Bill Text: OR SB12 | 2011 | Regular Session | Introduced
Bill Title: Relating to operative date of provisions allowing credit union depositories to act as depositories of public funds; declaring an emergency.
Sponsorship: Unknown
Status: (Failed) 2011-06-30 - In committee upon adjournment. [SB12 Detail]
Download: Oregon-2011-SB12-Introduced.html
76th OREGON LEGISLATIVE ASSEMBLY--2011 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 855
Senate Bill 12
Printed pursuant to Senate Interim Rule 213.28 by order of the
President of the Senate in conformance with presession filing
rules, indicating neither advocacy nor opposition on the part
of the President (at the request of State Treasurer Ted
Wheeler)
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.
Modifies operative date of provisions allowing credit unions to
act as depositories of public funds on basis similar to that of
bank depositories.
Specifies that provisions become operative if credit union
depositories satisfy conditions not later than June 30, 2013.
Sets operative date of January 1, 2014, if conditions are
satisfied.
Declares emergency, effective on passage.
A BILL FOR AN ACT
Relating to operative date of provisions allowing credit union
depositories to act as depositories of public funds; creating
new provisions; amending sections 13a, 29 and 30, chapter 101,
Oregon Laws 2010; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
SECTION 1. { + Section 2 of this 2011 Act is added to and made
a part of ORS 295.001 to 295.108. + }
SECTION 2. { + (1) Sections 12, 13b and 30, chapter 101,
Oregon Laws 2010, the amendments to ORS 295.001, 295.002,
295.004, 295.006, 295.008, 295.013, 295.015, 295.018, 295.031,
295.034, 295.041, 295.046, 295.048, 295.053, 295.061, 295.071,
295.073, 295.081, 295.084, 295.091, 295.108, 295.205, 576.375 and
711.410 by sections 1 to 10, 14 to 23 and 25 to 28, chapter 101,
Oregon Laws 2010, and the amendments to section 13a, chapter 101,
Oregon Laws 2010, by section 3 of this 2011 Act become operative
only if, not later than June 30, 2013:
(a) The State Treasurer has received from at least five credit
unions the certifications and pledge agreements necessary to
qualify the credit unions as credit union depositories;
(b) For each credit union described in paragraph (a) of this
subsection, the State Treasurer has received a signed statement
from a public official that indicates that the public official
intends to deposit more than $250,000 of public funds with the
credit union if the credit union qualifies as a credit union
depository; and
(c) The State Treasurer receives moneys under the provisions of
section 13, chapter 101, Oregon Laws 2010, or ORS 295.106 that
are sufficient to pay for one year the State Treasurer's initial
expenses related to the administration of section 12, chapter
101, Oregon Laws 2010.
(2) The State Treasurer shall notify the Legislative Counsel
and the Legislative Fiscal Officer not later than five business
days after the date the State Treasurer determines that the
conditions described in subsection (1) of this section have been
satisfied. + }
SECTION 3. Section 13a, chapter 101, Oregon Laws 2010, is
amended to read:
{ + Sec. 13a. + } { - (1) The State Treasurer may decline
to accept from a credit union the certification and pledge
agreement necessary to qualify the credit union as a credit union
depository under ORS 295.008 unless: - }
{ - (a) At the time the credit union submits the
certification and pledge agreement, at least four other credit
unions have each submitted: - }
{ - (A) A certification and pledge agreement necessary to
qualify as a credit union depository under ORS 295.008; and - }
{ - (B) A signed statement from a public official that
indicates that the public official intends to deposit more than
$250,000 of public funds with the credit union if the credit
union qualifies as a credit union depository; and - }
{ - (b) The State Treasurer receives moneys under the
provisions of section 13 of this 2010 Act or ORS 295.106 that are
sufficient to pay for one year the State Treasurer's initial or
continuing expenses related to administering section 12 of this
2010 Act. - }
{ - (2)(a) - } { + (1) + } The State Treasurer may withdraw
from a pledge agreement that the State Treasurer previously
accepted from a credit union under ORS 295.008 if fewer than five
credit unions are qualified as credit union depositories under
ORS 295.001 to 295.108 during any period of 180 days or longer.
