ORS 697.682
Trust accounts for client funds
- statements
(1)
A debt management service provider that holds a consumer’s funds, directly or indirectly, shall establish a trust account in this state with an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), in which to keep the consumer funds that the debt management service provider holds.(2)
The debt management service provider may establish a separate trust account for each consumer with whom the debt management service provider does business, or may establish a single trust account in which the debt management service provider keeps all consumer funds. If the debt management service provider establishes a single trust account, the debt management service provider shall maintain a separate ledger or other record of receipts and disbursements for each consumer on whose behalf the debt management service provider holds funds in the account. The debt management service provider in the financial statement required under subsection (4) of this section and the agreement described in ORS 697.652 (Written agreement and budget analysis requirement) shall disclose the amount of interest earned on the consumer’s funds in the separate trust account or the amount attributable to the consumer’s share of the single trust account to the extent that the interest earned exceeds the fees the financial institution charges to maintain the trust account.(3)
The debt management service provider shall deposit into the trust account all wages, salary, income, credits or proceeds from property that the debt management service provider receives from the consumer or the consumer’s property and shall disburse from the trust account all payments the debt management service provider makes on the consumer’s behalf, including payments of the debt management service provider’s fees or charges.(4)
The debt management service provider without charge shall provide to the consumer in accordance with the terms of the agreement described in ORS 697.652 (Written agreement and budget analysis requirement), or at the consumer’s request for the period of time the consumer specifies, a statement of the funds or property that the debt management service provider received from or on behalf of the consumer and the disbursements that the debt management service provider made from the trust account under the terms of the agreement.(5)
A debt management service provider may not deposit in a trust account on a single consumer’s behalf more than $250,000 in consumer funds. [1983 c.17 §10; 2009 c.604 §8]
Source:
Section 697.682 — Trust accounts for client funds; statements, https://www.oregonlegislature.gov/bills_laws/ors/ors697.html.
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