(1) Each sole practitioner and each principal real estate broker, at the time a Clients’ Trust Account is opened under ORS 696.241, shall provide the bank in which the account is opened with a notice in substantially the following form:
______________________________________________________________________________
NOTICE OF CLIENTS’ TRUST ACCOUNT
To: (name of bank) ________
Under the Oregon Real Estate License Law, I am the sole practitioner, principal real estate broker or designated real estate appraiser for (licensed name of broker or business) ____________.
Further, under ORS 696.241, I am required to maintain in Oregon a Clients’ Trust Account for the purpose of holding funds belonging to others.
With regard to the account(s) numbered _________ which is/are designated as a Clients’ Trust Account, the account(s) is/are maintained with you as a depository for money belonging to persons other than myself and in my fiduciary capacity as a sole practitioner or principal real estate broker established by client agreements in separate documents.
Dated: (insert date)
__________________
(signature of broker)
ACKNOWLEDGMENT OF RECEIPT
I, __________________, a duly authorized representative of (bank) __________________, do hereby acknowledge receipt of the above NOTICE OF CLIENTS’ TRUST ACCOUNT on (date)______.
__________________
(signature)
__________________
(title)
______________________________________________________________________________
(2) The acknowledged copy of the notice described in subsection (1) of this section shall be retained by the sole practitioner or principal real estate broker as provided in ORS 696.241 for the retention of trust account records, subject to inspection by the Real Estate Commissioner or the commissioner’s authorized representative. [1985 c.589 §2; 1991 c.5 §38; 2001 c.300 §23; 2005 c.116 §19]
Note: 696.245 was added to and made a part of 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.
Section: Previous 696.228 696.230 696.232 696.235 696.240 696.241 696.243 696.245 696.247 696.249 696.250 696.251 696.253 696.254 696.255 NextLast modified: August 7, 2008