Oregon Statutes 696.520 – Application of ORS 696.505 to 696.590
The provisions of ORS § 696.505 to 696.590 do not apply to and the term ‘escrow agent’ does not include:
Terms Used In Oregon Statutes 696.520
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(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 (5) under order of any court.
(5) Any real estate broker or principal real estate broker licensed under ORS § 696.022 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 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]