68th OREGON LEGISLATIVE ASSEMBLY--1995 Regular Session
Enrolled
House Bill 2654
Sponsored by COMMITTEE ON COMMERCE (at the request of Oregon
Bankers Association, Oregon Financial Services Association)
CHAPTER ................
AN ACT
Relating to records; creating new provisions; amending ORS 40.550
and 696.535.
Be It Enacted by the People of the State of Oregon:
**************************** SECTION 1. ORS 40.550 is amended
to read:
40.550. As used in ORS 40.550 to 40.585, unless the context
requires otherwise:
(1) 'Duplicate' means a counterpart produced by the same
impression as the original, or from the same matrix, or by means
of photography, including enlargements and miniatures, by
mechanical or electronic re-recording, by chemical
reproduction { + , by optical imaging + } or by other equivalent
techniques { - which - } { + that + } accurately reproduce
the original, including reproduction by facsimile machines if the
reproduction is identified as a facsimile and printed on
nonthermal paper.
(2) 'Original' of a writing or recording is the writing or
recording itself or any counterpart intended to have the same
effect by a person executing or issuing it. An 'original' of a
photograph includes the negative or any print therefrom. If data
are stored in a computer or similar device, any printout or other
output readable by sight, shown to reflect the data accurately,
is an 'original. '
(3) 'Photographs' includes still photographs, X-ray films,
video tapes and motion pictures.
(4) 'Writings' and 'recordings' mean letters, words or numbers,
or their equivalent, set down by handwriting, typewriting,
printing, photostating, photographing, magnetic impulse,
{ + optical imaging, + } mechanical or electronic recording or
other form of data compilation.
**************************** SECTION 2. { + Section 3 of this
Act is added to and made a part of ORS 40.550 to 40.585. + }
**************************** SECTION 3. { + (1) If any
business, institution or member of a profession or calling, in
the regular course of business or activity, has kept or recorded
any memorandum, writing, entry, print, representation or a
combination thereof, of any act, transaction, occurrence or
event, and in the regular course of business has caused any or
all of the same to be recorded, copied or reproduced by any
photographic, photostatic, microfilm, micro-card, miniature
photographic, optical imaging or other process that accurately
reproduces or forms a durable medium for so reproducing the
original, the original may be destroyed in the regular course of
business unless held in a custodial or fiduciary capacity and the
principal or true owner has not authorized destruction or unless
its preservation is required by law. Such reproduction, when
satisfactorily identified, is as admissible in evidence as the
original itself in any judicial or administrative proceeding
whether the original is in existence or not and an enlargement or
facsimile of such reproduction is likewise admissible in evidence
if the original reproduction is in existence and available for
inspection under direction of the court. The introduction of a
reproduced record, enlargement or facsimile does not preclude
admission of the original.
(2) If any department or agency of government, in the regular
course of business or activity, has kept or recorded any
memorandum, writing, entry, print, representation or combination
thereof, of any act, transaction, occurrence or event, and in the
regular course of business, and in accordance with ORS 192.040 to
192.060 and 192.105, has caused any or all of the same to be
recorded, copied or reproduced by any photographic, photostatic,
microfilm, micro-card, miniature photographic, optical imaging or
other process that accurately reproduces or forms a durable
medium for so reproducing the original, the original may be
destroyed in the regular course of business unless held in a
custodial or fiduciary capacity and the principal or true owner
has not authorized destruction or unless its preservation is
required by law. Such reproduction, when satisfactorily
identified, is as admissible in evidence as the original itself
in any judicial or administrative proceeding whether the original
is in existence or not and an enlargement or facsimile of such
reproduction is likewise admissible in evidence if the original
reproduction is in existence and available for inspection under
direction of the court. The introduction of a reproduced record,
enlargement or facsimile does not preclude admission of the
original. + }
**************************** SECTION 4. { + (1) Any real
estate broker, real estate property manager or escrow agent who
is required by the Real Estate Commissioner to maintain the
canceled checks used to disburse moneys from the licensee's
clients' trust account may substitute a copy of the original
canceled check, if the copy is produced by optical imaging or
other process that accurately reproduces the original or forms a
durable medium for reproducing the original, and the copy is at
least 300 dots per inch in quality.
(2) A real estate broker, real estate property manager or
escrow agent may use electronic fund transfers for the deposit
into or for withdrawal from a clients' trust account established
under ORS 696.241 or 696.578, if the bank furnishes to the
licensee an accurate paper record of the deposits and
withdrawals.
(3) As used in subsection (2) of this section, 'electronic fund
transfer' has the meaning set forth in section 903 of the
Electronic Transfer Act (P.L. 90-321, 15 U.S.C. �1693a). + }
**************************** SECTION 5. ORS 696.535 is amended
to read:
696.535. (1) The { + Real Estate + } Commissioner may refuse
to license any escrow agent, 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, either in the
performance of routine duties, or upon field examination, or upon
hearing, it is determined that the applicant or licensee:
Enrolled House Bill 2654 Page 2
(a) Has, under generally accepted accounting principles, a
deficit net worth;
(b) Has demonstrated unworthiness to transact the business of
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 which the
applicant or licensee possesses, and which 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 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
(j) 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.
(3) All escrow agents shall keep and maintain at all times in
their licensed offices, complete and suitable records of all
escrow transactions made by them and of their business, including
but not limited to books, papers and data clearly reflecting the
financial condition of the business of such agents. Such records
shall at all times be open for inspection by the commissioner or
the commissioner's authorized representatives. Escrow records
shall be kept for a period of six years from the date of the
escrow transaction. { + Where an escrow agent acts as a
subservicer for another escrow agent, with respect to subserviced
escrow transactions the subservicer shall keep the records
required to be kept by the escrow agent under this section. + }
(4) Notwithstanding the provisions of subsection (3) of this
section, an escrow agent may store such records at a place in
this state other than the licensed office of the escrow agent if
the records are more than two years old and the escrow agent
immediately provides written notice to the Real Estate
Commissioner of the location and means of access to the records.
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Enrolled House Bill 2654 Page 3
Passed by House March 10, 1995
Repassed by House May 17, 1995
...........................................................
Chief Clerk of House
...........................................................
Speaker of House
Passed by Senate May 15, 1995
...........................................................
President of Senate
Enrolled House Bill 2654 Page 4
Received by Governor:
......M.,............., 1995
Approved:
......M.,............., 1995
...........................................................
Governor
Filed by Office of Secretary of State:
......M.,............., 1995
...........................................................
Secretary of State
Enrolled House Bill 2654 Page 5