OAR 863-049-0015
Additional Information for Legal Entities
(1)
In addition to the license application form, an applicant that is a legal entity must submit the following:(a)
A corporate surety bond in the amount required by ORS 696.525 (Bond for escrow agents) or one of the following:(A)
Evidence of a deposit in an amount equal to the surety bond as provided in ORS 696.527 (Deposits in lieu of bond), or(B)
A written request to the Commissioner for a waiver of the surety bond or deposit, as provided in ORS 696.527 (Deposits in lieu of bond)(4);(b)
A document signed and dated by the individual authorized to submit the application containing the following:(A)
A general plan and description of the character of the business;(B)
A history of the formation of the escrow business, including when the business was established; and(C)
Except as provided in section (2) of this rule, a description of:(i)
The experience or training of the applicant’s employees in the escrow business,(ii)
Information showing that the entity has at least three years of collective experience among its personnel in administering escrows in Oregon or in a state with comparable escrow laws,(iii)
The applicant’s escrow business in another state, or(iv)
A testimonial of an escrow agent licensed in this state concerning the applicant’s training and escrow experience.(c)
Information about the applicant’s financial resources prepared by a certified public accountant in accordance with Generally Accepted Accounting Principles;(d)
Resumes of the individuals submitting the fingerprint cards and criminal records check clearance applications required by this division;(e)
A resolution of the entity authorizing the individual to sign and submit documents;(f)
A certificate of existence shown by current documentation from the Oregon Secretary of State or other appropriate state agency that the applicant is active and in good standing; and(g)
Current documentation from the Oregon Secretary of State that any assumed business name the escrow agent intends to use in its escrow operations is active and in good standing.(2)
If the 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)
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)
Every license application must be accompanied by the license fee authorized by ORS 696.530 (Expiration and renewal of license). The fee applies to all periods of the year. The Agency does not pro-rate license fees.(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) (Criminal Records Check Clearance Application and Fingerprint Card) and an additional fee as specified in 863-005-0090 (Fees) sufficient to recover the costs of processing any required fingerprint information and securing any criminal offender information for the following:(a)
Any individual holding an ownership interest in the escrow agent of more than five percent,(b)
All corporate officers in charge of escrow operations, and(c)
All individuals in charge of escrow operations.
Source:
Rule 863-049-0015 — Additional Information for Legal Entities, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-049-0015.