Oregon Revised Statutes Chapter 696 § 696.525 — Bond

Bond for escrow agents. (1) At the time of filing an application for an escrow agent license, the applicant shall deposit with the Real Estate Commissioner a corporate surety bond running to the State of Oregon, executed by a surety company satisfactory to the commissioner, in the amount required by this section. (2) If the total annual receipts of client trust funds, as reported in the required annual report of the escrow agent, are: (a) Less than $30 million, the bond or deposit must be $50,000. (b) $30 million or more, but less than $60 million, the bond or deposit must be $125,000. (c) $60 million or more, but less than $100 million, the bond or deposit must be $250,000. (d) $100 million or more, but less than $300 million, the bond or deposit must be $375,000. (e) $300 million or more, the bond or deposit must be $500,000. (3) The provisions of the corporate surety bond must be in the form substantially as follows: ______________________________________________________________________________ Know All Persons by These Presents, That we, ______ as principal, and ______, a corporation, qualified and authorized to do business in the State of Oregon as surety, are held and firmly bound unto the State of Oregon for the use and benefit of any interested person, in the sum of $______, lawful money of the United States of America, to be paid to the State of Oregon for the use and benefit aforesaid, for which payment well and truly to be made, we bind ourselves, our heirs, executors, administrators, successors, and assigns, jointly and severally, firmly by these presents. The condition of the above obligation is such that: Whereas the above-named principal has made application for registration as an escrow agent within the meaning of ORS