Oregon Escrow Agent Bond

The Oregon Escrow Agent Bond is a type of surety bond required by the Oregon Division of Financial Regulation (DFR). 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. 

How to Get an Oregon Escrow Agent Bond

1. At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
   1. Complete the easy to navigate and secure online application. ¹
   2. Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. ²
   3. Sign some paperwork and pay the bond premium

   Once these steps have been completed, the Oregon Escrow Agent Bond will be shipped to the bond applicant.
   ^{1 -The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
   2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required}

   Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.

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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.

The cost of the Oregon Escrow Agent Bond is usually between 1% and 3%. Surety1 will shop its many markets to procure the right price at the right terms.

What is the surety 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.

How to get an Oregon Escrow Agent license 

Getting an Oregon Escrow Agent license involves several steps, and here’s a breakdown to guide you through the process:

1. Meet the Eligibility Requirements:
   • Be at least 18 years old.
   • Have a high school diploma or equivalent.
   • Be a resident of Oregon or another state with compatible escrow laws.
   • Have good moral character and no history of criminal convictions.
   • Have at least 3 years of total experience administering escrows in Oregon or another compatible state.

2. Gather Required Documents:
   • Completed Escrow Agent License Application.
   • $450 application fee.
   • Proof of experience: resumes of applicant and personnel detailing relevant escrow experience.
   • Proof of Oregon residency or residency in a compatible state.
   • Proof of good moral character (e.g., character references).
   • Financial statements (may be required).
   • Oregon Escrow Agent Bond of $50,000.

3. Apply for the License:
   • Create an eLicense account with the Oregon Real Estate Agency (REA).
   • Access and complete the online Escrow Agent License Application through your eLicense account.
   • Upload all required documents.
   • Pay the application fee.

4. Background Check and Investigation:
   • The DFR will conduct a background check and investigate your application.
   • This may involve verifying your experience, criminal history, and financial stability.
   • Be prepared to answer any questions or provide additional information as needed.

5. License Issuance and Maintenance:
   • If your application is approved, you will receive your Escrow Agent license.
   • Maintain your license by completing required continuing education (24 hours every 2 years) and renewing your license on time (every 2 years).

Tips:

• Start early in the process, as it can take several months to obtain your license.
• Ensure you have all the necessary documents and information readily available.
• Be prepared for the background check and investigation.
• Seek professional guidance from an attorney or escrow agent if needed.

I hope this information helps you on your journey to becoming an Oregon Escrow Agent.

Additional Resources:

Oregon Real Estate Agency – Escrow Agent Licensing: https://www.oregon.gov/rea/escrow/pages/escrow-licensing.aspx

Oregon Secretary of State – Division 49 ESCROW AGENT LICENSING: https://secure.sos.state.or.us/oard/displayDivisionRules.action?selectedDivision=4106