Current through Register Vol. 63, No. 9, September 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.
(2) An escrow agent must submit to
the Agency, not later than 150 days after the end of the agent's tax or
accounting year, a set of the agent's financial statements as follows:
(a) The financial statements must be prepared
in accordance with generally accepted accounting principals by a certified
public accountant or other qualified person approved by the Agency.
(b) The person preparing the financial
statements must provide a statement of the type of the presentation made and
include all appropriate notes to the financial statement.
(c) The financial statements must include the
following:
(A) A balance sheet as of the
agent's year end;
(B) Statement of
profit and loss;
(C) Statement of
cash flows;
(D) Statement of
retained earnings; and
(E) Any
other changes in capital accounts for the year then ended.
(d) As part of the report submitted under
this rule, the escrow agent must authorize the Commissioner or the
Commissioner's authorized representative to examine and verify any asset or
liability shown on the balance sheet. The authorization must be in writing and
submitted to the Agency with the report.
(3) The Commissioner may grant an extension
of time, to be determined by the Commissioner, for filing reports submitted
under sections (2) or (3) of this rule if the agent so requests in writing and
provides sufficient reason why the agent cannot file the reports by the
specified date.
(4) The reports
required by this rule must be signed by the escrow agent or appropriate
corporate officer of the escrow agent attesting to the accuracy of the
information contained in the report.
Statutory/Other Authority: ORS 696.541
Statutes/Other Implemented: ORS
696.534
