2015 Oregon Revised Statutes
Volume : 15 - Occupations
Chapter 696 - Real Estate and Escrow Activities
Section 696.245 - Clients’ trust accounts; notice to bank; 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, 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:

______________________________________________________________________________

NOTICE OF CLIENTS’ TRUST ACCOUNT

To: ________(name of bank)

Under the Oregon Real Estate License Law, I, ____________(licensed name), am a licensed real estate property manager or principal real estate broker for ____________ (licensed name of principal real estate broker or real estate property manager, or a business name registered under ORS 696.026).

Under ORS 696.241, I am required to maintain in Oregon a clients’ trust account for the purpose of holding funds belonging to others received in the course of conducting professional real estate activity.

The account(s) numbered _________ in the name(s) of ____________ is/are hereby designated as a clients’ trust account and 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 licensed real estate property manager or principal real estate broker established by client agreements in separate documents.

Dated: ____________(insert date)

__________________

ACKNOWLEDGMENT OF RECEIPT

I, ____________, a duly authorized representative of ____________ (bank), do hereby acknowledge receipt of the above NOTICE OF CLIENTS’ TRUST ACCOUNT on ______ (date).

__________________

__________________

______________________________________________________________________________

(2) The real estate licensee 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.

[1985 c.589 §2; 1991 c.5 §38; 2001 c.300 §23; 2005 c.116 §19; 2009 c.324 §6; 2011 c.158 §3]

Note: 696.245 was added to and made a part of ORS 696.010 to 696.495 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.