Updated list of unauthorized banks

Some individuals and companies offer pre-packaged "banks" over the internet. For a fee, these companies offer to provide a bank incorporated in the United States, complete with articles of incorporation, an apostille, and stock or share certificates. A number of these fictitious banks have been incorporated in Oregon.

Oregon law makes it unlawful for any person to engage in or transact a banking or trust business within this state except by means of an entity duly organized for the purpose. An entity which has not received a certificate to operate a banking business from the Director of the Department of Consumer and Business Services, except a national bank, may not:

1. Advertise that it is receiving or accepting money on deposit.



2. Use a sign at its place of business containing words indicating that the place is a place of business:
   1. Of a banking institution;
   2. Where deposits are received or payments made on check;
   3. Where any other form of banking business is conducted.
      
      
3. Make use of or circulate any letterheads, blank notes, blank receipts, certificates, circulars, or any written or printed paper containing words indicating that the business is the business of a banking institution
   
   
4. Transact business under any name that the director determines leads the public to believe its business is that of a banking institution or that it is affiliated with a banking institution.
   
   
5. Solicit or receive deposits or transact business in the manner of a banking institution or in such a manner as to lead the public to believe that its business it that of a banking institution.

2002 Update: Senate Bill 118, enacted by the 2001 Oregon Legislature, is effective Jan. 2, 2002. Thereafter, business registry filings containing certain words or references in English or a foreign language implying a business engaged in banking or related specific financial activities will not be accepted by the Oregon Secretary of State's Corporations Division without written approval of the Division of Finance and Corporate Securities.

The new law gives the Division additional authority to investigate violations, and provides for injunctive relief and civil penalties of up to $20,000 per violation, or up to $100,000 for continuing violations.

Senate Bill 118 .pdf: Please refer to Sections 42 through 47 for the provisions related to unauthorized banks. The Division has also exercised its rulemaking authority in connection with the new statute. You can view the administrative rules on the Secretary of State's Web site.

The following list contains the names and addresses of entities that, while incorporated in Oregon, are NOT authorized to operate a banking business in or from this state. Addresses in italics are mail drops or mail forwarding services. This list is frequently updated. Additional information regarding these companies business registration may be found at the Oregon Secretary of State Corporation Division.

You may report suspicious activity or verify the status of any banking institution in Oregon by contacting the banking section at (503) 378-4140 or (503) 378-4100 TTY. E-mail inquiries are invited at: dcbs.dfcsmail@state.or.us