Bill Text: OR HB2484 | 2013 | Regular Session | Introduced

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Bill Title: Relating to credit unions; declaring an emergency.

Spectrum: Committee Bill

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2484 Detail]

Download: Oregon-2013-HB2484-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 1470

                         House Bill 2484

Introduced and printed pursuant to House Rule 12.00. Presession
  filed (at the request of House Interim Committee on Revenue)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Requires credit union to file periodic reports with Director of
Department of Consumer and Business Services that summarize
number and amount of member business loans and certain other
loans, that describe services credit union provides to people
with low and moderate incomes and that list total amount of
deposits credit union holds at main office and at locations where
credit union accepts deposits.
  Becomes operative 91 days after effective date of Act.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to credit unions; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1.  { + Section 2 of this 2013 Act is added to and made
a part of ORS chapter 723. + }
  SECTION 2.  { + (1) As used in this section, 'member business
loan' has the meaning given that term in 12 C.F.R. 723.1.
  (2) In addition to the annual report a credit union must file
under ORS 723.106, a credit union shall file with the Director of
the Department of Consumer and Business Services:
  (a) A report each quarter that summarizes the number and
monetary amount of:
  (A) Member business loans that the credit union made, including
commercial real estate loans, commercial and industrial loans,
farmland loans, farm loans and other loan categories the director
specifies.
  (B) Loans the credit union makes that would qualify as member
business loans, except that:
  (i) The member agrees to secure the loan with a lien on real
property that the member uses as a primary residence and on which
one to four family dwellings are situated;
  (ii) The member agrees to secure the loan with shares in the
credit union that made the loan or with deposits in other
financial institutions;
  (iii) The aggregated net balance of the loan and the credit
union's member business loans is less than $50,000;
  (iv) A state or a political subdivision of a state, or a
federal or state agency, fully insures or guarantees repayment of
the loan or commits in advance to purchase the loan in full; or

  (v) A corporate credit union grants the loan to another credit
union.
  (b) A report each year that:
  (A) Describes the credit union's services to members with low
or moderate incomes. The director by rule shall define what level
of income constitutes low income and what level of income
constitutes moderate income for the purposes of this
paragraph. The report must have information about:
  (i) The percentages of members of the credit union who have low
incomes and moderate incomes;
  (ii) Specific programs and services the credit union offers to
attract and retain members with low or moderate incomes; and
  (iii) How the credit union otherwise serves the financial needs
of people with low or moderate incomes. The director may require
specific information for the purposes of this sub-subparagraph.
  (B) Lists the total amount of deposits the credit union holds
at the credit union's main office and at each branch or other
location where the credit union accepts deposits.
  (3) The director by rule shall prescribe the form, format and
contents of a report required under this section. + }
  SECTION 3.  { + (1) Section 1 of this 2013 Act becomes
operative 91 days after the effective date of this 2013 Act.
  (2) The Director of the Department of Consumer and Business
Services may take any action before the operative date specified
in subsection (1) of this section that is necessary to enable the
director, on and after the operative date specified in subsection
(1) of this section, to exercise all of the duties, functions and
powers conferred on the director by section 2 of this 2013
Act. + }
  SECTION 4.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
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