Section 696.525 – Bond for escrow agents.
(1) At the time of filing an application for an escrow agent license, the applicant shall deposit with the Real Estate Commissioner a corporate surety bond running to the State of Oregon, executed by a surety company satisfactory to the commissioner, in the amount required by this section. (2) If the total annual receipts of […]
Section 696.581 – Written escrow instructions or agreement required; statement; instructions containing blank prohibited; one-sided escrow; exceptions.
(1) An escrow agent may not accept funds, property or documents in any escrow transaction without dated, written escrow instructions from the principals to the transaction or a dated executed agreement in writing between the principals to the transaction. (2) Except as provided in this section, an escrow agent must follow dated, written escrow instructions […]
Section 696.527 – Deposits in lieu of bond; payment of claims; waiver.
(1) Any escrow agent may satisfy the requirements of ORS 696.525 by depositing with the State Treasurer, in an amount equal to the surety bond required, a deposit consisting only of the following: (a) Cash; (b) Ample secured obligations of the United States, a state or a political subdivision thereof; (c) Certificates of deposit, assignments […]
Section 696.582 – Escrow agent to hold certain compensation; conditions; notice of demand; disbursement of money; copy of notice to principal.
(1) An escrow agent shall hold, as provided in subsection (3) of this section, the amount of money or other property agreed to as compensation in a written real estate broker’s or principal real estate broker’s compensation agreement, if the escrow agent has at the office at which the escrow is being closed, before the […]
Section 696.530 – Expiration and renewal of license; fees; rules.
(1) The license of an escrow agent expires on the June 30 after the date of issuance or on a date specified by rule of the Real Estate Commissioner. A license may be renewed as prescribed by rule of the commissioner, which may include paying any required fees. (2) The filing fees are: (a) For […]
Section 696.585 – Civil penalties.
(1) Any person who violates any provision of ORS 696.505 to 696.590, or any lawful rule or final order of the Real Estate Commissioner or any final judgment made by any court upon application of the commissioner, may be required to forfeit and pay to the General Fund of the State Treasury, a civil penalty […]
Section 696.532 – Limited license.
(1) The Real Estate Commissioner may issue or renew a limited escrow agent license if the commissioner determines it is in the public interest. (2) The commissioner may limit a license issued under this section: (a) By term; (b) To activities subject to supervision by a specific escrow agent; (c) By conditions to be observed […]
Section 696.590 – Penalty amounts.
(1) Any person who violates ORS 696.511 (1) may be required by the Real Estate Commissioner to forfeit and pay to the General Fund of the State Treasury a civil penalty in an amount determined by the commissioner of: (a) Not less than $500 nor more than $1,000 for the first offense of unlicensed professional […]
Section 696.534 – Records of escrow agents; rules.
(1) An escrow agent shall keep and maintain at all times in the licensed office of the agent, complete and suitable records of escrow transactions made by the agent and of the business of the agent including, but not limited to, books, papers and data clearly reflecting the financial condition of the business of the […]
Section 696.535 – Grounds for refusing, suspending or revoking license or reprimanding licensee.
(1) The Real Estate Commissioner may suspend or revoke the license of an escrow agent, reprimand an escrow agent who is licensed, refuse to issue an escrow agent license to an applicant or refuse to renew the license of an escrow agent, if the escrow agent or applicant: (a) Is insolvent under generally accepted accounting […]