reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0045 - Tenant Agreements

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 Residential Property. The property manager must file and maintain legible
			 copies of all tenant rental or lease agreements for the time period required
			 under OAR 863-025-0035. Each tenant rental or lease agreement prepared by a
			 property manager for residential real estate must contain, in addition to and
			 not in lieu of any applicable requirements of the Residential Landlord and
			 Tenant Act, the following:
(a) The licensed
			 name and business address of the property manager and the name and address of
			 the tenant. If a real estate licensee executes the rental or lease agreement on
			 behalf of the licensee's principal real estate broker, the name of the real
			 estate licensee acting for the principal real estate broker in executing the
			 agreement;
(b) The mailing address
			 or unit number of property being rented or leased, the amount and payment
			 conditions of the rental or lease, and the rental or lease term; and
(c) The amount of and the reason for all
			 funds paid by the tenant to the property manager including, but not limited to,
			 funds for rent, conditionally refundable security deposits, and any fees or
			 other charges.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0050 - Tenant Ledger

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Except as
			 provided in section (3) of this rule, a property manager must prepare and
			 maintain at least one tenant's ledger for each tenant or individual from whom
			 the property manager has received any funds under a property management
			 agreement, whether or not the tenant has executed a written rental or lease
			 agreement at the time of the payment of funds to the property
			 manager.
(2) A property manager
			 must use the balances of tenant security deposits in individual tenant's
			 ledgers in the monthly reconciliation of the security deposits account as
			 required in OAR 863-025-0025.
(3) A
			 property manager must prepare and maintain a separate record of the receipt of
			 funds from prospective tenants who are not tenants at the time of paying the
			 funds to the property manager, who do not pay the funds for a particular rental
			 unit and who do not become tenants after such payment
(4) A tenant's ledger must contain at least
			 the following information:
(a) The name of
			 the tenant;
(b) The legal
			 description of the property, the mailing address of the property and the unit
			 number, or a unique series of letters and/or numbers that establishes an audit
			 trail to the tenant agreement;
(c)
			 The identifying code;
(d) For each
			 deposit of funds:
(A) The amount of funds
			 received;
(B) The purpose of the
			 funds and identity of the person who tendered the funds; and
(C) The check number, cash receipt number or
			 a unique series of letters and/or numbers that established an audit trail to
			 the receipt of funds; and
(D) The
			 date the funds were deposited;
(e) For each disbursement of funds:
(A) The date the funds were
			 disbursed;
(B) The amount of funds
			 disbursed;
(C) The check number or
			 bank-generated electronic tracking number;
(D) The payee of the disbursement;
(E) The purpose of the disbursement;
			 and
(f) The balance
			 after each recorded entry.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0055 - Owner Ledger

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A property
			 manager must prepare and maintain at least one separate owner's ledger for each
			 property management agreement, for all monies received and disbursed.
(2) If a property manager maintains a
			 separate client's trust account for a single owner pursuant to property
			 management agreement, the property manager may maintain either a record of
			 receipts and disbursements or check register in lieu of an owner's
			 ledger.
(3) All owner ledgers must
			 contain at least the following information:
(a) The owner's name and identifying
			 code;
(b) For each deposit of
			 funds:
(A) The amount of funds
			 received;
(B) The purpose of the
			 funds and identity of the person who tendered the funds;
(C) The check number, cash receipt number or
			 a unique series of letters and/or numbers that established an audit trail to
			 the receipt of funds; and
(D) The
			 date the funds were deposited;
(c) For each disbursement of funds:
(A) The date the funds were
			 disbursed;
(B) The amount of funds
			 disbursed;
(C) The check number or
			 bank-generated electronic tracking number;
(D) The payee of the disbursement;
(E) The purpose of the disbursement;
			 and
(d) The balance
			 after each recorded entry.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0060 - Cash Receipts

