Or. Admin. Code § 863-050-0065

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

Section 863-050-0065 - Disclosure of Bank Services and Refunds

(1) An escrow agent may retain bank services, but only with approval in the written closing instructions of the principals. If an escrow agent retains bank services, the agent must disclose to the principals in a transaction the nature of the benefit the agent receives and retains. The disclosure must contain a good faith estimate of the amount of the benefit received as it applies to the individual escrow.

(2) If an escrow agent disburses funds and those funds are returned or refunded to escrow, the escrow agent must:

(a) Account for and handle such moneys as any other funds deposited in escrow;

(b) Adjust the ledger for the escrow transaction to reflect the refund or return;

(c) Disburse the refunded or returned funds in accordance with the appropriate principals' dated written escrow instructions, and

(d) Provide an explanation of the refund or return to the appropriate principals.

(3) The requirements contained in section (2) of this rule do not apply to de minimus amounts of fund if those amounts and the disposition of such funds are defined in the escrow instructions.

Or. Admin. Code § 863-050-0065

REC 29, f. 12-9-70, ef. 1-10-71; REC 5-1978, f. 11-15-78, ef. 1-1-79; REC 6-1984, f. 6-18-84, ef. 7-1-84; REA 2-1990, f. 4-18-90, cert. ef. 7-1-90; REA 5-1992, f. 8-4-92, cert. ef. 9-1-92; 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 696.578 & 696.581