ORS 696.245 Clients’ trust accounts; notice to bank and agency; retention of copy

Each licensed real estate property manager and principal real estate broker, at the time a clients’ trust account is opened as required under ORS 696.241, shall provide the bank in which the account is opened with a notice, acknowledged by the real estate licensee and the bank, in substantially the following form: __________________________________________

To: (name of bank) Under the Oregon Real Estate License Law, I, (licensed name), am a licensed real estate property manager or licensed principal real estate broker for (registered business name under ORS 696.026). Under ORS 696.241, I am required to maintain in Oregon a clients’ trust account for the purpose of holding funds belonging to others received in the course of conducting professional real estate activity. An account numbered in the name of is hereby designated as a clients’ trust account and the account is maintained with you as a depository for money belonging to persons other than myself and in my fiduciary capacity as a licensed real estate property manager or licensed principal real estate broker established by client agreements in separate documents.

I hereby authorize you to furnish information requested by the Real Estate Commissioner and/or authorized representative concerning the account listed above as required by ORS 696.245. Dated: (insert date) (signature of real estate licensee)

I, , a duly authorized representative of (bank), do hereby acknowledge receipt of the above

AND AUTHORIZATION TO EXAMINE on

.

__________________________________________

Within 10 business days from the date a clients’ trust account is opened, a licensed real estate property manager or principal real estate broker shall notify the Real Estate Agency that the account has been opened. The notice must include information about the clients’ trust account, including but not limited to:

The name of the bank where the account is located;

The account number;

The name of the account;

The date the account was opened; and

An acknowledged copy of the notice described in subsection (1) of this section.

Within 10 business days from the date a clients’ trust account is closed or transferred, a licensed real estate property manager or principal real estate broker shall notify the agency that the account has been closed or transferred and shall include in the notice the date on which the account was closed or transferred.

Notification to the agency under subsections

and (3) of this section must be made in the manner established by the agency by rule.

The principal real estate broker or licensed real estate property manager shall retain the acknowledged copy of the notice described in subsection (1) of this section for at least six years following the closing of the account as provided in ORS 696.280.

ORS 696.010 to 696.495 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.