2017 ORS 696.520¹
Application of ORS 696.505 to 696.590

The provisions of ORS 696.505 (Definitions for ORS 696.505 to 696.590) to 696.590 (Penalty amounts) do not apply to and the term “escrow agent” does not include:

(1) Any person doing business under the laws of this state or the United States relating to banks, mutual savings banks, trust companies, savings and loan associations, consumer finance companies, or insurance companies except to the extent that the person provides real estate closing escrow services other than those permitted under subsection (3) of this section.

(2) An attorney at law rendering services in the performance of duties as attorney at law.

(3) Any firm or corporation lending money on real or personal property and which firm or corporation is subject to licensing, supervision or auditing by a federal or state agency but only to the extent of closing a loan transaction between the firm or corporation and a borrower, and seller, if a fee for escrow services is not charged to the seller.

(4) Any person doing any of the acts specified in ORS 696.505 (Definitions for ORS 696.505 to 696.590) (5) under order of any court.

(5) Any real estate broker or principal real estate broker licensed under ORS 696.022 (Licensing system for real estate brokers and property managers) who performs the closing for the principals in a real estate transaction handled by the broker, if the principals are not charged a separate fee for escrow services.

(6) Any collection agency registered under ORS 697.015 (Registration requirement) that is engaged in any collection or billing activity without holding documents relating to the debt. [1963 c.440 §2; 1967 c.359 §701; 1971 c.398 §1; 1977 c.351 §6; 1981 c.617 §22; 1991 c.874 §3; 2001 c.300 §37; 2003 c.427 §6; 2007 c.337 §7; 2017 c.234 §24]

Notes of Decisions

Although attorney may act as escrow agent and close real estate transac­tions between parties, he must take precau­tions to guard his professional responsibility by making complete written disclosure fully stating his posi­tion with respect to clients and other parties to the transac­tion. In re Bauer, 283 Or 55, 581 P2d 511 (1978)

Chapter 696

Atty. Gen. Opinions

Sales of subdivision lots by mobile home salespeople, (1975) Vol 37, p 865; sales or offers of interests in limited partnerships to invest in real estate, (1978) Vol 38, p 1971

1 Legislative Counsel Committee, CHAPTER 696—Real Estate and Escrow Activities, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors696.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 696, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano696.­html (2017) (last ac­cessed Mar. 30, 2018).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.