The Oregon Escrow Agent Bond is required by the State of Oregon. The bond ensures that the bondholder will comply with the provisions of ORS 696.505 to 696.590. In addition, they will pay all actual damages suffered by any person by the violation the provisions. Damages can be by reason of any fraud, dishonesty, misrepresentation or concealment of material facts growing out of any transaction governed by the provisions.
What is the bond amount:
Bond amounts are determined by the annual receipts of client trust funds.
- Less than $30 million, the bond amount is $50,000.
- $30 million or more, but less than $60 million, the bond amount is $125,000.
- $60 million or more, but less than $100 million, the bond amount is $250,000.
- $100 million or more, but less than $300 million, the bond amount is $375,000.
- $300 million or more, the bond amount is $500,000.
What is the purpose of an Oregon Escrow Agent Bond?
This is a requirement for all who wish to be an escrow agent in the state. An escrow agent is a neutral third party who holds money, instructions, and documents until a specified event, most commonly a real estate transaction. Part of the licensing requirements is to obtain the Oregon Escrow Agent Bond.
Other license requirements
- Cover letter describing the general plan of the business, description of the character of the business and the history business
- Completed application form
- Payment of $450 for the license application fee
- Balance sheet and income statement
- Signed resume of the applicant
- Completed Escrow Criminal Records Check application
- Fingerprint card
Where can I obtain an Oregon Escrow Agent Bond?
At Surety1 you can be assured of the lowest rates as we have partnered with over a dozen A-rated surety markets. We have friendly agents who are willing to answer all your queries and give you only the best service.
First, start the process by completing our easy to navigate, free online application form. Then, after your application has been submitted, one of our surety agents will contact you with a no-obligation quote on the bond premium. After that, once you are ready to move forward, you just need to pay the premium and sign the agreement. Lastly, your bond will be mailed to you by USPS Priority Mail. Overnight delivery is also available for an additional fee.
We offer not just fast and friendly service, but low prices for all our surety bonds. You can contact us for any surety bond needs as we are licensed in all 50 states.