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 property manager must prepare a legible written receipt for any cash funds
			 received under a property management agreement.
(2) If a property management agreement states
			 that the property manager is responsible for collecting cash from machines
			 located on the owner's property including, but not limited to, vending and
			 laundry machine, the property manager must prepare and maintain cash receipts
			 as provided in this rule.
(3) Cash
			 receipts must be consecutively pre-numbered, be printed in at least duplicate
			 form and must contain:
(a) The date of receipt
			 of the cash funds;
(b) The amount
			 of the funds;
(c) The reason for
			 payment or collection of the funds received;
(d) The identifying code of the owner on
			 whose behalf the cash funds were received;
(e) The tenant's name or, in the case of
			 collection of cash as provided in section (2) of this rule, the machine(s) the
			 cash was collected from;
(f) The
			 payee of the funds; and
(g) The
			 name and signature of the individual who actually received the cash and
			 prepared the receipt.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0065 - Deposits and Funds Received

Current through Register Vol. 63, No. 7, July 1, 2024
(1) All funds, whether in the form of money,
			 checks, or money orders belonging to others and accepted by any property
			 manager while engaged in property management activity, must be deposited prior
			 to the close of business of the fifth banking day following the date of the
			 receipt of the funds into a clients' trust account or security deposits account
			 as defined in OAR 863-025-0010  and established by the property manager under
			 ORS 696.241. The property manager
			 must account for all funds received.
(2) Any person employed by the property
			 manager must promptly transmit to the property manager any money, checks, money
			 orders, or other consideration and any documents received while engaged in
			 property management activity.
(3) A
			 property manager may not deposit any funds received on behalf of an owner in
			 the property manager's personal account or commingle any such funds received
			 with personal funds of the property manager.
(4) Except for funds received pursuant to OAR
			 863-025-0050(3)  and 863-025-0025(16), for each deposit made under ORS
			 696.241, a property manager must
			 obtain a deposit slip and make a written notation of the owner's identifying
			 code assigned to the property management agreement on the deposit slip. As used
			 in this rule, "deposit slip" means an independently verifiable third party
			 document created by the third party at the time of the deposit.
(5) A property manager must maintain a
			 complete record of all funds or other consideration received in the property
			 manager's property management activity. This record must show from whom the
			 funds or other consideration was received, the date of the receipt, the place
			 and date of deposit, and, the final disposition of the funds or other
			 consideration.
Stat. Auth.: ORS
				  696.385
Stats. Implemented: ORS
				  696.280 &
				  696.361
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0068 - Owner Information Request

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Upon written request from a property
			 owner, a property manager must deliver to the owner the information listed in
			 subsections (a) through (e) of this section for each tenant within five
			 business days of actually receiving the request for information, unless the
			 owner and the manager agree to a different time period.
(a) The tenant's name, mailing address, and
			 phone number;
(b) The current rent
			 amount and all scheduled tenant charges;
(c) An accounting of all security deposits
			 and fees held for the tenant;
(d)
			 The name of each utility provider and the account number for each provider;
			 and
(e) The name of each fire and
			 life safety service provider and the account number for each
			 provider.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0070 - Termination, Transfer of Property Management

Current through Register Vol. 63, No. 7, July 1, 2024
(1) If a property management agreement is
			 terminated, the property manager must terminate property management activity
			 pursuant to the terms of the property management agreement and this
			 rule.
(2) Not later than 60 days
			 after the effective date of the termination, the property manager must:
(a) Disburse all obligated funds to the party
			 or parties entitled to the funds; and
(b) Provide the owner with the following:
(A) A final accounting of the owner's ledger
			 account;
(B) All funds belonging to
			 the owner as shown on the owner's ledger, unless the owner directs the property
			 manager, in writing, to transfer the funds to another property manager, escrow
			 agent or person;
(C) An accounting
			 of all security deposits and fees held for tenants;
(D) All tenant security deposits and fees
			 held for tenants, unless the owner directs the property manager, in writing, to
			 transfer the security deposits and fees to another property manager, escrow
			 agent or person;
(E) Copies of all
			 current tenant rental or lease agreements, unless the owner waives such
			 requirement in writing or directs the property manager, in writing, to provide
			 such documents to another property manager, escrow agent or person;
			 and
(F) A notice the property
			 manager may destroy the required records of the property management activity
			 performed after six years.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0090 - Reconciliation Review

