Or. Admin. R. 863-015-0265
Current through Register Vol. 63, No. 6, June 1, 2024
Section 863-015-0265 - Interest-Bearing Accounts(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(5), the broker's interest in or receipt of any of the trust funds or interest earnings in the account is not a violation of 696.241(9).(3) In a transaction subject to ORS 696.241(5), money 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. An arrangement may be made with a depository to deposit a sufficient amount of the broker's funds to maintain such account, and such arrangement is not a violation of 696.241(9).Or. Admin. R. 863-015-0265
REC 3-1978, f. 6-15-78, ef. 7-1-78; REC 1-1981, f. 10-30-81, ef. 11-1-81; REC 5-1984, f. 6-18-84, ef. 7-1-84; REA 3-1987, f. 12-3-87, ef. 1-1-88; REA 3-1989, f. 12-13-89, cert. ef. 2-1-90; REA 2-1991, f. 11-5-91, cert. ef. 1-1-92; REA 4-1997, f. 11-24-97, cert. ef. 12-1-97; REA 1-2002, f. 5-31-02, cert. ef. 7-1-02, Renumbered from 863-010-0026; REA 6-2008, f. 12-15-08, cert. ef. 1-1-09Stat. Auth.: ORS 696.385
Stats. Implemented: ORS 696.241