Establishes the Oregon Cash Depository Corporation as an independent public company to take and securely hold cash from people who do business in cash. Tells the company what its powers and functions are. Creates the Oregon Cash Depository Corporation Fund the public company can use to carry out its functions. Tells the Secretary of State to audit the public company each year. Tells the Attorney General to defend the public company against actions brought against the company as it carries out its functions.
“Public corporation” means an entity that the State of Oregon creates to carry out a public purpose by participating in activities in which a private enterprise may also participate in the course of the private enterprise’s business.
In general, a state should not compete and interfere with the free market. Laws collectively aim to ensure fair competition and regulatory oversight in the banking sector while protecting consumers and maintaining financial stability.
This bill serves no real purpose, except to drive check cashing stores, or financial service centers out of business. It establishes deposit fees and charges for transporting cash that takes advantage of the “underserved” that they can’t afford.
The purpose is to provide secure depositories as a nonprofit for cash deposits, cash management services and secure handling and storage of other valuable property at locations throughout this state where cash depository and cash management services are necessary, convenient and practicable to provide and maintain.
This bill appears to accommodate cartel slave camps or the employment of illegal immigrants that get paid in cash. There isn’t any other reason for such an extreme venture, and financial institutes may all change when the reset happens and quantum financing takes its place. It’s a gamble with taxpayer funds to set up a string of “banks” for limited use and a specific class of users.
EMAIL COMMITTEE:
Rep.BenBowman@OregonLegislature.gov
Rep.ChristineDrazan@OregonLegislature.gov
Rep.HaiPham@OregonLegislature.gov
Rep.ShellyBoshartDavis@OregonLegislature.gov
Rep.LucettaElmer@OregonLegislature.gov
Rep.JasonKropf@OregonLegislature.gov
Rep.AndreaValderrama@OregonLegislature.gov