(1) The Real Estate Commissioner may issue or renew a limited escrow agent license if the commissioner determines it is in the public interest.
(2) The commissioner may limit a license issued under this section:
(a) By term;
(b) To activities subject to supervision by a specific escrow agent;
(c) By conditions to be observed in the exercise of the privileges granted; or
(d) In other ways determined by the commissioner as necessary or appropriate to protect the public.
(3) A limited licensee must comply with the limitations of the license and the requirements of ORS 696.505 to 696.590 and rules adopted under ORS 696.505 to 696.590.