Attention Property Managers: Update Your Accounts!

June 2023

The Oregon Real Estate Agency has identified 161 registered businesses (RBNs) with clients' trust accounts associated with banks and credit unions that closed, merged, or no longer maintain a branch office in Oregon. You may have already made the necessary changes at your place of business, but you are also required to update your banking information and upload a new Notice of Clients' Trust Account and Authorization to Examine form in eLicense.

Remember, banks and credit unions must be federally insured and designated as clients' trust accounts. Not sure if your bank or credit union is federally insured and allowed to do business in Oregon? Verify by visiting:

• Banks: https://banks.data.fdic.gov/bankfind-suite/bankfind
• Federally chartered Credit Unions: https://mapping.ncua.gov/
• Oregon chartered Credit Unions: https://dfr.oregon.gov/financial/manage/pages/state-chartered-credit-unions.aspx

Resources

• Notice of Clients&; Trust Account and Authorization to Examine Form
  
• ORS 696.241 and 696.245
• OAR 863-025-0025

Back to June Articles