Oregon Code § 723.582·Enacted ·Last updated March 01, 2026
Statute Text
Share
and deposit insurance.
(1) Each credit union shall secure insurance on shares and deposits from the
National Credit Union Administration under the Federal Credit Union Act or its
successor, or from any other insuring organization that provides comparable
coverages and is approved by the Director of the Department of Consumer and
Business Services. Any one share of a member, as designated in the bylaws of
the credit union, may be excluded from the requirement for insurance.
(2) The director
may make available condition and examination reports to the appropriate
insuring organization and may accept any report of examination made by such
organization. The director may appoint the appropriate insuring organization as
liquidating agent of an insured credit union. [1975 c.652 §62; 1977 c.549 §1;
1985 c.801 §9; 1987 c.286 §10; 1999 c.185 §46]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 723.582
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
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