Or. Admin. Code § 863-050-0033

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

Section 863-050-0033 - Notice of Judgments

(1) Except as otherwise provided by section (4) of this rule, an escrow agent must notify the Real Estate Commissioner in writing of any of the following:

(a) A judgment entered against the escrow agent in any civil action involving the alleged misconduct of the escrow agent in an escrow transaction or of any owner, officer, employee, or director of the escrow agent in an escrow transaction handled through the escrow agent;

(b) A conviction in any criminal proceeding involving the misconduct of the escrow agent in an escrow transaction or of any owner, officer, employee, or director of the escrow agent in an escrow transaction handled through the escrow agent; or

(c) A decision adverse to the escrow agent resulting from court-ordered binding arbitration involving the alleged misconduct of the escrow agent in an escrow transaction or of any owner, officer, employee, or director of the escrow agent in an escrow transaction handled through the escrow agent.

(2) The notice required by section (1) of this rule must contain a brief description of the escrow transaction involved and the names of the principals. If a civil action or court-ordered binding arbitration, the notice must include a copy of the judgment entered or arbitrator's decision. If a criminal proceeding, the notice must include the criminal charge for which the escrow agent, officer, employee, or director was convicted and the sentence imposed.

(3) The notice required by sections (1) and (2) of this rule must be made within ten banking days after the judgment is entered, the arbitrator's decision is issued, or the sentencing date. The escrow agent must provide notice under this section even if the judgment or conviction is appealed. If the judgment or conviction is appealed, the escrow agent must report each subsequent decision of an appellate court within ten banking days after the date the appellate order is entered.

(4) A judgment of the Small Claims Department of any Circuit Court or Justice's Court is exempt from the notice requirements. However, if the judgment is appealed, each subsequent decision of any appellate court must be reported under this rule.

Or. Admin. Code § 863-050-0033

REC 5-1978, f. 11-15-78, ef. 1-1-79; REC 6-1984, f. 6-18-84, ef. 7-1-84; REA 2-1997, f. 6-18-97, cert. ef. 7-1-97; REA 10-2008, f. 12-15-08, cert. ef. 1-1-09; REA 27-2018, minor correction filed 01/05/2018, effective 1/5/2018

Statutory/Other Authority: ORS 696.385 & 696.541

Statutes/Other Implemented: ORS 696.511 & 696.535