justicedao/ipfs_state_laws huggingface dataset:
863-049-0010 Initial License Application and Content (1) An applicant for an escrow agent’s license may be either a legal entity or an individual, but the requirements for each are slightly different. All applicants must submit: (a) An initial license application on an Agency-approved form; (b) Additional information required by OAR 863-049-0015 for legal entities or OAR 863-049-0020 for individuals; (c) The information required by OAR 863-049-0025 concerning criminal records checks and fingerprint cards; and (d) The fees authorized by ORS 696.530 and OAR 863-005-0090. (2) The application for all applicants must contain the following information: (a) The applicant’s legal name; (b) The assumed business name, if any, as registered with Oregon Secretary of State; (c) The applicant’s Federal Tax ID Number; (d) The applicant’s fiscal year end; (e) The applicant’s main office address, phone number, FAX number, and if applicable, Web site address; (f) If the applicant has any branch offices, the address, phone number, and FAX number of such offices; (g) The authorized contact for the applicant, including the individual’s name, title, address, phone number and, if applicable, email address and FAX number; (h) The name, title, date, and signature of the individual authorized to submit the application and a certification that this individual is so authorized; and (i) For a legal entity, the application form must also contain the names of the following: (A) Any individual or legal entity holding an ownership interest in the escrow agent of more than five percent, (B) All corporate officers in charge of escrow operations, and (C) All individuals in charge of escrow operations. Statutory/Other Authority: ORS 696.541 & ORS 696.511 Statutes/Other Implemented: ORS 696.511 History: REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
863-049-0020 Additional Information for Individual Applicants (1) In addition to the license application form, an individual applicant must submit the following documents: (a) A corporate surety bond in the amount required by ORS 696.525 or one of the following: (A) Evidence of a deposit in an amount equal to the surety bond as provided in ORS 696.527, or (B) A written request to the Commissioner for a waiver of the surety bond or deposit, as provided in ORS 696.527(4); (b) A document signed and dated by the individual submitting the application containing the following information: (A) A general plan and description of the character of the business; (B) A history of the formation of the escrow business, including when the business was established; and (C) Except as provided in section (2) of this rule, a description of: (i) The experience or training of the applicant’s employees in the escrow business, (ii) Information showing that the individual has at least three years of experience administering escrows in Oregon or in a state with comparable escrow laws, (iii) The applicant’s escrow business in another state, or (iv) A testimonial of an escrow agent licensed in this state concerning the applicant’s training and escrow experience. (c) Information about the applicant’s financial resources prepared by a certified public accountant in accordance with Generally Accepted Accounting Principles; (d) Evidence that the individual is 18 years or older; and (e) Resumes of the individuals submitting the fingerprint cards and criminal records check clearance applications required by this division; (2) If the individual applicant does not meet the three-year experience requirement contained in this rule, the applicant may seek a waiver from the Commissioner by submitting information showing that the applicant has other qualifications sufficient to ensure the protection of the public. (3) The Agency may require the applicant to submit any additional information that the Agency considers necessary to demonstrate the applicant’s qualifications to transact escrow business. (4) The license application must be accompanied by the license fee authorized by ORS 696.530. The fee applies to all periods of the year. The Agency does not pro-rate license fees. (5) Every license application must be accompanied by criminal records check clearance applications and fingerprint cards as specified in OAR 863-049-0025 (Criminal Records Check Clearance Application and Fingerprint Card) and an additional fee as specified in 863-005-0090 sufficient to recover the costs of processing any required fingerprint information and securing any criminal offender information pertaining to the applicant for the following: (a) The license applicant and (b) All individuals in charge of the escrow operations. Statutory/Other Authority: ORS 696.541 Statutes/Other Implemented: ORS 696.511 History: REA 23-2018, minor correction filed 01/05/2018, effective 01/05/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
