OAR 441-875-0020
Branch Office Trust Accounts
(1)
Branch offices shall maintain a separate trust account if:(a)
The main office of the mortgage banker or mortgage broker does not maintain a trust account or deposit funds into a neutral escrow depository on behalf of the branch offices’ clients; or(b)
The main office of the mortgage banker or mortgage broker is not located within the State of Oregon.(2)
If the branch office maintains a trust account separate from the main office, the mortgage banker or mortgage broker shall be responsible for supervision of the branch office trust account to ensure compliance with the provisions of OAR 441-875-0030 (Manner of Deposit) and ORS 86A.157 (Clients’ Trust Account) and 86A.160 (Notice to bank regarding Clients’ Trust Account).(3)
If the branch office places funds into a neutral escrow depository, the mortgage banker or mortgage broker shall be responsible for supervision of the branch office activities to ensure compliance with the provisions of OAR 441-875-0030 (Manner of Deposit) and ORS 86A.157 (Clients’ Trust Account)(1).(4)
Branch offices may maintain a trust account separate from any trust account maintained by the main office provided the branch office complies with all provisions under OAR 441-875-0030 (Manner of Deposit) and ORS 86A.157 (Clients’ Trust Account)(4).(5)
Examination of the branch office books and records relating to the trust accounts may be made at such time as the director may choose.(6)
Compliance with the provisions of OAR 441-875-0020 (Branch Office Trust Accounts) through 441-875-0040 (Financial Practices; Manner of Disbursement) does not relieve any person of any other duties and liabilities under ORS Chapter 86A (Mortgage Lending), applicable administrative rules, or any other provisions of law.
Source:
Rule 441-875-0020 — Branch Office Trust Accounts, https://secure.sos.state.or.us/oard/view.action?ruleNumber=441-875-0020.