection (2) of this section, the director may:
(a) By an order in writing:
(A) Direct the discontinuance of the illegal, unsafe or unauthorized practices; and
(B) Direct the banking institution or non-Oregon institution to take affirmative action to correct or remedy a condition that resulted from the illegal, unsafe or unauthorized practice;
(b) Apply for and obtain an injunction or other appropriate order from a court that has jurisdiction over the matter to enforce the director’s order issued under paragraph (a) of this subsection;
(c) Publish notice of an order the director issued pursuant to paragraph (a) of this subsection; and
(d) Suspend or revoke the authority of a non-Oregon institution to open, occupy or maintain a branch or branches in this state. [Amended by 1973 c.797 § 31; 1997 c.631 § 10; 2009 c.541 § 30a]
[Repealed by 1973 c.797 § 428]