(2) Each qualified depository that files reports with the State Treasurer under subsection (1) of this section shall notify the State Treasurer in writing or by electronic means within three business days of:

(a) The date on which the qualified depository’s net worth is reduced by an amount greater than 10 percent of the amount shown as the depository’s net worth on the most recent report the depository submitted pursuant to subsection (1) of this section; or

(b) The date on which the qualified depository ceases to be well capitalized and becomes adequately capitalized or undercapitalized, or ceases to be adequately capitalized and becomes undercapitalized.

(3) An adequately capitalized qualified depository or an undercapitalized qualified depository shall report to the State Treasurer at least once each week the actual amount of uninsured public funds deposits the depository holds. The depository shall report using systems and processes prescribed by the State Treasurer in individual pledge agreements or by rule.

(4)(a) If a qualified depository fails to file the reports or provide the notices required under this section or fails to file the notices or reports required under ORS 295.018, the State Treasurer shall send a notice to each public official who has uninsured public funds on deposit in the depository that the depository failed to comply.

(b) If, after giving notice under paragraph (a) of this subsection, the State Treasurer receives notice that the qualified depository has filed the required reports or provided the required notices, the State Treasurer may notify each public official who was notified under paragraph (a) of this subsection that the depository has complied.

(5) If a qualified depository fails to comply with this section, the depository shall, within three business days after receiving notice from the State Treasurer, cease accepting deposits of uninsured public funds. [2007 c.871 §7; 2009 c.821 §15; 2010 c.101 §18; 2017 c.500 §7; 2019 c.587 §23]