ORS 86A.160
Notice to bank regarding Clients’ Trust Account

(1)

Each mortgage banker or mortgage broker, at the time a Clients’ Trust Account is opened under ORS 86A.157 (Clients’ Trust Account), shall provide the bank in which the account is opened with a notice in substantially the following form:
NOTICE OF CLIENTS’ TRUST ACCOUNT
To: (name of bank) ________
I, ____________, am the (owner, president, managing general partner or other position description) ____________ of (name of mortgage banker or mortgage broker) ____________ and am authorized to act on behalf of (name of mortgage banker or mortgage broker) ____________.
Under the provisions of ORS 86A.157 (Clients’ Trust Account), I am required to maintain in Oregon a Clients’ Trust Account for the purpose of holding funds belonging to others.
With regard to the account(s) numbered _________ which is/are designated as a Clients’ Trust Account, the account(s) is/are maintained with you as a depository for money belonging to persons other than myself and in my fiduciary capacity as a mortgage banker or mortgage broker established by client agreements in separate documents.
Dated: (insert date)
__________________
(signature of person authorized to act
on behalf of mortgage banker
or mortgage broker)
I, _______________, a duly authorized representative of (bank) ______, do hereby acknowledge receipt of the above NOTICE OF CLIENTS’ TRUST ACCOUNT on (date) ______. &$CONT
__________________
__________________

(2)

The acknowledged copy of the notice described in subsection (1) of this section shall be retained by the mortgage banker or mortgage broker as provided in ORS 86A.157 (Clients’ Trust Account) for the retention of trust account records, subject to inspection by the Director of the Department of Consumer and Business Services or the director’s authorized representative. [Formerly 59.940]

Source: Section 86A.160 — Notice to bank regarding Clients’ Trust Account, https://www.­oregonlegislature.­gov/bills_laws/ors/ors86A.­html.

86A.095
Short title 86A.100
Definitions 86A.103
License required to engage in residential mortgage transactions as mortgage banker or mortgage broker 86A.106
Procedures for licensing 86A.109
Expiration of initial license 86A.112
Licensees to keep records 86A.115
Grounds for denying, suspending, conditioning or revoking license 86A.118
Action against applicant or licensee for act or omission of associate 86A.121
Cancellation of license or application 86A.124
Supervisory authority of director over mortgage bankers, mortgage brokers and mortgage loan originators 86A.127
Investigations 86A.130
Enjoining violations 86A.133
Procedures where assets or capital of mortgage banker or mortgage broker found impaired 86A.136
Rules 86A.139
Notice of orders 86A.142
Judicial review of orders 86A.145
Oaths and subpoenas in proceedings before director 86A.148
Copies of documents 86A.151
Liability of person that employs mortgage loan originator 86A.154
Fraud and deceit with respect to mortgage banker or mortgage broker business 86A.157
Clients’ Trust Account 86A.160
Notice to bank regarding Clients’ Trust Account 86A.163
Prohibited advertisements 86A.166
Designation of principal place of business 86A.169
Disclosure required before closing mortgage loan or mortgage banking loan 86A.172
Advisory committee 86A.175
Servicing or collecting mortgage banking loan or mortgage loan by mortgage banker or mortgage broker 86A.178
Legislative findings regarding mortgage loan originators 86A.183
Prohibited conduct for mortgage bankers, mortgage brokers and mortgage loan originators 86A.186
Mortgage loan originator criminal records checks 86A.195
Restrictions on negative amortization loans 86A.196
Notice of reverse mortgage prohibition in homestead property tax deferral program 86A.198
Materials in languages other than English 86A.200
Definitions 86A.203
License and unique identifier for mortgage loan originator 86A.206
Application for license 86A.209
Interim license 86A.212
Findings required for issuing license 86A.215
Education and testing requirements for license 86A.218
License renewal 86A.221
Continuing education requirements for mortgage loan originator 86A.224
Denying, suspending, conditioning, revoking or declining to renew license 86A.227
Corporate surety bond required 86A.230
Contracts or agreements with Nationwide Mortgage Licensing System and Registry and other agencies 86A.233
Production of records 86A.236
Prohibited activities 86A.239
Display of license and unique identifier 86A.242
Rules 86A.300
Short title 86A.303
Definitions 86A.306
License requirement 86A.309
Application for license 86A.312
Licensee’s principal place of business 86A.315
Required liquidity, operating reserves and tangible net worth 86A.318
Required notices to director 86A.321
Director’s supervisory authority 86A.324
Duties of mortgage loan servicer 86A.327
Complaints 86A.330
Violations 86A.333
Additional duties of licensee 86A.336
Suspension or removal of licensee’s director or officer 86A.339
Additional duties of mortgage loan servicer 86A.990
Criminal penalties for violations of ORS 86A.095 to 86A.198 86A.992
Civil penalties for violations of ORS 86A.095 to 86A.198
Green check means up to date. Up to date

Current through early 2024

§ 86A.160’s source at oregon​.gov