1. (1) In addition to the license application form, an individual applicant must submit the following documents:

   1. (a) A corporate surety bond in the amount required by ORS 696.525 or one of the following:

      1. (A) Evidence of a deposit in an amount equal to the surety bond as provided in ORS 696.527, or
      2. (B) A written request to the Commissioner for a waiver of the surety bond or deposit, as provided in ORS 696.527(4);

   2. (b) A document signed and dated by the individual submitting the application containing the following information:

      1. (A) A general plan and description of the character of the business;
      2. (B) A history of the formation of the escrow business, including when the business was established; and

      3. (C) Except as provided in section (2) of this rule, a description of:

         1. (i) The experience or training of the applicant’s employees in the escrow business,
         2. (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,
         3. (iii) The applicant’s escrow business in another state, or
         4. (iv) A testimonial of an escrow agent licensed in this state concerning the applicant’s training and escrow experience.
         5. (c) Information about the applicant’s financial resources prepared by a certified public accountant in accordance with Generally Accepted Accounting Principles;
         6. (d) Evidence that the individual is 18 years or older; and
   3. (e) Resumes of the individuals submitting the fingerprint cards and criminal records check clearance applications required by this division;
2. (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. (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. (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. (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:

   1. (a) The license applicant and
   2. (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