863-049-0030 License Issue, Term, and Form (1) The Agency will issue an escrow agent’s license to an applicant after determining that the applicant meets the license requirements contained in ORS 696.505 to 696.590 and this division and receiving: (a) The license application form and documents required under this division, and (b) The fees authorized by ORS 696.530 and OAR 863-005-0090. (2) A licensee may engage in escrow operations from the date the license is issued until the license expires or is revoked, surrendered, or suspended. (3) All escrow agents’ licenses expire on June 30 of each year. A license may be renewed by filing a license renewal application as provided in OAR 863-049-0035 and paying the required fee. Statutory/Other Authority: ORS 696.541 Statutes/Other Implemented: ORS 696.511 & 696.530 History: REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
863-049-0035 License Renewal (1) An escrow agent’s license expires on June 30 of each year. A licensee may not engage in escrow operations after a license expires. (2) The Agency may renew an escrow agent’s license when the Agency has received the following: (a) The renewal fee authorized by ORS 696.530, and (b) An online renewal application that includes the training certification and contact information required by ORS 696.511(6). (3) A licensee has a 30-day grace period after June 30 in which to renew the expired license. The licensee may not engage in escrow operations during that time. No late fee is required for late renewal. (4) If the Agency renews an expired license during the 30-day grace period, the renewed license is effective as of the renewal date and is not retroactive. The renewed license does not authorize any escrow operations that occurred between July 1 and the license renewal date. (5) If the licensee fails to renew a license by the end of the 30-day grace period but wishes to engage in escrow operations, the licensee must submit a new initial license application pursuant to OAR 863-049-0010 and pay all required fees. Statutory/Other Authority: ORS 696.541 Statutes/Other Implemented: ORS 696.511 & ORS 696.530 History: REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
863-049-0040 Notice to Agency of Changes (1) An escrow agent must notify the Agency within five calendar days on an Agency-approved form of the following changes in the information contained in an escrow agent license application: main or branch office location changes, branch office establishment, and branch office closure. (2) An escrow agent must notify the Agency on an Agency-approved form ten business days before ceasing business operations. Statutory/Other Authority: ORS 696.541 Statutes/Other Implemented: ORS 696.511 History: REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
863-049-0045 Application for Approval of Changes to Ownership or Individuals in Charge of Escrow Operations (1) An escrow agent must apply to the Agency for approval of changes in ownership or changes to individuals in charge of escrow operations. The application must be submitted on an Agency-approved form and include resumes, criminal records check clearance applications, fingerprint cards, and fees required under OAR 863-005-0090. (2) The following changes are subject to this rule: (a) Any individual who will hold an ownership interest in the escrow agent of more than five percent; (b) Corporate officers who will be in charge of escrow operations for an escrow agent; and (c) Other individuals who will be in charge of escrow operations for an escrow agent. (3) The licensee may not allow the proposed change in ownership interest in (2)(a) of this rule to occur until the Agency approves the criminal records check clearance and notifies the licensee in writing. (4) A licensee must submit an application for a change to corporate officers or individuals in charge of escrow operations under (2)(b) or (c) of this rule no later than five business days after the change. (5) If the Agency denies a criminal records check clearance application submitted under (4) of this rule, the Agency will submit written notice to the individual and to the licensee, and the licensee must immediately remove the individual who was denied clearance from any duties as a corporate officer of individual in charge of the licensee’s escrow operations. Statutory/Other Authority: ORS 696.541 Statutes/Other Implemented: ORS 696.511 History: REA 1-2009, f. 12-15-09, cert. ef. 1-1-10
