- (1) The written approval necessary to establish a federally insured interest-bearing clients’ trust account must specify to whom and under what circumstances the interest earnings from the account will accrue and be paid.
- (2) In a transaction subject to ORS 696.241(7), funds belonging to others may not be invested in any type of account or security or certificate of deposit that has a fixed term for maturity or imposes any fee or penalty for withdrawal before maturity unless the written consent of all parties to the transaction has been secured.
Statutory/Other Authority
ORS 696.385
Statutes/Other Implemented
ORS 696.241
History
REA 1-2017, amend filed 11/17/2017, effective 01/01/2018
REA 6-2008, f. 12-15-08, cert. ef. 1-1-09
REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0026
REA 4-1997, f. 11-24-97, cert. ef. 12-1-97
REA 2-1991, f. 11-5-91, cert. ef. 1-1-92
REA 3-1989, f. 12-13-89, cert. ef. 2-1-90
REA 3-1987, f. 12-3-87, ef. 1-1-88
REC 5-1984, f. 6-18-84, ef. 7-1-84
REC 1-1981, f. 10-30-81, ef. 11-1-81
REC 3-1978, f. 6-15-78, ef. 7-1-78