Form 440-2776 "Affidavit and Undertaking - No Clients' Trust Account" - Oregon

What Is Form 440-2776?

This is a legal form that was released by the Oregon Department of Consumer and Business Services - a government authority operating within Oregon. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on May 1, 2017;
  • The latest edition provided by the Oregon Department of Consumer and Business Services;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a printable version of Form 440-2776 by clicking the link below or browse more documents and templates provided by the Oregon Department of Consumer and Business Services.

ADVERTISEMENT
ADVERTISEMENT

Download Form 440-2776 "Affidavit and Undertaking - No Clients' Trust Account" - Oregon

131 times
Rate (4.6 / 5) 9 votes
Oregon Department of Consumer and Business Services
Division of Financial Regulation
350 Winter St. NE, Room 410, Salem, Oregon 97301-3881
Mailing address: P.O. Box 14480, Salem, OR 97309-0405
503-378-4140 • Fax: 503-947-7862
http://dfr.oregon.gov
AFFIDAVIT AND UNDERTAKING – NO CLIENTS’ TRUST ACCOUNT
1.
(Applicant name):
, NMLS ID
,
including all trade names or assumed business names used by the applicant as listed in the Nationwide Multistate
Licensing System, (hereinafter “the firm”) has made application to the Division of Financial Regulation of the
Department of Consumer and Business Services (hereinafter “DFR”) to be licensed to conduct business pursuant to
the provisions of ORS 86A.100 through 86A.992.
2.
I am an officer, director, or principal shareholder of the firm and authorized to act on behalf of the firm.
3.
ORS 86A.100 through 86A.992 provides that all persons licensed pursuant to its provision establish and maintain a
Clients’ Trust Account into which all funds received from clients shall be deposited.
The funds required to be deposited into the clients’ trust account include but are not limited to:
4.
a) All funds received by the firm or persons authorized to act on behalf of the firm from or on behalf of a client for
payment of services to be provided by persons other than the firm in connection with processing, arranging, or
making a mortgage banking loan or mortgage loan;
b) All funds received by the firm or person authorized to act on behalf of the firm from or on behalf of a borrower
for payment of principal, interest, or taxes on a mortgage banking loan or mortgage loan; and
c) All funds received by the firm or persons authorized to act on behalf of the firm from or on behalf of a client for
payment of services to be provided by the firm in connection with processing, arranging, or making a mortgage
banking loan or mortgage loan by the firm, except for those funds received by a licensee on a nonrefundable basis
under the provision of OAR 441-875-0030.
5.
The firm does not receive any funds described in Paragraph 4 prior to closing in escrow and therefore has no use for
a Clients’ Trust Account.
The firm agrees to establish a Clients’ Trust Account prior to accepting any of the funds described in Paragraph 4 of
6.
this undertaking and to notify DFR of the establishment of the account and to otherwise comply with ORS 86A.157
and 86A.160 and OAR 441-875-0010 through 441-875-0040 relating to client trust accounts.
The undersigned person, under penalty of perjury, declares that he or she signs this undertaking on behalf of the firm
indicated and that he or she occupies the official position indicated and is authorized to sign this document on behalf of
the firm.
Firm name:
By:
Title:
Signature:
Sworn and subscribed before me this
day of
, 20
Notary public for the state of
My commission expires
.
Notary public signature:
Notary public seal:
Affidavit and Undertaking – No Clients’ Trust Account
440-2776 (5/17/COM)
Oregon Department of Consumer and Business Services
Division of Financial Regulation
350 Winter St. NE, Room 410, Salem, Oregon 97301-3881
Mailing address: P.O. Box 14480, Salem, OR 97309-0405
503-378-4140 • Fax: 503-947-7862
http://dfr.oregon.gov
AFFIDAVIT AND UNDERTAKING – NO CLIENTS’ TRUST ACCOUNT
1.
(Applicant name):
, NMLS ID
,
including all trade names or assumed business names used by the applicant as listed in the Nationwide Multistate
Licensing System, (hereinafter “the firm”) has made application to the Division of Financial Regulation of the
Department of Consumer and Business Services (hereinafter “DFR”) to be licensed to conduct business pursuant to
the provisions of ORS 86A.100 through 86A.992.
2.
I am an officer, director, or principal shareholder of the firm and authorized to act on behalf of the firm.
3.
ORS 86A.100 through 86A.992 provides that all persons licensed pursuant to its provision establish and maintain a
Clients’ Trust Account into which all funds received from clients shall be deposited.
The funds required to be deposited into the clients’ trust account include but are not limited to:
4.
a) All funds received by the firm or persons authorized to act on behalf of the firm from or on behalf of a client for
payment of services to be provided by persons other than the firm in connection with processing, arranging, or
making a mortgage banking loan or mortgage loan;
b) All funds received by the firm or person authorized to act on behalf of the firm from or on behalf of a borrower
for payment of principal, interest, or taxes on a mortgage banking loan or mortgage loan; and
c) All funds received by the firm or persons authorized to act on behalf of the firm from or on behalf of a client for
payment of services to be provided by the firm in connection with processing, arranging, or making a mortgage
banking loan or mortgage loan by the firm, except for those funds received by a licensee on a nonrefundable basis
under the provision of OAR 441-875-0030.
5.
The firm does not receive any funds described in Paragraph 4 prior to closing in escrow and therefore has no use for
a Clients’ Trust Account.
The firm agrees to establish a Clients’ Trust Account prior to accepting any of the funds described in Paragraph 4 of
6.
this undertaking and to notify DFR of the establishment of the account and to otherwise comply with ORS 86A.157
and 86A.160 and OAR 441-875-0010 through 441-875-0040 relating to client trust accounts.
The undersigned person, under penalty of perjury, declares that he or she signs this undertaking on behalf of the firm
indicated and that he or she occupies the official position indicated and is authorized to sign this document on behalf of
the firm.
Firm name:
By:
Title:
Signature:
Sworn and subscribed before me this
day of
, 20
Notary public for the state of
My commission expires
.
Notary public signature:
Notary public seal:
Affidavit and Undertaking – No Clients’ Trust Account
440-2776 (5/17/COM)