Current through Register Vol. 63, No. 7, July 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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 25 - PROPERTY MANAGEMENT › Section 863-025-0125 - Advertising

Current through Register Vol. 63, No. 7, July 1, 2024
(1) As used in this
			 rule, "advertising" and "advertisement" include all forms of meaningful
			 communication by or on behalf of a property manager designed to attract the
			 public to the use of services related to the management of rental real estate.
			 This includes, but is not limited to:
(a)
			 Print, including but not limited to mail, publications, brochures, postcards,
			 business cards, and stationery;
(b)
			 Signs, including but not limited to lawn signs, displays, and
			 billboards;
(c) Phone, including
			 but not limited to mobile phone, text messaging, cold calling, and outgoing
			 voicemail messaging;
(d) Broadcast
			 media, including but not limited to radio, television, podcasts, and video;
			 and
(e) Electronic media, including
			 but not limited to multiple listing services, websites, email, social media,
			 mobile apps, and other online marketing.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 27 - INVESTIGATIONS AND DISCIPLINE › Section 863-027-0000 - Applicability and Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
This division applies to licensed real estate brokers and
				property managers. It describes the methods and procedures the Agency will use
				to investigate complaints and the process the Agency will follow when taking
				disciplinary action.
Stat. Auth.: ORS
				  696.385
Stat. Implemented: ORS
				  696.396
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 27 - INVESTIGATIONS AND DISCIPLINE › Section 863-027-0005 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in this division, unless the context requires
				otherwise, the following definitions apply:
(1) "Agency" is defined in ORS
			 696.010.
(2) "Commissioner" is defined in ORS
			 696.010.
Stat. Auth.: ORS
				  696.385
Stat. Implemented: ORS
				  696.010
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 27 - INVESTIGATIONS AND DISCIPLINE › Section 863-027-0010 - Investigation of Licensees: Procedures and Reporting

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The agency shall use the methods and
			 procedures in this rule to investigate complaints that allege grounds for
			 discipline under ORS
			 696.301.
(a) The Real Estate Commissioner, a Real
			 Estate Agency manager, or an authorized Agency staff member under the
			 supervision of an Agency manager shall review the complaint to determine
			 whether there are reasonable grounds to believe that a violation of ORS
			 696.007 to
			 696.995,
			 or any rule promulgated thereunder, may have occurred that constitutes grounds
			 for discipline under 696.301. Reasonable grounds means a reasonable belief in
			 facts or circumstances which, if true, would in law constitute a violation of
			 696.007 to 696.995 or its implementing rules.
(b) If the Commissioner or an Agency manager
			 determines there are reasonable grounds to believe a violation may have
			 occurred, the Agency will initiate an investigation. The individual assigned to
			 investigate the complaint shall gather all relevant facts in an objective,
			 impartial and unbiased manner. The investigative report must contain all facts
			 discovered during the investigation, including facts which may be exculpatory
			 or mitigating.
(c) The individual
			 assigned to investigate the complaint will promptly notify the Commissioner or
			 an Agency manager if a licensee fails or refuses to cooperate in an
			 investigation.
(d) An investigative
			 interview may be electronically recorded if the person to be interviewed
			 consents to the recording and states such consent on the recording.
(e) The individual assigned to investigate
			 the complaint may not communicate with a licensee or a member of the public
			 about the findings of the investigation, whether a violation may have occurred
			 based on the facts, or whether the Agency will initiate administrative action
			 against a licensee. In cases where compliance is sought during the
			 investigation, the individual assigned to investigate may discuss potential
			 violations with the licensee.
(f)
			 Individuals assigned to investigate complaints shall not solicit complaints
			 against any licensee.
(g) The scope
			 of an investigation shall be limited to the conduct or transaction(s) that
			 formed the basis initiating the investigation. However, if there are reasonable
			 grounds to believe that additional violations may have occurred that would
			 result in reprimand, suspension, revocation or license denial, the Commissioner
			 or an Agency manager may expand the scope of the investigation or authorize
			 additional investigations.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 27 - INVESTIGATIONS AND DISCIPLINE › Section 863-027-0020 - Progressive Discipline of Licensees

