Loading
 

 

Oregon Bulletin

August 1, 2012

Appraiser Certification and Licensure Board, Chapter 161

Rule Caption: Adoption of permanent rules regarding USPAP, and registration and enforcement of Appraisal Management Companies.

Adm. Order No.: ACLB 1-2012

Filed with Sec. of State: 7-2-2012

Certified to be Effective: 7-3-12

Notice Publication Date: 6-1-2012

Rules Adopted: 161-500-0000, 161-510-0010, 161-510-0030, 161-520-0005, 161-520-0010, 161-520-0020, 161-520-0030, 161-520-0040, 161-520-0045, 161-520-0050, 161-520-0055, 161-520-0060, 161-530-0010, 161-530-0020, 161-530-0030, 161-530-0040, 161-540-0010, 161-550-0010, 161-550-0020, 161-560-0010, 161-560-0020, 161-570-0010, 161-570-0015, 161-570-0020, 161-570-0030, 161-570-0045, 161-570-0050

Rules Amended: 161-002-0000, 161-025-0060

Subject: Permanently adopts Oregon Administrative Rule 161, Division 500, Rule 0000 regarding definitions; Division 510, Rule 0010 regarding application and registration fees, and Rule 0030 regarding Miscellaneous Fees; Division 520, Rule 0005 regarding business name registration, Rule 0010 regarding registration requirements, Rule 0020 regarding appraiser competency, Rule 0030 regarding renewal or reactivation of registration, and Rule 0040 regarding change or addition of subject individual; Rule 0045 regarding change in business name, Rule 0050 regarding change of individual ownership, Rule 0055 regarding change of address, and Rule 0060 regarding termination or cancellation of Surety Bond or Letter of Credit; Division 530, Rule 0010 regarding criminal records check, Rule 0020 regarding background check authorizations and fingerprint card, Rule 0030 regarding potentially disqualifying crimes, and Rule 0040 regarding reporting litigation involving subject individuals; Division 540, Rule 0010 regarding training; Division 550, Rule 0010 regarding annual reports, Rule 0020 regarding records and real estate appraisal activity report retention requirements; Division 560, Rule 0010 regarding audits, and Rule 0020 regarding audit standards; Division 570, Rule 0010 regarding duty to cooperate, Rule 0015 regarding appraisal review, Rule 0020 regarding forwarding complaints, Rule 0030 regarding appraisal management company complaints, Rule 0045 regarding appraisal management company investigations and audits, and Rule 0050 regarding separate offense and violation.

 Permanently Amends Oregon Administrative Rule 161, Division 2, Rule 0000 regarding definitions; and Division 025, Rule 0060 regarding appraisal standards and USPAP.

Rules Coordinator: Karen Turnbow—(503) 485-2555

161-002-0000

Definitions

As used in OAR 161-01-005 to 161-50-050, the following terms (whether capitalized or not) shall have the following meanings:

(1) “Accredited College or University” means a college or university that is accredited by the Commission on Colleges, or by an accrediting agency that is recognized by the U.S. Department of Education.

(2) “Administrator” means the administrator of the Board appointed by the Board.

(3) “Affiliate” means a business organization sharing with a financial institution or insurance company some aspect of common ownership and control.

(4) “Appraisal” or “Real Estate Appraisal” means “appraisal” as defined in USPAP.

(5) “Appraisal Foundation” means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois.

(6) “Appraisal Report” means “report” as defined in USPAP.

(7) “Appraiser Assistant” or “AA” means a person who is not licensed or certified as an appraiser, but is registered as an appraiser assistant under ORS 674.310, and who assists with real estate appraisal activity under the direct supervision of a certified or licensed appraiser.

(8) “Appraisal Subcommittee” or “ASC” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) established pursuant to the Federal Act.

(9) “Board” or “ACLB” means the Appraiser Certification and Licensure Board established under ORS Chapter 674.

(10) “Certificate” means the document issued by the Board indicating that the person named thereon has satisfied the requirements for certification as a state certified residential or state certified general appraiser.

(11) “Classroom hour” as used in reference to qualifying and continuing education means 50 minutes out of each 60 minute segment.

(12) “Completion” means interpreting, analyzing and reconciling data or compiled data, including reviewing and adopting another person’s interpretations and reconciliations as one’s own.

