Clients’ Trust Accounts
- • notice to bank
- • retention of copy
(1) Each sole practitioner and each principal real estate broker, at the time a Clients’ Trust Account is opened under ORS 696.241 (Clients' Trust Accounts), 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 (Clients' Trust Accounts), 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)______.
(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 (Clients' Trust Accounts) 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 (Clients' Trust Accounts) was added to and made a part of ORS 696.010 (Definitions) to 696.495 (Revolving fund) by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.