OAR 863-050-0000
Definitions
(1)
“Agency” means the Oregon Real Estate Agency.(2)
“Bank” has the meaning given that term in ORS 706.008 (Additional definitions for Bank Act). As used in ORS 696.578 (Deposit and designation of funds held in escrow), “a bank authorized to do business within this state” means a banking business, as that term is defined in 706.005 (Definitions for Bank Act), that has either a bank charter or a certificate of authority issued by the Oregon Department of Consumer and Business Services pursuant to Chapters 706 to 716.(3)
“Banking Day” means each day a bank is required to be open for the normal conduct of its business but does not include Saturday, Sunday, or any legal holiday under ORS 187.010 (Legal holidays).(4)
“Bank services” are any monetary benefits received directly or indirectly from an escrow agent’s bank as services to the escrow agent in consideration for the escrow agent’s depositing and maintaining its clients’ trust funds in such bank.(5)
“Closed Escrow” means that all property titles have been transferred and all monies and documents have been disbursed or distributed in accordance with the instructions of the principals to the escrow transaction.(6)
“Escrow” is defined in ORS 696.505 (Definitions for ORS 696.505 to 696.590).(7)
“Escrow Activity” means any activity subject to regulation under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts).(8)
“Escrow Agent” is defined in ORS 696.505 (Definitions for ORS 696.505 to 696.590).(9)
“Escrow Number” means a unique identifying number assigned to each escrow in logical sequence.(10)
“Escrow Trust Account” means a bank account established pursuant to ORS 696.578 (Deposit and designation of funds held in escrow).(11)
“Holdback escrow” means a separate escrow, derived from a closing escrow, wherein funds are held after closing for the purpose of paying obligations related to the closing or to the financing of real or personal property therein after the closing has occurred.(12)
“Net worth,” as used in ORS 696.535 (Grounds for refusing, suspending or revoking license or reprimanding licensee), means is the remaining balance after subtracting total liabilities from total assets.(13)
“One-sided escrow” as used in ORS 696.581 (Written escrow instructions or agreement required) means an escrow that is opened by, or on behalf of, one party to a written, proposed agreement between two or more parties, for the purpose of depositing any written instrument, money, evidence of title to real or personal property, or other thing of value into the escrow account before execution of the agreement by the other party(s).(14)
“Owner” means an individual who has more than five percent ownership interest in the escrow agent.(15)
“Principal” is defined in ORS 696.505 (Definitions for ORS 696.505 to 696.590) and(a)
In a collection escrow, means the seller or buyer, lender or borrower, vendor or vendee.(b)
In a holdback escrow, means those parties directing the holdback.(c)
In a one sided escrow, means the depositing party.(16)
“Required Records” means all records required by OAR 863-050-0000 (Definitions) to 863-050-0150 (Annual Report; Financial Statements; Audit or Examination Expenses) and the Oregon Escrow Law, ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts).(17)
“Subservicer” is defined in ORS 696.505 (Definitions for ORS 696.505 to 696.590).
Source:
Rule 863-050-0000 — Definitions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=863-050-0000.