HB 3302
Establishes the Oregon Cash Depository Corporation as an independent public corporation and prescribes the corporation's purposes and powers.
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the Oregon Cash Depository Corporation, an independent public corporation, to provide secure storage and handling of cash for businesses in Oregon. The corporation will be overseen by a board of directors with specific expertise and will manage a dedicated fund. It outlines the corporation’s purposes, including providing cash management services, ensuring transparency, and cooperating with law enforcement. An emergency declaration allows the bill to take effect immediately upon passage.
Key provisions
- Creates the Oregon Cash Depository Corporation as an independent public entity.
- Establishes a dedicated fund for the corporation’s operations.
- Requires the corporation to lease or acquire property for secure cash storage facilities.
- Mandates an annual audit by the Secretary of State.
- Specifies the composition and responsibilities of the board of directors.
- Requires the corporation to deposit all received moneys into the corporation fund.
- Authorizes the corporation to invest a portion of its deposits in accordance with state law.
- Provides for the Attorney General to defend the corporation against legal claims.
Who is affected
- Businesses in Oregon
- State government
- Oregon residents
- Financial institutions
- Law enforcement agencies
Notable changes
- Creates a new state entity to handle cash deposits and management.
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