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
			 The goal of progressive discipline is to correct a licensee's inappropriate
			 behavior, deter the licensee from repeating the conduct, and educate the
			 licensee to improve compliance with applicable statutes and rules. Progressive
			 discipline means the process the Real Estate Agency follows, which may include
			 using increasingly severe steps or measures against a licensee when a licensee
			 fails to correct inappropriate behavior or exhibits subsequent instances of
			 inappropriate behavior.
(2) The
			 Real Estate Commissioner will evaluate all relevant factors to determine
			 whether to issue a non-disciplinary educational letter of advice or to
			 discipline a licensee through reprimand, suspension or revocation under ORS
			 696.301, including but not limited to:
(a) The
			 nature of the violation;
(b) The
			 harm caused, if any;
(c) Whether
			 the conduct was inadvertent or intentional;
(d) The licensee's experience and
			 education;
(e) Whether the
			 licensee's conduct is substantially similar to conduct or an act for which the
			 licensee was disciplined previously;
(f) Any mitigating or aggravating
			 circumstances;
(g) The licensee's
			 cooperation with the investigation;
(h) Any Agency hearing orders addressing
			 similar circumstances; and
(i) The
			 licensee's volume of transactions.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 30 - OREGON SUBDIVISION CONTROL LAW › Section 863-030-0050 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 863-030-0050  to 863-030-0080, unless the context
				requires otherwise:
(1) "Commissioner"
			 means the Real Estate Commissioner.
(2) "Agency" means the Real Estate
			 Agency.
(3) "Accommodation,"
			 "assessment," "common expenses," "developer," "facility," "managing entity,"
			 "negotiate," "purchaser," "owner," "seller," "timeshare," "timeshare
			 agreement," "timeshare period" and "timeshare plan" have the meaning given
			 those terms in ORS 94.803.
Stat. Auth.: ORS 92, ORS 94 & ORS 696
Stats. Implmeneted: ORS
				  94.803
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 30 - OREGON SUBDIVISION CONTROL LAW › Section 863-030-0060 - Filing with Commissioner

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to and at the time of filing the information
				required by ORS 94.823, the developer of a
				timeshare plan or the developer's agent shall submit to the commissioner the
				following:
(1) For a timeshare plan
			 having timeshare property comprising only part of the accommodations in a
			 hotel, motel or similar commercial lodging business and where the
			 accommodations that are not part of the timeshare plan are used for transient
			 accommodations concurrently with the operation of the timeshare plan, a copy of
			 any contract for the following:
(a)
			 Arrangements for the temporary use for transient accommodations of timeshare
			 property and the temporary use of accommodations regularly used for transient
			 accommodations as timeshare property; and
(b) The apportionment of the operating costs
			 of the commercial lodging business that jointly benefit transient
			 accommodations and the timeshare plan, including the apportionment
			 method.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 30 - OREGON SUBDIVISION CONTROL LAW › Section 863-030-0065 - Presales of Timeshare Plans

Current through Register Vol. 63, No. 7, July 1, 2024
In cases where timeshare sales agreements are executed before
				the timeshare property is ready and available for use by the purchaser for the
				timeshare period bargained for in accordance with the timeshare instrument, the
				developer shall comply with ORS
				94.873 to
				94.905 in making such
				sales.
Stat. Auth.: ORS 92, ORS 94 & ORS 696
Stats. Implemented: ORS
				  94.823, ORS
				  94.873 & ORS
				  94.878
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 30 - OREGON SUBDIVISION CONTROL LAW › Section 863-030-0075 - Exchange Programs

