(1) An exchange facilitator shall at all times:

Terms Used In Oregon Statutes 673.810

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.

(a) Maintain one or more fidelity bonds that are issued by a corporate surety authorized to do business in this state in an aggregate amount of not less than $1 million;

(b) Deposit with a financial institution in an interest-bearing deposit account or money market account, the interest of which accrues to the exchange facilitator, moneys, securities or irrevocable letters of credit issued by corporate sureties authorized to do business in this state in an aggregate amount of not less than $1 million;

(c) Deposit with a financial institution funds used in an exchange under 26 U.S.C. 1031 in a qualified escrow account or a qualified trust and provide that withdrawals from the account or trust require both the exchange facilitator’s and the client’s written authorization; or

(d) Be listed as a named insured on one or more fidelity bonds that are issued by a corporate surety authorized to do business in this state in an aggregate amount of not less than $1 million.

(2) An exchange facilitator shall at all times:

(a) Maintain errors and omissions insurance issued by an authorized insurer, as defined in ORS 731.066, in an amount not less than $250,000;

(b) Deposit with a financial institution in an interest-bearing deposit account or money market account, the interest of which accrues to the exchange facilitator, moneys, securities or irrevocable letters of credit issued by corporate sureties authorized to do business in this state in an aggregate amount of not less than $250,000; or

(c) Be listed as a named insured in an errors and omissions insurance policy issued by an authorized insurer, as defined in ORS 731.066, in an amount of not less than $250,000.

(3) An exchange facilitator may maintain bonds or deposits as provided in subsection (1) of this section or insurance or deposits as provided in subsection (2) of this section in amounts in excess of the minimum amounts specified in subsections (1) and (2) of this section. [2013 c.392 § 3]