OAR 863-015-0092
Reconciliation Mail-In Review

(1) The Agency will conduct clients’ trust account reconciliation mail-in reviews.
(2) The Agency will provide a principal broker with written notice of a clients’ trust account reconciliation mail-in review at least 30 days before required information and documentation must be provided to the Agency.
(3) After the Agency reviews the information and documents provided in a reconciliation mail-in review, the Agency will take one of the following actions:
(a) If the information and documents are in compliance with statutes and rules, the Agency will provide written notice to the principal broker confirming compliance only as to the information and documents provided;
(b) If the information and documents indicate that the principal broker may be subject to additional documentation and procedural requirements that were not part of the reconciliation mail-in review, the Agency will provide written notice to the principal broker detailing the Agency’s expectations for compliance on those matters;
(c) If the information and documents demonstrate that the principal broker is not in compliance, the Agency will provide written notice to the principal broker that:
(A) The principal broker must cure all noncompliance issues and provide information and documentation to the Agency that the noncompliance has been cured within 30 days of the date of the notice; and
(B) If all noncompliance issues are not cured within 30 days, the Agency may:
(i) Issue an educational letter of advice;
(ii) Impose sanctions on the principal broker; or
(iii) Initiate an investigation and not allow additional time for the principal broker to cure the noncompliance.
(d) If the Agency has reasonable grounds to believe that the funds belonging to others may be missing, funds may have been misappropriated, or that the principal broker’s records are in such a condition that the principal broker is placing funds belonging to others at risk, the Agency may immediately initiate an investigation without providing a principal broker with an opportunity to cure noncompliance.
(4) If a principal broker does not respond to a reconciliation mail-in review within the time period required in the notice, the Agency may initiate an investigation.
(5) The Agency may conduct a reconciliation mail-in review:
(a) As part of a regular, routine, and random selection of principal broker clients’ trust accounts for reconciliation mail-in reviews;
(b) After a compliance review, when the Agency has determined that a principal broker was not in compliance and provided the principal broker with an opportunity to cure the non-compliance; and
(c) After an investigation has been initiated.

Source: Rule 863-015-0092 — Reconciliation Mail-In Review, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=863-015-0092.

Last Updated

Jun. 8, 2021

Rule 863-015-0092’s source at or​.us