Clients’ trust accounts
- notice to bank and agency
- retention of copy
(1)Each licensed real estate property manager and principal real estate broker, at the time a clients’ trust account is opened as required under ORS 696.241 (Clients’ trust accounts), shall provide the bank in which the account is opened with a notice, acknowledged by the real estate licensee and the bank, in substantially the following form:
(2)Within 10 business days from the date a clients’ trust account is opened, a licensed real estate property manager or principal real estate broker shall notify the Real Estate Agency that the account has been opened. The notice must include information about the clients’ trust account, including but not limited to:
(a)The name of the bank where the account is located;
(b)The account number;
(c)The name of the account;
(d)The date the account was opened; and
(e)An acknowledged copy of the notice described in subsection (1) of this section.
(3)Within 10 business days from the date a clients’ trust account is closed or transferred, a licensed real estate property manager or principal real estate broker shall notify the agency that the account has been closed or transferred and shall include in the notice the date on which the account was closed or transferred.
(4)Notification to the agency under subsections (2) and (3) of this section must be made in the manner established by the agency by rule.
(5)The principal real estate broker or licensed real estate property manager shall retain the acknowledged copy of the notice described in subsection (1) of this section for at least six years following the closing of the account as provided in ORS 696.280 (Records of licensed real estate property managers and real estate brokers). [1985 c.589 §2; 1991 c.5 §38; 2001 c.300 §23; 2005 c.116 §19; 2009 c.324 §6; 2011 c.158 §3; 2017 c.234 §17]
Section 696.245 — Clients’ trust accounts; notice to bank and agency; retention of copy,