(1) Any principal real estate broker, licensed real estate property manager or escrow agent who is required by the Real Estate Commissioner to maintain the canceled checks used to disburse moneys from the real estate licensee’s clients’ trust account may substitute a copy of the original canceled check, if the copy is provided by a bank and is produced by optical imaging or other process that accurately reproduces the original or forms a durable medium for reproducing the original, and the copy is at least 300 dots per inch in quality.

Terms Used In Oregon Statutes 696.243

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC

(2) A principal real estate broker, licensed real estate property manager or escrow agent may use electronic fund transfers for the deposit into or for withdrawal from a clients’ trust account established under ORS § 696.241 or 696.578, if the bank provides to the real estate licensee an accurate paper record of the deposits and withdrawals.

(3) As used in subsection (2) of this section, ‘electronic fund transfer’ has the meaning set forth in section 903 of the Electronic Transfer Act (P.L. 90-321, 15 U.S.C. § 1693a). [1995 c.760 § 4; 2001 c.300 § 22; 2017 c.234 § 16]

 

696.243 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 696 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

  Previous section
Next section  
 Client Trust Fund Accounts Contents