OAR 863-049-0045: Application for Approval of Changes to Ownership or Individuals in Charge of Escrow Operations

(1) An escrow agent must apply to the Agency for approval of changes in ownership or changes to individuals in charge of escrow operations. The application must be submitted on an Agency-approved form and include resumes, criminal records check clearance applications, fingerprint cards, and fees required under OAR 863-005-0090. (2) The following changes are subject to this rule: (a) Any individual who will hold an ownership interest in the escrow agent of more than five percent; (b) Corporate officers who will be in charge of escrow operations for an escrow agent; and (c) Other individuals who will be in charge of escrow operations for an escrow agent. (3) The licensee may not allow the proposed change in ownership interest in (2)(a) of this rule to occur until the Agency approves the criminal records check clearance and notifies the licensee in writing. (4) A licensee must submit an application for a change to corporate officers or individuals in charge of escrow operations under (2)(b) or (c) of this rule no later than five business days after the change. (5) If the Agency denies a criminal records check clearance application submitted under (4) of this rule, the Agency will submit written notice to the individual and to the licensee, and the licensee must immediately remove the individual who was denied clearance from any duties as a corporate officer of individual in charge of the licensee’s escrow operations.