{ - (b) - } { + (2) + } Except as provided in ORS 295.008
(4), a credit union that is a party to a pledge agreement from
which the State Treasurer withdraws in accordance with
{ - paragraph (a) of this subsection does not qualify - }
{ + subsection (1) of this section no longer qualifies + } as a
credit union depository under ORS 295.001 to 295.108. Within 10
business days after the State Treasurer notifies the credit union
that the State Treasurer has withdrawn from the pledge agreement,
the credit union shall return all uninsured public funds deposits
that the credit union holds to the public official that deposited
the public funds.
SECTION 4. Section 29, chapter 101, Oregon Laws 2010, is
amended to read:
{ + Sec. 29. + } (1) Sections 12, { - 13, 13a and - }
13b { + and 30, chapter 101, Oregon Laws 2010, + } { - of this
2010 Act and - } the amendments to ORS 295.001, 295.002,
295.004, 295.006, 295.008, 295.013, 295.015, 295.018, 295.031,
295.034, 295.041, 295.046, 295.048, 295.053, 295.061, 295.071,
295.073, 295.081, 295.084, 295.091, 295.108, 295.205, 576.375 and
711.410 by sections 1 to 10, 14 to 23 and 25 to 28 { + , chapter
101, Oregon Laws 2010, and the amendments to section 13a, chapter
101, Oregon Laws 2010, by section 3 of this 2011 Act + } { - of
this 2010 Act - } { + + }become operative { - January 1,
2013. - } { + January 1, 2014, if the Legislative Counsel and
the Legislative Fiscal Officer receive notice from the State
Treasurer pursuant to section 2 of this 2011 Act that the
conditions described in section 2 of this 2011 Act have been
satisfied. + }
{ + (2) Section 2 of this 2011 Act and section 13, chapter
101, Oregon Laws 2010, become operative January 1, 2013. + }
{ - (2) - } { + (3) + } The State Treasurer and the
Director of the Department of Consumer and Business Services may
take any action before { - January 1, 2013, - } { + the
operative dates specified in subsections (1) and (2) of this
section + } that is necessary to enable the State Treasurer and
the director to exercise, on and after { - January 1, 2013 - }
{ + the operative dates specified in subsections (1) and (2) of
this section + }, all the duties, functions and powers conferred
on the State Treasurer and the director by sections 12, 13 { - ,
13a - } and 13b { + , chapter 101, Oregon Laws 2010, + }
{ - of this 2010 Act and - } the amendments to ORS 295.001,
295.002, 295.004, 295.006, 295.008, 295.013, 295.015, 295.018,
295.031, 295.034, 295.041, 295.046, 295.048, 295.053, 295.061,
295.071, 295.073, 295.081, 295.084, 295.091, 295.108, 295.205,
576.375 and 711.410 by sections 1 to 10, 14 to 23 and 25 to 28
{ - of this 2010 Act - } { + , chapter 101, Oregon Laws
2010, + } { + section 2 of this 2011 Act and the amendments to
section 13a, chapter 101, Oregon Laws 2010, by section 3 of this
2011 Act + }.
SECTION 5. Section 30, chapter 101, Oregon Laws 2010, is
amended to read:
{ + Sec. 30. + } Sections 12 { - , 13, 13a - } and
13b { + , chapter 101, Oregon Laws 2010, + } { - of this 2010
Act and - } the amendments to ORS 295.001, 295.002, 295.004,
295.006, 295.008, 295.013, 295.015, 295.018, 295.031, 295.034,
295.041, 295.046, 295.048, 295.053, 295.061, 295.071, 295.073,
295.081, 295.084, 295.091, 295.108, 295.205, 576.375 and 711.410
by sections 1 to 10, 14 to 23 and 25 to 28 { - of this 2010
Act - } { + , chapter 101, Oregon Laws 2010, and the amendments
to section 13a, chapter 101, Oregon Laws 2010, by section 3 of
this 2011 Act + }apply to public funds on deposit on or after
{ - January 1, 2013 - } { + the operative date specified in
section 29 (1), chapter 101, Oregon Laws 2010, as amended by
section 4 of this 2011 Act + }.
SECTION 6. { + This 2011 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2011 Act takes effect on its
passage. + }
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