Oregon Escrow Agent Bond Requirements
To operate as an escrow agent in the state of Oregon, you must get licensed at the Oregon Real Estate Agency. As part of the licensing process, you must also submit an escrow agent bond. The bond must be in an amount of at least $50,000, though a higher amount may be required.
Licenses expire yearly on June 30 and must be renewed by this date, along with the bond.
Why Is This Bond Required?
Chapter 696 of the Oregon Revised Statutes requires applicants for an escrow agent license in the state to get bonded. The bond’s purpose is to guarantee that licensees will comply with the provisions of the chapter and in particular sections 696.505 to 696.590.
If an agent violates these provisions, the bond serves as financial security for “all actual damages suffered by any person” as a result of such a violation. In such a case, a claim may be filed against the bond to secure compensation for such damages.
The company that has issued the bond must then determine what amount of compensation to extend to claimants. Under the bond agreement, compensation extended under a claim may be as high as the full penal sum of the bond.
To learn more about surety bonds and why they are required, see our detailed ‘What is a surety bond’ guide!
For more information about the cost of the escrow agent bond in Oregon, and how to get bonded, see the sections that follow.
Do you have any questions about this bond or need support from one of our experts? Call us at 866.450.3412!
What’s the Cost of the Oregon Escrow Agent Bond?
The cost of your bond depends on the bond amount and the rate set by the surety company. The amount of this bond in Oregon differs depending on the annual receipts of client trust funds. Bond amounts are as follows:
- $50,000 bond for receipts of less than $30 million
- $125,000 bond for receipts of $30 or more, but less than $60 million
- $250,000 bond for receipts of $60 or more, but less than $100 million
- $375,000 bond for receipts of $100 or more, but less than $300 million
- $500,000 bond for receipts of $300 million or more
When setting your bond rate, the surety will consider a host of financial factors. These include the following.
Factors That Determine Your Bond Cost
Applicants’ personal credit score is the most important factor taken into account by sureties. A high credit score is viewed as an indicator of a lower risk of a claim occurring. Applicants with higher scores are therefore offered lower rates on their bond than those with lower scores.
In addition to credit score, sureties may also want to review other aspects of your financial information or professional history, such as:
- Personal and business financial statements
- Fixed and liquid assets
- Work experience and record
See our surety bond cost guide if you want to know more about how the bond cost is determined and how other factors are taken into account!
For an estimate of the cost of your bond, based on credit score, see the table below!
|Oregon Escrow Agent Bond Cost Based on Credit Score|
|License type||Bond Amount||Credit Score|
|Above 700||650-699||600-649||Below 599|
* The table provides a bond cost ballpark estimate based on the applicant's credit score. Actual bond prices can differ due to a number of factors. For an exact quote, please complete our online application. It's fast and 100% free!.
How to Get an Oregon Escrow Agent Bond
Do you want to get an escrow agent bond for your operations in Oregon? Click on the banner below and complete the bond application form.
Once we process your application, we will provide you with a free quote on your bond, along with more details about the bonding process.
If you have any questions about the bonding requirements for Oregon escrow agents, call us at 866.450.3412!