Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 505 - BANKING SECTION (IN GENERAL)
Section 441-505-4010 - Exemption for Banking Institutions
Universal Citation: OR Admin Rules 441-505-4010
Current through Register Vol. 63, No. 3, March 1, 2024
(1) An exemption is created under ORS 709.030(4) from the trust company certificate of authority and deposit requirements for:
(a) A non-Oregon institution or extranational
institution when the entities are involved in any activity described in section
(2) of this rule; and
(b) A
non-Oregon institution or extranational institution that indirectly engages in
any activity covered in subsection (2) of this rule because of its beneficial
interest in a pool of notes secured by real estate mortgages or trust
deeds.
(2) The exemption applies to:
(a) The taking, acquiring,
holding and enforcement of notes secured by real estate mortgages or trust
deeds or making commitments to purchase such notes;
(b) The foreclosing of mortgages and trust
deeds in the courts of this state, acquiring the mortgaged property, holding
and operating the property for a period not exceeding five years or disposal of
the property.
Stat. Auth.: ORS 709.030(4)(g)
Stats. Implemented: ORS 709.030(4)(g)
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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