Or. Admin. Code § 863-050-0000

Current through Register Vol. 63, No. 12, December 1, 2024

Section 863-050-0000 - Definitions

As used in OAR chapter 863, division 50, unless the context requires otherwise, the following definitions apply:

(1) "Agency" means the Oregon Real Estate Agency.

(2) "Bank" has the meaning given that term in ORS 706.008. As used in ORS 696.578, "a bank authorized to do business within this state" means a banking business, as that term is defined in 706.005, that has either a bank charter or a certificate of authority issued by the Oregon Department of Consumer and Business Services pursuant to Chapters 706 to 716.

(3) "Banking Day" means each day a bank is required to be open for the normal conduct of its business but does not include Saturday, Sunday, or any legal holiday under ORS 187.010.

(4) "Bank services" are any monetary benefits received directly or indirectly from an escrow agent's bank as services to the escrow agent in consideration for the escrow agent's depositing and maintaining its clients' trust funds in such bank.

(5) "Closed Escrow" means that all property titles have been transferred and all monies and documents have been disbursed or distributed in accordance with the instructions of the principals to the escrow transaction.

(6) "Escrow" is defined in ORS 696.505.

(7) "Escrow Activity" means any activity subject to regulation under ORS 696.505 to 696.590.

(8) "Escrow Agent" is defined in ORS 696.505.

(9) "Escrow Number" means a unique identifying number assigned to each escrow in logical sequence.

(10) "Escrow Trust Account" means a bank account established pursuant to ORS 696.578.

(11) "Holdback escrow" means a separate escrow, derived from a closing escrow, wherein funds are held after closing for the purpose of paying obligations related to the closing or to the financing of real or personal property therein after the closing has occurred.

(12) "Net worth," as used in ORS 696.535, means is the remaining balance after subtracting total liabilities from total assets.

(13) "One-sided escrow" as used in ORS 696.581 means an escrow that is opened by, or on behalf of, one party to a written, proposed agreement between two or more parties, for the purpose of depositing any written instrument, money, evidence of title to real or personal property, or other thing of value into the escrow account before execution of the agreement by the other party(s).

(14) "Owner" means an individual who has more than five percent ownership interest in the escrow agent.

(15) "Principal" is defined in ORS 696.505 and

(a) In a collection escrow, means the seller or buyer, lender or borrower, vendor or vendee.

(b) In a holdback escrow, means those parties directing the holdback.

(c) In a one sided escrow, means the depositing party.

(16) "Required Records" means all records required by OAR 863-050-0000 to 863-050-0150 and the Oregon Escrow Law, ORS 696.505 to 696.590.

(17) "Subservicer" is defined in ORS 696.505.

Or. Admin. Code § 863-050-0000

REA 5-2003, f. 12-24-03, cert. ef. 1-1-04; REA 10-2008, f. 12-15-08, cert. ef. 1-1-09

Stat. Auth.: ORS 696.385, 696.541

Stats. Implemented: ORS 696.505 & 696.590