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 seller or developer who offers an exchange program to a purchaser in
			 conjunction with a timeshare plan shall be responsible for the delivery of the
			 exchange program information, if the offer is made in conjunction with and at
			 the time of the purchase of a timeshare interest. An exchange company offering
			 an exchange program directly to purchasers on its own behalf shall be
			 responsible for the delivery of the exchange program information. The accuracy
			 of the exchange program information is the responsibility of the exchange
			 company and not the buyer or developer. The exchange program information
			 provided to a purchaser shall include the written information required under
			 subsection (2) of ORS
			 94.826, and the following: The
			 names and addresses of all the officers and directors of the exchange company.
(a) Whether the purchaser's contract with the
			 exchange program is separate and distinct from the purchaser's contract with
			 the developer of the timeshare plan;
(b) A complete description of all
			 limitations, restrictions or priorities employed in the operation of the
			 exchange program, including but not limited to, limitations on exchanges based
			 on season, unit size or levels of occupancy; and, if the limitations,
			 restrictions, or priorities are not applied uniformly by the exchange program,
			 a complete description of the manner of their application;
(c) Whether exchanges are arranged on a space
			 available basis and whether the exchange company guarantees fulfillment of
			 specific requests for exchanges;
(d) Whether the fees for participation in the
			 exchange program may be altered and the method for alteration;
(e) The names and locations of all
			 accommodations and facilities included in the timeshare plans participating in
			 the exchange program;
(f) The
			 number of timeshare accommodations in each timeshare plan which are available
			 for occupancy and which qualify for participation in the exchange
			 program.
(g) The number of
			 currently enrolled purchasers and owners at each timeshare plan participating
			 in the exchange program.
(h) The
			 disposition made by the exchange company of timeshare periods deposited with
			 the exchange program by purchasers and owners enrolled in the exchange
			 program.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 30 - OREGON SUBDIVISION CONTROL LAW › Section 863-030-0080 - Promotional Programs

Current through Register Vol. 63, No. 7, July 1, 2024
In conjunction with the filing required by OAR 863-030-0060,
				the developer shall maintain and store an outline of any promotional program
				prepared by the developer for the sale of the timeshare plan, for a period of
				two years following the date of the initial use of the promotional program or a
				statement that no such program has been prepared. "Promotional program"
				includes, but is not limited to, the methods of marketing to be employed,
				including but not limited to sweepstakes, lodging certificates, gifts, awards,
				premiums, discounts, drawings or contests.
Stat. Auth.: ORS 92, ORS 94 & ORS 696
Stats. Implemented: ORS
				  94.823, ORS
				  94.940 & ORS
				  94.945
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 40 - MEMBERSHIP CAMPING CONTRACT RULES › Section 863-040-0010 - Application for Membership Camping Contract Registration

Current through Register Vol. 63, No. 7, July 1, 2024
In addition to and at the time of filing the information
				required by ORS 94.959, a membership camping
				operator shall file the following information and documentation with an
				application for the registration of a membership camping contract:
(1) The name, address and telephone number of
			 each onsite manager of any campground located in Oregon.
(2) A current title report for the real
			 property of any campground in Oregon along with a copy of all encumbrances
			 listed on the report. If the operator is not in fee title to the real property,
			 a copy of any documentation on which a right to use the property is claimed by
			 the operator.
(3) Full and complete
			 disclosure of any local requirements for the creation, siting and operation of
			 campgrounds and verification from the local jurisdiction that the membership
			 camping operator has complied with the requirements.
Stat. Auth.: ORS 94 & ORS 696
Stats. Implemented: ORS
				  94.959
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 40 - MEMBERSHIP CAMPING CONTRACT RULES › Section 863-040-0040 - Membership Camping Contract Salesperson Registration and Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The renewed
			 registration will be issued for one year from the date of renewal. If a renewal
			 application is not filed with the commissioner within one year from the
			 expiration of a registration, renewal of the registration will no longer be
			 possible and the former registrant must meet the requirements of a new
			 registration under ORS
			 94.980.
(2) As part of the application for
			 registration as a MCC salesperson submitted under ORS
			 94.980, the applicant shall
			 submit two completed fingerprint cards on a form prescribed by the Commissioner
			 and an additional fee sufficient to recover the costs of the processing of the
			 applicant's fingerprint information and securing any criminal offender
			 information pertaining to the applicant.
(3) At the request of a prospective applicant
			 for registration as a MCC salesperson under ORS
			 94.980, Agency staff designated
			 by the Commissioner may perform the fingerprinting process for such applicant
			 during regular office hours of the Agency at the office of the Agency upon
			 payment to the Agency by such applicant of a separate and additional fee of
			 $10.
Stat. Auth.: ORS 94, ORS 181, ORS
				  183.335, ORS 293 & ORS
				  696.385
Stats. Implemented: ORS
				  94.980
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0000 - Applicability and Purpose

