(a) Certifies in writing to the State Treasurer that the depository will furnish the reports required under ORS 714.075 to the Director of the Department of Consumer and Business Services by the time specified by the director and furnish any other information the director considers necessary to determine whether to advise the State Treasurer to order a depository to increase its collateral under ORS 295.018;
(b) Enters into a collateral agreement and, if the depository pledges securities as collateral, a separate pledge agreement that may be drawn upon by the State Treasurer in the event of a loss; and
(c) Files with the State Treasurer an initial written report, signed by an officer of the depository, setting forth, as of the date the depository intends to commence acting as a qualified depository:
(A) The estimated total amount of public funds that will be on deposit with the depository;
(B) The estimated net worth of the depository;
(C) The amount and nature of the collateral that the depository will provide to secure the public funds deposits; and
(D) Other information requested by the State Treasurer to administer this chapter.
(2) A qualified depository using collateral that consists of items that are not securities shall provide such evidence as the State Treasurer may require to demonstrate that the collateral is available in the event of a loss for disposition as provided in this chapter.
(3) A depository that merges with, acquires all the assets of, acquires ownership of or otherwise becomes a successor entity to a qualified depository that has entered into a collateral agreement must execute a new collateral agreement or provide evidence satisfactory to the State Treasurer that the successor depository has assumed all of the qualified depository’s duties and obligations under the existing collateral agreement. A depository that fails to enter into a collateral agreement or provide evidence that the depository has assumed the existing collateral agreement within the time specified by the State Treasurer shall not be qualified to hold uninsured deposits of public funds. [2005 c.112 §3; 2007 c.871 §16; 2009 c.821 §4; 2010 c.101 §5; 2019 c.587 §5]
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