OAR 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 section (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.