ORS 696.520
Application of ORS 696.505 to 696.590

The provisions of ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts) do not apply to and the term “escrow agent” does not include:

(1)

Any person doing business under the laws of this state or the United States relating to banks, mutual savings banks, trust companies, savings and loan associations, consumer finance companies, or insurance companies except to the extent that the person provides real estate closing escrow services other than those permitted under subsection (3) of this section.

(2)

An attorney at law rendering services in the performance of duties as attorney at law.

(3)

Any firm or corporation lending money on real or personal property and which firm or corporation is subject to licensing, supervision or auditing by a federal or state agency but only to the extent of closing a loan transaction between the firm or corporation and a borrower, and seller, if a fee for escrow services is not charged to the seller.

(4)

Any person doing any of the acts specified in ORS 696.505 (Definitions for ORS 696.505 to 696.590) (5) under order of any court.

(5)

Any real estate broker or principal real estate broker licensed under ORS 696.022 (Licensing system for real estate brokers and property managers) who performs the closing for the principals in a real estate transaction handled by the broker, if the principals are not charged a separate fee for escrow services.

(6)

Any collection agency registered under ORS 697.015 (Registration requirement) that is engaged in any collection or billing activity without holding documents relating to the debt. [1963 c.440 §2; 1967 c.359 §701; 1971 c.398 §1; 1977 c.351 §6; 1981 c.617 §22; 1991 c.874 §3; 2001 c.300 §37; 2003 c.427 §6; 2007 c.337 §7; 2017 c.234 §24]

Source: Section 696.520 — Application of ORS 696.505 to 696.590, https://www.­oregonlegislature.­gov/bills_laws/ors/ors696.­html.

Notes of Decisions

Although attorney may act as escrow agent and close real estate transactions between parties, he must take precautions to guard his professional responsibility by making complete written disclosure fully stating his position with respect to clients and other parties to the transaction. In re Bauer, 283 Or 55, 581 P2d 511 (1978)

696.007
Statement of legislative purpose 696.010
Definitions 696.015
Legislative finding 696.020
License required for individuals engaged in professional real estate activities 696.022
Licensing system for real estate brokers and property managers 696.024
Payments due and owing to Real Estate Agency 696.026
Registration and renewal of business names 696.030
Exemptions 696.040
Single act sufficient to constitute professional real estate activity 696.110
Exclusive nature of regulation of real estate licensees 696.125
Limited license 696.130
Effect of revocation of license 696.174
License renewal 696.182
Continuing education 696.184
Duties of continuing education provider 696.186
Qualifications of continuing education instructors 696.200
Main office 696.205
Death or incapacity of sole principal real estate broker or sole licensed real estate property manager 696.232
License status of employee of agency 696.241
Clients’ trust accounts 696.243
Substituting copy for original canceled check allowed 696.245
Clients’ trust accounts 696.255
Nonresident license equivalent to appointment of commissioner as agent for service of process 696.265
Recognition of nonresident real estate licensee 696.270
Fees 696.280
Records of licensed real estate property managers and real estate brokers 696.290
Sharing compensation with or paying finder’s fee to unlicensed person prohibited 696.292
Limitation on demand for compensation 696.294
Opinion letter 696.301
Grounds for discipline 696.310
Intracompany supervision and control 696.315
Prohibition against licensee permitting nonlicensed individual to engage in activity with or on behalf of licensee 696.320
Effect of suspension or revocation of principal broker license on associated licensees 696.323
Effect of violations by real estate licensee on associated licensees 696.363
Relationship between licensees as independent contractors or employer and employee 696.365
City or county business license tax 696.375
Real Estate Agency 696.385
Power of agency 696.392
Power of commissioner to administer oaths, take depositions and issue subpoenas 696.395
Power of commissioner 696.396
Investigation of complaints and progressive discipline 696.397
Cease and desist order 696.398
Delegation by commissioner to employees 696.405
Real Estate Board 696.415
Officers 696.425
Powers and duties of board 696.430
Records of commissioner as evidence 696.445
Advancement of education and research 696.490
Real Estate Account 696.495
Revolving fund 696.505
Definitions for ORS 696.505 to 696.590 696.508
Legislative finding 696.511
License requirement 696.520
Application of ORS 696.505 to 696.590 696.523
Application of ORS 696.505 to 696.590 to title insurance activities 696.525
Bond for escrow agents 696.527
Deposits in lieu of bond 696.530
Expiration and renewal of license 696.532
Limited license 696.534
Records of escrow agents 696.535
Grounds for refusing, suspending or revoking license or reprimanding licensee 696.541
Authority of commissioner over escrow agents 696.545
Investigation 696.555
Commissioner to take possession of property and assets of escrow agent when assets or capital impaired 696.570
Hearings procedure under ORS 696.505 to 696.590 696.575
Civil or criminal actions not limited by ORS 696.505 to 696.590 696.577
Commissioner’s order against unlicensed agent 696.578
Deposit and designation of funds held in escrow 696.579
Funds exempt from execution or attachment 696.581
Written escrow instructions or agreement required 696.582
Escrow agent to hold certain compensation 696.585
Civil penalties 696.590
Penalty amounts 696.600
Definitions for ORS 696.392, 696.600 to 696.785 and 696.995 696.603
License requirement 696.606
Real estate marketing organization license 696.609
Exemptions from ORS 696.392, 696.600 to 696.785 and 696.995 696.612
Grounds for disciplinary action 696.615
Publication of sanctions imposed for violations 696.618
Denial of right to court action for unlicensed real estate marketing organization 696.621
Real Estate Marketing Account 696.624
Consent by nonresident real estate marketing organization to service of summons or process required 696.627
On-site inspection allowed 696.710
Necessity of alleging license in action to collect compensation 696.720
Remedies are concurrent 696.730
Jurisdiction of courts for violations 696.775
Authority of commissioner when license lapsed, expired, revoked, suspended or surrendered 696.785
Commissioner duties when illegal commingling of funds found 696.790
Authority of commissioner to require fingerprints 696.795
Authority of commissioner to conduct investigations and proceedings 696.800
Definitions 696.805
Real estate licensee as seller’s agent 696.810
Real estate licensee as buyer’s agent 696.815
Representation of both buyer and seller 696.820
Agency disclosure pamphlet 696.822
Liability of principal for act, error or omission of agent or subagent 696.835
Buyer and seller responsibilities 696.840
Compensation and agency relationships 696.845
Acknowledgment of existing agency relationships form 696.855
Common law application to statutory obligations and remedies 696.870
Duties of real estate licensee under ORS 105.462 to 105.490, 696.301 and 696.870 696.880
Licensee not required to disclose proximity of registered sex offender 696.890
Duties of real estate property managers 696.990
Penalties 696.995
Civil penalties for violation of ORS 696.603, 696.606 or 696.612
Green check means up to date. Up to date

Current through early 2024

§ 696.520’s source at oregon​.gov