863-049-0050 Letters of Credit (1) For a certified, annually renewable letter of credit to be satisfactory to the Commissioner under ORS 696.527 in lieu of a surety bond or deposit, the letter of credit must: (a) Be executed by a bank; (b) Name the State of Oregon Real Estate Agency as beneficiary; (c) Make no reference to any other conditional agreement, document, or entity; (d) Be annually renewable, without amendment, for successive one-year periods from the stated expiration or any future expiration date until such time as notice is given in accordance with this section; (e) Provide for no less than sixty (60) calendar days notice to the Agency as beneficiary of any election not to renew the letter of credit; and (f) Be payable by sight draft or upon presentation at an office of the bank by an authorized representative of the beneficiary accompanied by a signed statement certifying that “The attached order from the Commissioner of the Oregon Real Estate Agency represents that the escrow agent is in violation of ORS 696.505–696.590.” (2) The Commissioner may require that a Letter of Credit include additional terms and conditions. Statutory/Other Authority: ORS 696.541 Statutes/Other Implemented: ORS 696.527 History: REA 25-2018, minor correction filed 01/05/2018, effective 01/05/2018 Renumbered from 863-050-0035 by REA 1-2009, f. 12-15-09, cert. ef. 1-1-10 REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 4-2004, f. 4-28-04 cert. ef. 5-3-04 REA 2-2004(Temp), f. & cert. ef. 1-15-04 thru 6-25-04
863-050-0000 Definitions As used in OAR chapter 863, division 50, unless the context requires otherwise, the following definitions apply: (1) “Agency” means the Oregon Real Estate Agency. (2) “Bank” has the meaning given that term in ORS 706.008. As used in ORS 696.578, “a bank authorized to do business within this state” means a banking business, as that term is defined in 706.005, that has either a bank charter or a certificate of authority issued by the Oregon Department of Consumer and Business Services pursuant to Chapters 706 to 716. (3) “Banking Day” means each day a bank is required to be open for the normal conduct of its business but does not include Saturday, Sunday, or any legal holiday under ORS 187.010. (4) "Bank services" are any monetary benefits received directly or indirectly from an escrow agent’s bank as services to the escrow agent in consideration for the escrow agent’s depositing and maintaining its clients' trust funds in such bank. (5) "Closed Escrow" means that all property titles have been transferred and all monies and documents have been disbursed or distributed in accordance with the instructions of the principals to the escrow transaction. (6) “Escrow” is defined in ORS 696.505. (7) "Escrow Activity" means any activity subject to regulation under ORS 696.505 to 696.590. (8) “Escrow Agent” is defined in ORS 696.505. (9) “Escrow Number” means a unique identifying number assigned to each escrow in logical sequence. (10) “Escrow Trust Account” means a bank account established pursuant to ORS 696.578. (11) "Holdback escrow" means a separate escrow, derived from a closing escrow, wherein funds are held after closing for the purpose of paying obligations related to the closing or to the financing of real or personal property therein after the closing has occurred. (12) "Net worth," as used in ORS 696.535, means is the remaining balance after subtracting total liabilities from total assets. (13) "One-sided escrow" as used in ORS 696.581 means an escrow that is opened by, or on behalf of, one party to a written, proposed agreement between two or more parties, for the purpose of depositing any written instrument, money, evidence of title to real or personal property, or other thing of value into the escrow account before execution of the agreement by the other party(s). (14) “Owner” means an individual who has more than five percent ownership interest in the escrow agent. (15) "Principal" is defined in ORS 696.505 and (a) In a collection escrow, means the seller or buyer, lender or borrower, vendor or vendee. (b) In a holdback escrow, means those parties directing the holdback. (c) In a one sided escrow, means the depositing party. (16) “Required Records” means all records required by OAR 863-050-0000 to 863-050-0150 and the Oregon Escrow Law, ORS 696.505 to 696.590. (17) “Subservicer” is defined in ORS 696.505. Statutory/Other Authority: ORS 696.385 & 696.541 Statutes/Other Implemented: ORS 696.505 & 696.590 History: REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 5-2003, f. 12-24-03, cert. ef. 1-1-04
