Oregon Statutes 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:
Terms Used In Oregon Statutes 696.535
- 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.
- Fraud: Intentional deception resulting in injury to another.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(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 to 696.590 or any rule adopted under ORS § 696.505 to 696.590;
(d) Committed fraud in connection with any transaction governed by ORS § 696.505 to 696.590 or the rules adopted under ORS § 696.505 to 696.590;
(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 to 696.590 or rules adopted under ORS § 696.505 to 696.590;
(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 to 696.590 or rules adopted under ORS § 696.505 to 696.590;
(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 or other surety required under ORS § 696.527.
(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]
[1963 c.440 § 8; repealed by 1977 c.351 § 11 and 1977 c.842 § 17 (696.541 enacted in lieu of 696.540)]