Escrow agents licenses expire June 30 of each year. The Agency will renew a license when it has received the following:
- License renewal fees of $450 for a main office and $225 for each branch office.
- Completed license renewal form. The license renewal will require:
- Certification by the escrow agent that escrow staff in Oregon received an average of 6 or more hours of training in the preceeding year for each permanent full-time employee on the topic of escrow administration.
- Contact information for one or more individuals who can respond to questions from the Agency.
Escrow agents must submit an Annual Report by March 31 of each year for the previous calender year on approved forms.The Annual Report includes:
- A schedule of the amount of trust funds received and disbursed each month on collection escrows.
- A schedule of the amount of trust funds received and disbursed each month on closing escrows.
- A list of closing escrows that have been open for more than 12 months as of December 31 of the previous year. The list must show:
- Escrow number
- Date opened
- Names of principals
- Escrow ledger balances
- Statement for the reason escrow has remained open for over 1 year
- A schedule of the amount of clients' trust funds received and disbursed each month while acting as trustee under a trust deed.
- An executed general authorization to allow the Agency to inspect all clients' trust accounts.
- A list of outstanding checks as of December 31 of previous year.
An escrow agent must submit a set of financial statements prepared by a certified public accountant no later than 150 days after the licensee's tax or accounting year
. Financial statements must include:
- A balance sheet of the licensee's year end
- Statement profit and loss
- Statement of cash flow
- Statement of retained earnings
- Any other changes in capital records for the tax or accounting year.