OAR 863-015-0255
Clients’ Trust Account Requirements

(1)

This rule applies to clients’ trust accounts that hold funds from transactions involving the sale, purchase, lease option, or exchange of real property. The purpose of clients’ trust accounts is to preserve clients’ monies and keep them separate from the principal broker’s general and personal funds.
(2) Within 10 business days from the date a clients’ trust account is opened, the principal broker must notify the Agency using an online process established by the Agency. The notification will include the information required in ORS 696.245 (Clients’ trust accounts), including a copy of the completed and signed “Notice of Clients’ Trust Account and Authorization to Examine.”
(3) Within 10 business days from the date a clients’ trust account is closed or transferred, the principal broker must notify the Agency using an online process established by the Agency.
(4) Principal brokers must retain and store the records described in this rule as required by OAR 863-015-0250 (Professional Real Estate Activity Records and Document Transmittal Requirements) and 863-015-0260 (Records Retention). However, where clients’ trust accounts are maintained at branch offices, the financial records described in this rule may be maintained and located either at the principal broker’s main office or, if the principal broker or branch office manager conducts the real estate business from that branch office, at that branch office.
(5) Checks used to disburse funds from a clients’ trust account must be pre-numbered, issued from one numbering sequence, and bear the words “Clients’ Trust Account” or “Client Trust Account” upon the face thereof. Principal brokers must account for all checks, including voided checks, as a part of the records they maintain.
(6) A principal broker may not use any form of debit card on clients’ trust accounts.
(7) The principal broker must retain a copy of each executed agreement required under ORS 696.241 (Clients’ trust accounts) and OAR 863-015-0265 (Interest-Bearing Accounts) for interest-bearing clients’ trust accounts.

Source: Rule 863-015-0255 — Clients’ Trust Account Requirements, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=863-015-0255.

Last Updated

Jun. 24, 2021

Rule 863-015-0255’s source at or​.us