# ORS § 706.570: 706.570 Requirement that banking institution keep books and accounts

> Oregon · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.570

## Section

- **Citation:** ORS § 706.570
- **Heading:** 706.570 Requirement that banking institution keep books and accounts
- **Jurisdiction:** Oregon
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** OR Code / Title 53 / Chapter 706 / Section 706.570

## Text

(1) A banking institution that is engaged in the business of banking in this state shall keep books and accounts of the banking institution’s activities, in such a manner as to enable the Director of the Department of Consumer and Business Services to readily ascertain the true condition of the banking institution.

(2) If the director determines in an examination of a banking institution that the banking institution does not keep books and accounts in such a manner as to enable the director to readily ascertain the true condition of the banking institution, the director may require any officer of the banking institution to open and keep books or accounts as the director prescribes.

(3) If a banking institution fails to open and keep the books and accounts that the director prescribes, the director shall send written notice to the banking institution of intent to assess and collect the penalty under this subsection. For each day the banking institution fails to open and keep the books and accounts after receiving notice from the director, the banking institution is subject to a penalty of $1,000. The banking institution shall pay the penalty when the banking institution receives a notice and demand for the amount of the penalty from the director. If the banking institution delays or refuses to pay the penalty upon the director’s demand, the Attorney General shall bring an action in the director’s name to recover the penalty. All sums collected for penalties imposed by this section must be paid into the Consumer and Business Services Fund created by ORS 705.145 (Consumer and Business Services Fund) . [Amended by 1973 c.797 §30; 1985 c.762 §31; 1987 c.373 §50; 1997 c.631 §8; 2015 c.244 §9]

Source: Section 706.570 — Requirement that banking institution keep books and accounts; civil penalty , https://www.­oregonlegislature.­gov/bills_laws/ors/ors706.­html (accessed May 26, 2025).

## Nearby sections

- [ORS § 706.005 706.005 Definitions for Bank Act](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.005.md)
- [ORS § 706.008 706.008 Additional definitions for Bank Act](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.008.md)
- [ORS § 706.015 706.015 Bank Act references to federal statutes and regulations](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.015.md)
- [ORS § 706.500 706.500 Examination of banking institutions and non-Oregon institutions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.500.md)
- [ORS § 706.515 706.515 Agreements with other bank supervisory agencies and Financial Crimes Enforcement Network](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.515.md)
- [ORS § 706.520 706.520 Request by directors or stockholders for examination](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.520.md)
- [ORS § 706.530 706.530 Annual fees paid by banking institutions and non-Oregon institutions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.530.md)
- [ORS § 706.544 706.544 Costs for special examination or other actions taken](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.544.md)
- [ORS § 706.560 706.560 Appraisal of securities and audit](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.560.md)
- [ORS § 706.570 706.570 Requirement that banking institution keep books and accounts](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.570.md)
- [ORS § 706.575 706.575 Certificate as evidence that document is filed with director](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.575.md)
- [ORS § 706.578 706.578 Establishment of loan production office](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.578.md)
- [ORS § 706.580 706.580 Illegal, unauthorized or unsafe practices](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.580.md)
- [ORS § 706.600 706.600 Authority to protect creditors and depositors of banking institution or non-Oregon institution](https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.600.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_OR_T53_C706_S706.570. Check the current official text before relying on it. Not legal advice.