Relating to financial institutions.
Summary
Modifies the time frame in which state agencies may submit information to financial institutions related to deceased members or depositors. Authorizes directors of credit unions to delegate the duty to consider requests for reinstatement. Modifies requirements for supervisory committees of credit unions.
Bill status
signed
all 5 stages cleared
Introduction
Jan 2025
Committee Review
Apr 2025
House Passage
May 2025
Senate Passage
May 2025
Signed into Law
May 2025
Introduced Jan 28, 2025
Signed May 12, 2025
Maddy AI version diff · 1 comparison
What changed between versions
Introduced
→
Enrolled
·
4 edits
·
May 12, 2025
MODERATE
This bill updates Oregon laws governing how credit unions and banks handle small deposits (up to $25,000) after a member's death. The main changes adjust the timeframes for when institutions can release funds to heirs and clarify the process for government agencies claiming funds for deceased members' medical or funeral expenses.
Scope change
The bill applies to both credit unions and insured financial institutions, expanding the scope beyond just credit unions to include all insured institutions.
TIMELINE
Changed the maximum waiting period for releasing funds to heirs from 76 days to 75 days, with an exception allowing 76 days if both the Oregon Health Authority and Department of Human Services provide prior authorization.
SCOPE
Extended the law's applicability from credit unions only to include all insured financial institutions in Oregon.
REQUIREMENT
Added a requirement for financial institutions to obtain written or verbal authorization from both the Oregon Health Authority and Department of Human Services before releasing funds after 76 days.
TECHNICAL
Updated formatting and presentation from a bill introduction document to an enrolled final version, including removal of summary section and addition of chapter designation.
Floor votes · Senate May 1, 2025 · House Mar 4, 2025
How they voted
26–0
Passed · 3 other
Total votes 29
May 1, 2025
D
Democratic17
94% Yea
R
Republican12
83% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
22
Key actions
7
Committee
4
May 12, 2025
Signed into law
Governor signed.
lower
May 5, 2025
Upper · Passed
President signed.
upper
May 5, 2025
Lower · Passed
Speaker signed.
lower
May 1, 2025
Upper · Passed
Third reading. Carried by Patterson. Passed.
upper
Apr 28, 2025
Upper · Passed
Recommendation: Do pass.
upper
Mar 6, 2025
Committee
Referred to Labor and Business.
upper
Mar 6, 2025
Introduced
First reading. Referred to President's desk.
upper
Mar 4, 2025
Lower · Passed
Third reading. Carried by Chotzen. Passed.
lower
Feb 21, 2025
Lower · Passed
Recommendation: Do pass.
lower
Jan 30, 2025
Committee
Referred to Commerce and Consumer Protection.
lower
Jan 28, 2025
Introduced
First reading. Referred to Speaker's desk.
lower
0 primary · 0 co-sponsors
Sponsors
No sponsor information available.
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