Current through Register Vol. 63, No. 9, September 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);
(b) A
document signed and dated by the individual authorized to submit the
application containing the following:
(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 entity has
at least three years of collective experience among its personnel in
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) Resumes of the individuals submitting the
fingerprint cards and criminal records check clearance applications required by
this division;
(e) A resolution of
the entity authorizing the individual to sign and submit documents;
(f) A certificate of existence shown by
current documentation from the Oregon Secretary of State or other appropriate
state agency that the applicant is active and in good standing; and
(g) Current documentation from the Oregon
Secretary of State that any assumed business name the escrow agent intends to
use in its escrow operations is active and in good standing.
(2) If the 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) Every 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
for the following:
(a) Any individual 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
Statutes/Other Implemented: ORS
696.511
