Or. Admin. Code § 441-505-4010

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-505-4010 - Exemption for Banking Institutions

(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.

Or. Admin. Code § 441-505-4010

FCS 1-1998, f. & cert ef. 3-31-98; FCS 6-2007, f. & cert. ef. 10-22-07; FCS 9-2009, f. 9-15-09, cert. ef. 9-25-09

Stat. Auth.: ORS 709.030(4)(g)

Stats. Implemented: ORS 709.030(4)(g)