Current through Register Vol. 63, No. 7, July 1, 2024
This division applies to escrow agents and those who wish to
				become escrow agents. Its purpose is to set forth the requirements and
				processes for initial licensing, changes in ownership and individuals in charge
				of escrow operations, notice to the Agency of other changes, and license
				renewal.
Stat. Auth.: ORS
				  696.541
Stats. Implemented: ORS
				  696.511
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0005 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in this division, unless the context requires
				otherwise:
(1) "Agency" means the
			 Oregon Real Estate Agency.
(2)
			 "Bank" is defined in ORS
			 706.008.
(3) "Commissioner" means Oregon Real Estate
			 Commissioner.
(4) "Escrow" is
			 defined in ORS 696.505.
(5) "Escrow agent" is defined in ORS
			 696.505.
(6) "Escrow operations" means any activity
			 that is subject to regulation under ORS
			 696.505 to
			 696.590.
(7) "Escrow trust account" is defined in
			 section 1, chapter 174, Oregon Laws 2009.
(8) "Trust funds" is defined in section 1,
			 chapter 174, Oregon Laws 2009.
Stat. Auth.: ORS
				  696.541
Stats. Implemented: ORS
				  696.505 &
				  696.511
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0010 - Initial License Application Form and Content

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0015 - Additional Information for Legal Entities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) In addition to the license application
			 form, an applicant that is a legal entity must submit the following:
(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);
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0020 - Additional Information for Individual Applicants

Current through Register Vol. 63, No. 7, July 1, 2024
(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);
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0025 - Criminal Records Check Clearance Application and Fingerprint Card

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The Agency
			 conducts a criminal records check, makes a criminal background fitness
			 determination, and either approves or denies a criminal background check
			 clearance application under the provisions of OAR chapter 863, division 5. The
			 Agency conducts this process on certain individuals, owners, or employees of an
			 escrow agent license applicant as part of the initial application review and
			 approval process. The Agency conducts this criminal records check process on
			 certain individuals, owners, or employees of an escrow agent licensee as part
			 of the application for changes in ownership or individuals who are in charge of
			 escrow operations under OAR 863-049-045.
(2) As used in this rule, "applicant" means
			 the individual applying for a criminal records check clearance under OAR
			 chapter 863, division 5.
(3) The
			 applicant must apply for a criminal records check clearance in writing on an
			 Agency-approved form with all information provided and verified by the
			 applicant.
(4) The criminal records
			 check clearance application must include, but is not limited to, the following
			 information:
(a) The applicant's legal name,
			 residence address, and telephone number;
(b) The applicant's date and place of
			 birth;
(c) The applicant's Social
			 Security Number; and
(d) Whether
			 the applicant has ever been convicted of or is under arrest, investigation, or
			 indictment for a felony or misdemeanor.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0030 - License Issue, Term, and Form

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0035 - License Renewal

Current through Register Vol. 63, No. 7, July 1, 2024
(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 will 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 Agency-approved renewal application
			 form that includes the training certification and contact information required
			 by ORS 696.511(6).
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0040 - Notice to Agency of Changes

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Stat. Auth.: ORS
				  696.541
Stats. Implemented: ORS
				  696.511
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0045 - Application for Approval of Changes to Ownership or Individuals in Charge of Escrow Operations