863-050-0015 Documents or Property Held in Escrow Except as otherwise provided in ORS 696.581, an escrow agent must use documents or other property deposited in escrow only in accordance with the dated written instructions of the principals to the escrow transactions or pursuant to court order. Statutory/Other Authority: ORS 696.385 & 696.541 Statutes/Other Implemented: ORS 696.581 History: REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 5-2003, f. 12-24-03, cert. ef. 1-1-04 REA 1-1993, f. 12-1-93, cert. ef. 1-1-94 REA 5-1992, f. 8-4-92, cert. ef. 9-1-92 REC 2-1981, f. 10-30-81, ef. 11-1-81 REC 29, f. 12-9-70, ef. 1-10-71
863-050-0025 Closing Statement (1) When an escrow closes, an escrow agent must prepare, sign, and date a closing statement of each principal’s escrow account that includes the following: (a) The funds received and disbursed on the principal’s behalf for the principal’s benefit; and (b) Third party expenses paid by the escrow agent in connection with the escrow transaction, which must be clearly designated and separate from the escrow agent’s own fees. (2) If payments or credits are made outside of escrow, the escrow agent may show such payments or credits on the closing statement if they are designated as payments or credits outside of escrow and are set forth separately from payments or credits made by or to the escrow agent. (3) The escrow agent must deliver a copy of the signed and dated closing statement of the applicable escrow account to: (a) Each principal to the escrow or the principal’s designee; (b) A real estate broker who represents a principal to the transaction, upon the broker’s request, but only the closing statement for the principal that the broker represents; and (c) A seller who has financed some or the entire sales price, a copy of the buyer/borrower statement, at the seller’s request. Statutory/Other Authority: ORS 696.385 & 696.581 Statutes/Other Implemented: ORS 696.535 History: REA 3-2024, minor correction filed 12/12/2024, effective 12/12/2024 REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 5-2003, f. 12-24-03, cert. ef. 1-1-04 REA 2-1997, f. 6-18-97, cert. ef. 7-1-97 REC 6-1984, f. 6-18-84, ef. 7-1-84 REC 2-1981, f. 10-30-81, ef. 11-1-81 REC 5-1978, f. 11-15-78, ef. 1-1-79 REC 29, f. 12-9-70, ef. 1-10-71
863-050-0030 Bank Charges An escrow agent may not authorize or allow a bank to remove funds from its account established under ORS 696.578 for payment of bank service charges, overdraft charges, printed check charges, collection charges, or bank fees or bank service charges of any kind. Such charges must be paid from the escrow agent’s own funds. Statutory/Other Authority: ORS 696.385 & 696.581 Statutes/Other Implemented: ORS 696.541 & 696.578 History: REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 2-1997, f. 6-18-97, cert. ef. 7-1-97 REC 5-1978, f. 11-15-78, ef. 1-1-79 REC 29, f. 12-9-70, ef. 1-10-71
863-050-0033 Notice of Judgments (1) Except as otherwise provided by section (4) of this rule, an escrow agent must notify the Real Estate Commissioner in writing of any of the following: (a) A judgment entered against the escrow agent in any civil action involving the alleged misconduct of the escrow agent in an escrow transaction or of any owner, officer, employee, or director of the escrow agent in an escrow transaction handled through the escrow agent; (b) A conviction in any criminal proceeding involving the misconduct of the escrow agent in an escrow transaction or of any owner, officer, employee, or director of the escrow agent in an escrow transaction handled through the escrow agent; or (c) A decision adverse to the escrow agent resulting from court-ordered binding arbitration involving the alleged misconduct of the escrow agent in an escrow transaction or of any owner, officer, employee, or director of the escrow agent in an escrow transaction handled through the escrow agent. (2) The notice required by section (1) of this rule must contain a brief description of the escrow transaction involved and the names of the principals. If a civil action or court-ordered binding arbitration, the notice must include a copy of the judgment entered or arbitrator’s decision. If a criminal proceeding, the notice must include the criminal charge for which the escrow agent, officer, employee, or director