Oregon Code § 696.511·Enacted ·Last updated March 01, 2026
Statute Text
License requirement; licensing system; rules.
(1) A person may not directly or indirectly engage in
or carry on, or purport to engage in or carry on, within this state, the
business of an escrow agent, or act in the capacity of an escrow agent, unless
the person holds an active license as an escrow agent under the provisions of
ORS 696.505 to 696.590.
(2)(a) The Real
Estate Commissioner shall establish by rule a system for licensing escrow
agents. The system shall establish, at a minimum, the following:
(A) The form and
content of applications for initial licensing and license renewal.
(B) The
requirements for submitting surety bonds under ORS 696.525 or evidence of
deposits in lieu of a bond under ORS 696.527.
(C) The form and
content of applications for changes in any of the following:
(i) Ownership
interest in an escrow agent.
(ii) Corporate
officers in charge of escrow operations for an escrow agent.
(iii) Other
individuals in charge of escrow operations for an escrow agent.
(D) Schedules and
procedures for issuing and renewing licenses.
(E) Schedules and
procedures for approving changes in ownership interest in an escrow agent,
changes in corporate officers in charge of escrow operations or changes in
other individuals in charge of escrow operations.
(F) The term of a
license.
(G) The
requirements for an escrow agent to notify the Real Estate Agency of changes in
the information contained in an application, including but not limited to
office location changes, branch office establishment, office closure and
business operations cessation.
(H) The
requirements for an applicant that is not an individual to provide a
certificate of existence or similar documentation.
(b) If an
applicant for a license as an escrow agent is an individual, the applicant must
be 18 years of age or older.
(3) For the
initial license of an escrow agent, the commissioner may require information
and evidence the commissioner considers necessary to demonstrate the applicants
qualifications to transact escrow business including, but not limited to,
information regarding the applicants financial resources, the applicants
escrow business in another state or the experience or training of employees in
escrow business, or a testimonial of an escrow agent licensed in this state.
Subject to subsection (4) of this section, an applicant:
(a) Who is an
individual must demonstrate a minimum of three years of experience in the
administration of escrows within Oregon or a state with comparable escrow laws;
or
(b) Who is not an
individual must demonstrate a minimum collective experience among its personnel
of three years in the administration of escrows within Oregon or a state with
comparable escrow laws.
(4) The
commissioner may waive the three-year experience requirement in subsection (3)
of this section for an applicant who demonstrates other qualifications
sufficient to ensure the protection of the public.
(5)(a) For the
purpose of this subsection, an escrow agent that is not an individual may
satisfy the requirements for fingerprints and a criminal records check by
providing the fingerprints of and conducting a criminal records check on an
individual who:
(A) Has more than
five percent ownership interest in the escrow agent;
(B) Is a
corporate officer in charge of escrow operations for the escrow agent; or
(C) Is in charge
of escrow operations for the escrow agent.
(b) For an
initial escrow agent license, the commissioner shall require fingerprints and a
state or nationwide criminal records check under ORS 181A.195 of the applicant.
The commissioner may require additional information from the applicant that the
commissioner considers necessary for protecting the public.
(c) For license
renewal as an escrow agent, the commissioner may require fingerprints and a
state or nationwide criminal records check under ORS 181A.195 of the applicant.
The commissioner may require additional information from the applicant that the
commissioner considers necessary for protecting the public.
(d) For a change
in individuals who will have ownership interest in an escrow agent, the
individuals who will be corporate officers in charge of escrow operations or
any other individuals who will be in charge of escrow operations, the
commissioner shall require fingerprints and a state or nationwide criminal
records check under ORS 181A.195 of the individuals who will have the ownership
interest or who will be in charge. The commissioner may require additional
information from the individuals that the commissioner considers necessary for
protecting the public.
(6) For license
renewal, an applicant that is an escrow agent shall provide:
(a) A
certification of training, by which the applicant certifies that the applicant
provides escrow agency staff within Oregon with an average of six hours or more
of training per year per permanent, full-time employee in subjects that bear
directly on the adminis