Real Estate and Escrow Activities

ORS 696.495
Revolving fund

  • amount
  • use
  • procedure for repayment

(1)

Upon written request by the Real Estate Agency, the Oregon Department of Administrative Services shall draw a warrant on the Real Estate Account, established by ORS 696.490 (Real Estate Account), for use as a revolving fund. Warrants drawn to establish or increase the revolving fund, rather than to reimburse the revolving fund, may not exceed the aggregate sum of $1,500. The State Treasurer shall hold the revolving fund in a special account against which the Real Estate Agency may draw checks.

(2)

The Real Estate Agency may use the revolving fund for the purpose of paying witness fees and other administrative expenses.

(3)

All claims for reimbursement of moneys paid from the revolving fund are subject to approval by the Director of the Oregon Department of Administrative Services and by the Real Estate Commissioner. When such claims have been approved, a warrant covering them shall be drawn in favor of the Real Estate Agency and used to reimburse the revolving fund. Such warrants shall be charged against the Real Estate Account established by ORS 696.490 (Real Estate Account). [1974 c.26 §3; 1977 c.41 §3]
Chapter 696

Atty. Gen. Opinions

Sales of subdivision lots by mobile home salespeople, (1975) Vol 37, p 865; sales or offers of interests in limited partnerships to invest in real estate, (1978) Vol 38, p 1971

Source

Last accessed
Jun. 26, 2021

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