Mortgage Lending

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
__________________
(signature)
__________________
(title)

(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

Last accessed
Jun. 26, 2021