Current through Register Vol. 63, No. 9, September 1, 2024
(1) The Agency
will conduct clients' trust account reconciliation reviews.
(2) The Agency will provide a property
manager with written notice of a clients' trust account reconciliation review
at least 10 business days before required information and documentation must be
provided to the Agency.
(3) After
the Agency reviews the information and documents provided in a reconciliation
review, the Agency will take one of the following actions:
(a) If the information and documents are in
compliance with statutes and rules, the Agency will provide written notice to
the property manager confirming compliance only as to the information and
documents provided;
(b) If the
information and documents indicate that the property manager may be subject to
additional documentation and procedural requirements that were not part of the
reconciliation review, the Agency will provide written notice to the property
manager detailing the Agency's expectations for compliance on those matters;
(c) If the information and
documents demonstrate that the property manager is not in compliance, the
Agency will provide written notice to property manager that:
(A) The property manager must cure all
noncompliance issues and provide information and documentation to the Agency
that the noncompliance has been cured within 30 days of the date of the notice;
and
(B) If all noncompliance
issues are not cured within 30 days, the Agency may:
(i) Issue an educational letter of
advice;
(ii) Impose sanctions on
the property manager; or
(iii)
Initiate an investigation and not allow additional time for the principal
broker to cure the noncompliance.
(d) If the Agency has reasonable grounds to
believe that the funds belonging to others may be missing, funds may have been
misappropriated, or that the property manager's records are in such a condition
that the property manager is placing funds belonging to others at risk, the
Agency may immediately initiate an investigation without providing a principal
broker with an opportunity to cure noncompliance.
(4) If a property manager does not respond to
a reconciliation review within the time period required in the notice, the
Agency may initiate an investigation.
(5) The Agency may conduct a reconciliation
review:
(a) As part of a regular, routine,
and random selection of property manager clients' trust accounts for
reconciliation mail-in reviews;
(b) After a compliance review, when the
Agency has determined that a property manager was not in compliance and
provided the principal broker with an opportunity to cure the non-compliance;
and
(c) After an investigation has
been initiated.
Statutory/Other Authority: ORS
696.385
Statutes/Other Implemented: ORS
696.280
