ORS 696.535
Grounds for refusing, suspending or revoking license or reprimanding licensee
(1)
The Real Estate Commissioner may suspend or revoke the license of an escrow agent, reprimand an escrow agent who is licensed, refuse to issue an escrow agent license to an applicant or refuse to renew the license of an escrow agent, if the escrow agent or applicant:(a)
Is insolvent under generally accepted accounting principles;(b)
Demonstrated untrustworthiness or incompetence to transact the business of an escrow agent;(c)
Failed to conduct business in accordance with law or violated any provision of ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts) or any rule adopted under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts);(d)
Committed fraud in connection with any transaction governed by ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts) or the rules adopted under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts);(e)
Made any misrepresentations or false statement of an essential or material fact to, or concealed any essential or material fact from, any person in the course of the escrow business;(f)
Knowingly made or caused to be made to the commissioner any false representation of a material fact, or suppressed or withheld from the commissioner any information the applicant or licensee possesses that, if submitted, would have disqualified the applicant or licensee from original or renewed licensing under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts) or rules adopted under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts);(g)
In a real estate transaction, failed to account to the principals or persons entitled to an accounting of the funds, property or documents or other things of value received in the transaction;(h)
Failed to deliver within a reasonable time to persons entitled to receive funds, property or documents or other things of value held or agreed to be delivered by the licensee, as and when paid for and due to be delivered;(i)
Caused uncompensated material loss to principals by engaging in a pattern of failures to act with neutrality between principals in multiple escrows;(j)
Refused to permit the commissioner to examine the escrow agent’s books and affairs, or refused or failed, within a reasonable time, to furnish any information, records or files or make any report that may be required by the commissioner under the provisions of ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts) or rules adopted under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts);(k)
Has been convicted of a crime that is substantially related to the escrow agent’s competency or trustworthiness to engage in the business of an escrow agent;(L)
Committed an act of fraud or engaged in dishonest conduct substantially related to the fitness of the applicant or licensee to conduct the activities of an escrow agent, without regard to whether the act or conduct occurred in the course of escrow activity; or(m)
Failed to maintain a surety bond required under ORS 696.525 (Bond for escrow agents) or other surety required under ORS 696.527 (Deposits in lieu of bond).(2)
It is sufficient cause for refusal or revocation of a license in case of a partnership or corporation or any unincorporated association, if any member of a partnership or any officer or director of the corporation or association has been guilty of any act or omission which would be cause for refusing or revoking the registration of an individual agent. [1963 c.440 §7; 1971 c.734 §159; 1977 c.351 §10; 1981 c.617 §26; 1985 c.399 §3; 1991 c.874 §6; 1995 c.760 §5; 1997 c.812 §1; 2001 c.300 §38; 2003 c.427 §10; 2009 c.174 §7]
Source:
Section 696.535 — Grounds for refusing, suspending or revoking license or reprimanding licensee, https://www.oregonlegislature.gov/bills_laws/ors/ors696.html.
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