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0050 - Letters of Credit

Current through Register Vol. 63, No. 7, July 1, 2024
(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."
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 49 - ESCROW AGENT LICENSING › Section 863-049-0055 - Annual Report and Financial Statements

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An escrow agent must submit to the Agency
			 by March 31 of each year an Annual Report for the previous calendar year
			 consisting of the following:
(a) A schedule
			 of the amount of trust funds received and disbursed each month on collection
			 escrows and the amount of trust funds received and disbursed each month on
			 closing escrows. The schedule must include the beginning balance and the ending
			 balance of each such account and be prepared based upon the individual escrow
			 ledgers for such accounts;
(b) A
			 list of closing escrows that have been open for more than twelve months as of
			 December 31 of the previous year, showing the escrow number, date opened, names
			 of principals, the escrow ledger balance, and a statement of the reason the
			 escrow has remained open for more than one year;
(c) The amount of clients' trust funds
			 received and disbursed each month by the escrow agent while acting as a trustee
			 under a trust deed pursuant to ORS 86.705 to 86.795. The schedule must include
			 the beginning balance and the ending balance for each account. The schedule
			 must be prepared from the outstanding individual escrow ledgers for such
			 accounts;
(d) An executed general
			 authorization to inspect all clients' trust accounts set up as required by ORS
			 696.578(1) on an Agency-approved form;
(e) A list of outstanding checks as of
			 December 31 of the previous year, listed by check number, issue date, payee,
			 and amount, for all escrow trust accounts; and
(f) Any other information the Agency deems
			 necessary to administer the provisions of ORS 696.505 to 696.590.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0000 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0015 - Documents or Property Held in Escrow

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  696.385,
				  696.541
Stats. Implemented: ORS
				  696.581
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0020 - Disclosure of Interest

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An
			 escrow agent must act as a disinterested, neutral third party with regard to
			 any of the principals to an escrow transaction.
(2) An escrow agent must provide the
			 disclosure required by this rule if the escrow agent, its owners, officers,
			 management staff in the office of the escrow agent handling the escrow
			 transaction, or the escrow officer handling the escrow transaction knows of any
			 interest or relationship described in section (5) of this rule.
(3) An escrow agent must disclose to the
			 principals in an escrow transaction, in a separate written notice:
(a) The specific interest the agent or the
			 agent's employees have in the transaction described in section (5) of this
			 rule; and
(b) The statement
			 described in section (6) of this rule.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0025 - Closing Statement

Current through Register Vol. 63, No. 7, July 1, 2024
(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 otwn fees.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0030 - Bank Charges

Current through Register Vol. 63, No. 7, July 1, 2024
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.
Stat. Auth.: ORS
				  696.385 &
				  696.581
Stats. Implemented: ORS
				  696.541 &
				  696.578
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0033 - Notice of Judgments

Current through Register Vol. 63, No. 7, July 1, 2024
(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.
Oregon Administrative Rules › Chapter 863 - REAL ESTATE AGENCY › Division 50 - ESCROW AND ESCROW AGENT REGULATIONS › Section 863-050-0050 - Accounting Controls; Record Inspection

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An escrow agent must establish and
			 maintain the escrow business records described in this rule as required
			 records.
(a) Individual ledgers must be
			 established to record the accounting for each escrow.
(A) The ledgers must be identified by the
			 escrow number and the names of the principals.
(B) Entries must record each receipt and
			 disbursement of escrow funds and must be posted in date order on, or as of, the
			 date they occur.
(C) Entries must
			 show the amount of the entry, the date of the entry, the receipt number, and
			 the check number or wire identification number and must identify from or to
			 whom funds were received or disbursed.
(D) Each ledger must show and record a
			 running balance of funds held in the individual escrow, on a daily basis, as
			 entries occur.
(E) If an escrow
			 agent uses more than one escrow trust bank account, each ledger must identify
			 the account in which its escrow funds are deposited.