(1) For purposes of this section, ‘foreign association’ means a corporation organized to transact savings and loan business under federal law or under the laws of another state or territory of the United States, the home state or territory of which is a state or territory other than Oregon.

Terms Used In Oregon Statutes 713.300

  • 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.
  • United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100

(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]

 

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