Department of Consumer and Business Services
Finance and Securities Regulation - Chapter 441
Division 5
APPLICATION FOR CERTIFICATE
OF COMPLIANCE
441-005-0010
Application For Certificate Of Compliance
(1) To apply for a certificate from the Director to indicate that use of a requested name or intended activity is in compliance with the Bank Act and ORS chapters 59, 645, 705, 717, 725 and 726, a company shall submit:
(a) A letter request to the Director describing the company's business,
(b) The names, dates of birth and home addresses of all executive officers, directors and principals of the company, or persons holding similar positions; and
(c) Supporting documentation evidencing the company's organization as a financial institution, including but not limited to:
(A) The company's business plan;
(B) A copy of the charter or comparable documents from the jurisdiction where the company is organized, if applicable; and
(C) The articles of incorporation or proposed articles of incorporation or similar documents of organization.
(2) Within 10 business days from the receipt of the written request, the Director will review the request. Upon review, the Director will either issue a certificate to the Secretary of State and company authorizing the registration of the name for the company, request additional information from the company, or send a written denial of the request to the company.
(3) If the Director requests additional information from the company, the company shall have 30 days to submit additional information. If the company fails to submit the additional information within 30 days, the Director may deny the request for certification.
(4) If the Director denies a request for certification, the company shall have the right to request a hearing, which will be conducted pursuant to ORS Chapter 183.
(5) In lieu of the requirements under section (1)(b) and (c) of this rule, state or federally chartered financial institutions may comply with section (1)(a) and supporting documentation required under section (1)(c)(B) unless the Director determines after receiving this documentation that full compliance with section (1)(a) through (c) is required.
Statutory/Other Authority: ORS 705.635
Statutes/Other Implemented: ORS 705.635
History:
FCS 9-2009, f. 9-15-09, cert. ef. 9-25-09
Renumbered from 440-200-0020, FCS 3-2004, f. & cert. ef. 9-30-04
DO 5-2001, f. 12-24-01, cert. ef. 1-1-02