First Major Deadline in Oregon Legislative Session Passes

The first major deadline in the Oregon legislative process passed on April 9. The Chamber of Origin deadline is a date mid-way through the session, by which legislation has to have move out of the first committee that it was assigned to or it is effectively dead. To date, the Northwest Credit Union Association has been tracking over 100 financial and business bills out of the 2,300 bills that have been introduced.

With the passing of the deadline, 46 bills the NWCUA was tracking did not make it out of committee. Prior to the deadline, numerous pieces of complex, costly legislation with significant potential impacts were moved out of their committees of origin to other committees. These bills now sit in the Ways and Means (budget) Committee, the Revenue Committee, and House and Senate Rules Committees for more work on contentious language or to figure out how to fund large financial asks for important programs. These committees will stay open for the remainder of the session. The work will still revolve around policy discussions and will also focus on budget priorities.

Here is an update on the current status of our priority bills, as well as notable bills that did not make it out of committee:

HB 2426 – An update to the Oregon Credit Union Act: HB 2426 makes three changes to the Oregon Credit Union Act including:

  • Removing the terms of officers from one year, as stated in law;
  • To allowing the bylaws to prescribe, changing the statute to allow for electronic annual meetings by removing “and place” from the Act;
  • And finally, updating the federal parity provisions in Oregon law.

HB 2426 passed the Oregon House of Representatives on Feb. 7 by a vote of 58-0 and is scheduled for a hearing in the Senate on April 16.

HB 2425 – Related to Recording Electronic Signatures: This bill allows county clerks to record electronic record or record-bearing electronic signatures. Today, almost any consumer with access to the internet can use technology that allows them to access, sign, and submit mortgage closing documents online (“E-Closing”). E-Closing offers a variety of benefits for consumers, including:

  • The ability to execute documents at their convenience rather than taking time away from work to visit a title company or lender’s office;
  • More time to review loan documents and disclosures;
  • Convenience for borrowers in isolated rural areas. E-Closing avoids the need to travel long distances to a title company or lender office.

HB 2425 passed the Oregon House of Representatives on Feb. 25 by a vote of 58-0 and is scheduled for a hearing in the Senate on April 25.  

HB 2411 – Related to Use of Driver License or Identification Card: This bill will allow financial institutions, after obtaining person’s permission, to swipe a person’s driver license or identification card for purpose of establishing or maintaining contract or account. This issue came from our State Issues Task Force as a problem when opening new accounts or populating information from the driver’s license into our systems. A hearing was held in House Business on Feb. 11, but the bill did not make it out of committee.

Other Bills of Interest

SB372 – NWCUA testified in support of SB372.This bill requires a tower to provide notice to owner and lienholder of vehicle within three calendar days of towing vehicle, or one calendar day if the lienholder’s e-mail address is available in an electronic system established by Oregon Department of Transportation. It reduces the amount a tower can claim in lien if notice requirement not satisfied. The bill passed out of the Senate Committee.

HB2389 – Creates Oregon Bright Futures Plan Task Force. The bill requires the task force develop recommendations for Children’s Savings Accounts (CSA), which will help increase the number of children that save for post-secondary education. The bill prohibits the task force from recommending participation of financial institutions. This bill was referred to the Ways and Means Committee.

SB684 – Data Breach: SB684 would modify Oregon’s Consumer Identity Theft Protection Act, and details a process for consumer notification when data that is held by a third party vendor is subject to a breach. Clarifying amendments allow entities already subject to and in compliance with the Gramm-Leach-Bliley Act (GLBA) or the Health Insurance Portability and Accountability Act (HIPAA) to be deemed in compliance with the provisions of this new proposal – all as outlined in the measure. This bill passed the Senate and has been referred to the House Judiciary Committee.

Bills that did not Move Past Committee

HB3169 – Cannabis Banking: House Bill 3169 would allow persons applying to organize as a banking institution or credit union to apply to the DCBS Director to organize as a limited charter cannabis financial institution in compliance with the Bank Act, Oregon Credit Union Act, DCBS-developed rules.  NWCUA testified in opposition.

HB2218 – Closing Member Accounts: Requires financial institution to provide reason for account closure when the account is closed without consent of the account holder. NWCUA testified in opposition.

HB2982 – Abandoned Residences: Authorizes local officials to determine whether residential properties subject to ongoing foreclosure or forfeiture proceedings are abandoned. NWCUA testified in opposition.

HB3029 – Public Banking: States that a municipal bank is not required to obtain deposit insurance from the Federal Deposit Insurance Corporation. This bill did not get a hearing.

Posted in Advocacy on the Move.