Or. Admin. R. 863-049-0050 - Letters of Credit
(1) For a certified, annually renewable letter of credit to be satisfactory to the Commissioner under ORS 696.527 in lieu of a surety bond or deposit, the letter of credit must:
(a) Be executed by a bank;
(b) Name the State of Oregon Real Estate Agency as beneficiary;
(c) Make no reference to any other conditional agreement, document, or entity;
(d) Be annually renewable, without amendment, for successive one-year periods from the stated expiration or any future expiration date until such time as notice is given in accordance with this section;
(e) Provide for no less than sixty (60) calendar days notice to the Agency as beneficiary of any election not to renew the letter of credit; and
(f) Be payable by sight draft or upon presentation at an office of the bank by an authorized representative of the beneficiary accompanied by a signed statement certifying that "The attached order from the Commissioner of the Oregon Real Estate Agency represents that the escrow agent is in violation of ORS 696.505-696.590."
(2) The Commissioner may require that a Letter of Credit include additional terms and conditions.
Statutory/Other Authority: ORS 696.541
Statutes/Other Implemented: ORS 696.527
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