was convicted and the sentence imposed. (3) The notice required by sections (1) and (2) of this rule must be made within ten banking days after the judgment is entered, the arbitrator’s decision is issued, or the sentencing date. The escrow agent must provide notice under this section even if the judgment or conviction is appealed. If the judgment or conviction is appealed, the escrow agent must report each subsequent decision of an appellate court within ten banking days after the date the appellate order is entered. (4) A judgment of the Small Claims Department of any Circuit Court or Justice’s Court is exempt from the notice requirements. However, if the judgment is appealed, each subsequent decision of any appellate court must be reported under this rule. Statutory/Other Authority: ORS 696.385 & 696.541 Statutes/Other Implemented: ORS 696.511 & 696.535 History: REA 27-2018, minor correction filed 01/05/2018, effective 01/05/2018 REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 2-1997, f. 6-18-97, cert. ef. 7-1-97 REC 6-1984, f. 6-18-84, ef. 7-1-84 REC 5-1978, f. 11-15-78, ef. 1-1-79
863-050-0052 Disbursal of Disputed Managing Principal Broker Compensation If there is a dispute among or between managing principal brokers regarding who is entitled to the moneys or other property agreed to as compensation in a written compensation agreement, and the escrow agent is holding such moneys or other property pursuant to ORS 696.582(1)(a), the escrow agent must hold the moneys or other property until the escrow agent receives a written agreement between the managing principal brokers or a final order from a court directing the escrow agent to disburse the moneys or other property. Statutory/Other Authority: ORS 696.385 & ORS 696.541 Statutes/Other Implemented: ORS 696.582 & Chapter 389, (2025 Laws) History: REA 4-2025, amend filed 10/09/2025, effective 01/01/2026 REA 1-2017, amend filed 11/17/2017, effective 01/01/2018 REA 10-2008, f. 12-15-08, cert. ef. 1-1-09
863-050-0055 Accounting Practices (1) An escrow agent may not draw, execute, or date a check on an individual escrow account ledger or escrow trust account before the account has sufficient monies to pay the check. An escrow agent may not withdraw or transfer money from any individual escrow account or escrow trust unless such account has sufficient monies for such payment or transfer. (2) An escrow agent may not withdraw escrow fees from a closing escrow account until: (a) The escrow is cancelled; or (b) The escrow is closed with the exception of customary post-closing procedures as contained in the escrow instructions of the principals to the escrow transaction. (3) An escrow agent may deposit only the funds received as part of an escrow transaction or as trustee of a trust deed under ORS 86.705 to 86.795 in an account established under 696.578. (4) All funds deposited in an escrow trust account established under ORS 696.578 may be withdrawn, paid out, or transferred to other accounts as specified in the written escrow instructions of the principals to the escrow transaction directed to the escrow agent or pursuant to order of a court of competent jurisdiction. (5) An escrow agent must provide the Real Estate Commissioner upon the Commissioner's request with a continuing authorization to certify the actual balance in any escrow trust account the escrow agent has established under ORS 696.578. The escrow agent must file the authorization in the depository in which the escrow trust account is maintained and file a copy of the authorization with the Commissioner. (6) Upon request by the Commissioner or an authorized representative, an escrow agent must demonstrate that an individual escrow account contained sufficient funds before any disbursement by producing documentation and financial records showing that: (a) The trust funds deposited into an escrow trust account on behalf of a principal and credited to the individual account were collected and available for disbursement; and (b) The disbursement of these funds did not involve the use of any other principal’s trust funds. Statutory/Other Authority: ORS 696.385 & 696.541 Statutes/Other Implemented: ORS 696.578 History: REA 29-2018, minor correction filed 01/05/2018, effective 01/05/2018 REA 10-2008, f. 12-15-08, cert. ef. 1-1-09 REA 5-2003, f. 12-24-03, cert. ef. 1-1-04 REA 2-1997, f. 6-18-97, cert. ef. 7-1-97 REA 2-1990, f. 4-18-90, cert. ef. 7-1-90 REA 1-1988, f. 5-31-88, cert. ef. 7-1-88 REC 6-1984, f. 6-18-84, ef. 7-1-84 REC 5-1978, f. 11-15-78, ef. 1-1-79 REC 29, f. 12-9-70, ef. 1-10-71