Oregon Revised Statutes Chapter 696 § 696.527 — Deposits in lieu of bond; payment of claims; waiver

Deposits in lieu of bond; payment of claims; waiver. (1) Any escrow agent may satisfy the requirements of ORS 696.525 by depositing with the State Treasurer, in an amount equal to the surety bond required, a deposit consisting only of the following: (a) Cash; (b) Ample secured obligations of the United States, a state or a political subdivision thereof; (c) Certificates of deposit, assignments of certificates of deposit or other investments described in ORS 733.650 (4), to the extent that such investments are insured by the Federal Deposit Insurance Corporation; (d) A certified, annually renewable letter of credit executed by a financial institution and satisfactory to the Real Estate Commissioner in the amount of the surety bond required by ORS 696.525; or (e) Any combination of paragraphs (a), (b), (c) and (d) of this subsection. (2) The State Treasurer shall accept and hold the deposit for the faithful performance of escrow activity by the escrow agent. No claimant or judgment creditor or the escrow agent shall have the right to attach or levy upon any of the assets or securities held on deposit. (3) The commissioner, by order, may authorize the State Treasurer to use such deposit, as follows: (a) To satisfy any final judgment entered against the escrow agent for actual damages suffered by any person by reason of the violation of any of the provisions of ORS