2019 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 086A - Mortgage Lending
Section 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, 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, 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)
ACKNOWLEDGMENT OF RECEIPT
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 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]
