Do I need to send in the Notice of Clients Trust Account and the Authorization to Examine Clients Trust Account or the Affidavit and Undertaking or both?
You will never need to send in both. If you accept any money from borrowers other than at closing, you must maintain a clients’ trust account with an Oregon financial institution. If that is the case, you must complete and send in the Notice of Clients’ Trust Account and the Authorization to Examine Clients’ Trust Account. Any time you open a new client’s trust account, you must send the Oregon Division of Finance and Corporate Securities a Notice of Clients’ Trust Account and Authorization to Examine a Clients’ Trust Account for that account within 30 days. If you close a client’s trust account, you must notify DFCS in writing with 30 days. If you do not receive money from borrowers prior to closing, you must complete the Affidavit and Undertaking.
Related Questions
- Do I need to send in the Notice of Clients Trust Account and the Authorization to Examine Clients Trust Account or the Affidavit and Undertaking or both?
- May a lawyer or law firm establish a pooled interest-bearing trust account and pay the interest to the clients?
- Does Morgan Drexen hold the client trust account for the clients in the debt settlement program?
