Or. Admin. R. 863-049-0035

Current through Register Vol. 63, No. 8, August 1, 2024

Section 863-049-0035 - License Renewal

(1) An escrow agent's license expires on June 30 of each year. A licensee may not engage in escrow operations after a license expires.

(2) The Agency will renew an escrow agent's license when the Agency has received the following:

(a) The renewal fee authorized by ORS 696.530, and

(b) An Agency-approved renewal application form that includes the training certification and contact information required by ORS 696.511(6).

(3) A licensee has a 30-day grace period after June 30 in which to renew the expired license. The licensee may not engage in escrow operations during that time. No late fee is required for late renewal.

(4) If the Agency renews an expired license during the 30-day grace period, the renewed license is effective as of the renewal date and is not retroactive. The renewed license does not authorize any escrow operations that occurred between July 1and the license renewal date.

(5) If the licensee fails to renew a license by the end of the 30-day grace period but wishes to engage in escrow operations, the licensee must submit a new initial license application pursuant to OAR 863-049-0010 and pay all required fees.

Or. Admin. R. 863-049-0035

REA 1-2009, f. 12-15-09, cert. ef. 1-1-10

Stat. Auth.: ORS 696.541

Stats. Implemented: ORS 696.511, 696.530