(1) The Real Estate Commissioner may refuse to issue or may suspend or revoke any license by entering an order to that effect with the commissioner’s findings in respect thereto if, upon examination into the affairs of the applicant or licensee in the performance of routine duties, upon field examination or upon hearing, the commissioner determines that the applicant or licensee:
(a) Has, under generally accepted accounting principles, a deficit net worth;
(b) Has demonstrated unworthiness to transact the business of an escrow agent;
(c) Does not conduct business in accordance with law or has violated any provisions of ORS 696.505 to 696.590;
(d) Has committed fraud in connection with any transaction governed by ORS 696.505 to 696.590;
(e) Has made any misrepresentations or false statement of an essential or material fact to, or concealed any essential or material fact from, any person in the course of the escrow business;
(f) Has knowingly made or caused to be made to the commissioner any false representation of a material fact, or has suppressed or withheld from the commissioner any information the applicant or licensee possesses that, if submitted, would have disqualified the applicant or licensee from original or renewed licensing under ORS 696.505 to 696.590;
(g) Has failed to account to the principals or persons entitled thereto in a real estate transaction for the moneys, documents or other things of value received in the transaction;
(h) Has not delivered, after a reasonable time, to persons entitled thereto, moneys, documents or other things of value held or agreed to be delivered by the licensee, as and when paid for and due to be delivered;
(i) Has caused uncompensated material loss to principals by engaging in a pattern of failures to act with neutrality between principals in multiple escrows;
(j) Has refused to permit an examination by the commissioner of the escrow agent’s books and affairs, or has refused or failed, within a reasonable time, to furnish any information, records or files or make any report that may be required by the commissioner under the provisions of ORS 696.505 to 696.590; or
(k) Has been convicted of a felony or any misdemeanor that is substantially related to the escrow agent’s competency or trustworthiness to engage in the business of an escrow agent.
(2) It is sufficient cause for refusal or revocation of a license in case of a partnership or corporation or any unincorporated association, if any member of a partnership or any officer or director of the corporation or association has been guilty of any act or omission which would be cause for refusing or revoking the registration of an individual agent. [1963 c.440 §7; 1971 c.734 §159; 1977 c.351 §10; 1981 c.617 §26; 1985 c.399 §3; 1991 c.874 §6; 1995 c.760 §5; 1997 c.812 §1; 2001 c.300 §38; 2003 c.427 §10]
Section: Previous 696.520 696.523 696.525 696.527 696.530 696.532 696.534 696.535 696.540 696.541 696.545 696.550 696.555 696.560 696.565 NextLast modified: August 7, 2008