305.994 Civil penalties imposed on financial institution

342 words·~2 min read·/or/ors-chapter-305/penalties/305-994

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

305.994 Civil penalties imposed on financial institution.

(1)In addition to any other liability or penalty provided by law, the Department of Revenue may impose a civil penalty:

(a)Of up to $1,000 on a financial institution for failure to participate in the data match system, or for noncompliance with rules adopted by the department to administer the data match system, if:

(A)The failure or noncompliance causes the department to be unable to identify whether a delinquent debtor holds an account at the financial institution; and

(B)The financial institution does not remedy the failure or noncompliance within 30 days after the department provides notice of failure or noncompliance to the financial institution.

(b)If the department has imposed a penalty on a financial institution for failure or noncompliance under paragraph

(a)of this subsection, of up to $1,000 on the financial institution for each month that the financial institution does not remedy the failure or noncompliance.

(c)Of up to $2,500 on any person for violation of ORS 305.088.

(d)Of up to $1,000 on any person for violation of ORS 305.091.

(2)Civil penalties under this section shall be imposed in the manner provided by ORS 183.745.

(3)All civil penalties recovered under this section shall be paid into the State Treasury and credited to the General Fund and are available for general governmental expenses.

(4)In addition to any other liability or penalty provided by law, violation of ORS 305.091 by an officer or employee of the State of Oregon is a Class C felony. An officer or employee of the State of Oregon who violates ORS 305.091 shall be dismissed from office and may not hold any public office with the State of Oregon for a period of five years from the date of dismissal. [2017 c.644 §6]

Note: 305.994 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 305 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.