Who may serve as escrow agent
(1)Funds placed into escrow under ORS 94.873 (Escrow account) shall be placed into an escrow account established solely for that purpose with one of the following acting as an escrow agent:
(a)An attorney who is a member of the Oregon State Bar;
(b)An insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), that is authorized to accept deposits in this state;
(c)A trust company, as defined in ORS 706.008 (Additional definitions for Bank Act), that is authorized to transact trust business in this state; or
(d)An escrow agent licensed under ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts).
(2)In connection with sales of timeshares made outside of this state for the use of timeshare property located within this state, the escrow agent required under ORS 94.871 (When purchase money agreement prohibited) and 94.873 (Escrow account) may be located in and the purchasers’ funds, negotiable instruments, purchase money contracts and credit card authorizations may be held by the out-of-state escrow agent, if the law of the state in which the sales are made requires impoundment in that state and the out-of-state escrow agent is approved by the Real Estate Commissioner. [1983 c.530 §37; 1997 c.631 §393]
Section 94.881 — Who may serve as escrow agent,