Being an escrow agent comes with a high degree of responsibility. When you are an escrow agent or officer, you are trusted to hold an asset or document on behalf of a first party for delivery to a second party once a specific time frame has passed or a certain condition has been met. You are an indispensable asset of an escrow process.
This is why escrow agents and escrow officers must get licensed before doing business. Escrow agents in Oregon must get an Oregon Escrow Agent License before they can legally start offering escrow services. Here are the steps to get licensed.
How to get an Oregon Escrow Agent License
Step #1: Purchase an Oregon Escrow Agent Surety Bond
Getting an Oregon Escrow Agent Surety Bond should be at the top of your list. Without a bond, you cannot be licensed as an Oregon Escrow Agent. An Oregon Escrow Agent Bond is a type of surety bond that guarantees the delivery of an escrow within a specified time period. It also guarantees that an escrow agent will follow all rules and regulations.
When you file your escrow agent application, you will need to show proof of an Oregon Bond for Escrow Agents. The minimum amount for your bond is $50,000.
To secure your bond, you will need to pay a percentage of the total bond amount which is dependent on your personal credit history and financial strength. Want to know what you would pay for your Oregon Escrow Agent Bond? Surety Solutions offers free online quotes for escrow agent bonds.
Step #2: Complete Oregon Escrow Agent Application
The Oregon Escrow Agent License Application Form must be filled out completely. Your business must be registered with the Secretary of State Corporation Division. Register by calling 503-986-2200 or online.
Step #3: Include Additional Documents
A financial statement (balance sheet and income statement) that has been prepared by a certified public accountant must be included in your application. You must also include documentation of experience, such as a signed resume including names of former employers, dates employed, and duties.
Step #4: Submit Criminal Record Check
This includes a criminal record check application, a fingerprint card, and a $47 criminal record check fee.
Step #5: Pay Licensing Fee
$300 plus $150 per branch office.
Step #6: Submit
Submit everything to the Oregon Real Estate Agency
530 Center Street NE Ste. 100
Salem, OR 97301
An Oregon Escrow Agent License may only be issued after all of the above steps are completed and received by the agency. Escrow licenses renew annually and expire on June 30th of each year, regardless of when the license was originally issued. Renewal fees are $300 plus $150 per branch location.