(13) “Complex one-to-four family residential property appraisal” means an appraisal in which the property to be appraised, market conditions, or form of ownership is atypical. For example, atypical factors may include, but are not limited to:

(a) Architectural style;

(b) Age of improvements;

(c) Size of improvements;

(d) Size of lot;

(e) Neighborhood land use;

(f) Potential environmental hazard liability;

(g) Property interests;

(h) Limited readily available comparable sales data; or

(i) Other unusual factors.

(14) “Continuing Education” means education that is creditable toward the education requirements that must be satisfied to renew a license, certificate or appraiser assistant registration.

(15) “Direct Supervision” of an appraiser assistant means:

(a) Disclosing in the appraisal report that the supervising appraiser has inspected the subject property both inside and out, and has made an exterior inspection of all comparables relied upon in the appraisal or disclose that the supervising appraiser did not inspect the subject property both inside and out, and did not inspect the exterior of comparables relied upon in the appraisal; and

(b) Reviewing the appraiser assistant’s appraisal report(s) to ensure research of general and specific data has been adequately conducted and properly reported, application of appraisal principles and methodologies has been properly applied, that any analysis is sound and adequately reported, and that any analysis, opinions, or conclusions are adequately developed and reported so that the appraisal report is not misleading; and

(c) Reviewing the appraiser assistant’s work product and discussing with the appraiser assistant any edits, corrections or modifications that need to be made to that work product to satisfy OAR 161-002-0000(14)(b); and

(d) Accepting sole and total responsibility for the appraisal report by signing the appraisal report and certifying that the appraisal report has been prepared in compliance with the current edition of the Uniform Standards of Professional Appraisal Practice.

(16) “Federal Act” means Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C 3310 et seq.).

(17) “Federal Financial Institution Regulatory Agency” means:

(a) The Board of Governors of the Federal Reserve System;

(b) The Federal Deposit Insurance Corporation;

(c) The Office of the Comptroller of the Currency;

(d) The Office of Thrift Supervision; or

(e) The National Credit Union Administration.

(18) “Financial Institution” means an insured depository institution as defined in section 3 of the Federal Deposit Insurance Act or an insured credit union as defined in section 101 of the Federal Credit Union Act.

(19) “Good Standing” means the status of a person whose license, certificate or registration is not currently suspended or been revoked.

(20) “Issuance” means the act of communicating the opinion of value either in writing or orally.

(21) “License” means the document issued by the Board indicating that the person named thereon has satisfied all requirements for licensure as a state licensed appraiser.

(22) “Licensee” means any person who holds an active or inactive Oregon appraiser license, certified residential appraiser certificate, or certified general appraiser certificate.

(23) “Mortgage banker” has the meaning defined in ORS 59.840.

(24) “Non-residential” appraising means to render a value on real property other than one-to-four family residential properties.  

(25) “One-to-four family residential property” means a property that includes one to four residential units and is residential in character, i.e., zoning, land use.

(26) “Preparation” means compiling data, including reviewing and adopting such compiled data as one’s own.

(27) “Prerequisite education” means the initial qualifying educational requirements to become licensed or certified with the Board.

(28) “Professional real estate activity” has the meaning defined in ORS 696.010.

(29) “Qualifying Education” means education that is creditable toward the education requirements for initial licensure or certification under one or more of the three real estate appraiser classifications.

(30) “Real estate appraisal activity” has the meaning defined in ORS 674.100.

(31) “Real Estate” or “Real Property” means an identified parcel or tract of land, together with any improvements, that includes easements, rights-of-way, undivided or future interests or similar rights in a tract of land, but does not include mineral rights, timber rights, growing crops, water rights or similar interests severable from the land when the transaction does not involve the associated parcel or tract of land.

(32) “State Certified General Appraiser or “SCGA” means an individual who has been certified as a state certified general appraiser by the Board.

(33) “State Certified Residential Appraiser or “SCRA” means an individual who has been certified as a state certified residential appraiser by the Board.

(34) “State Licensed Appraiser or “SLA” means an individual who has been licensed as a state licensed appraiser by the Board.

(35) “Subdivision” means either an act of subdividing land or an area or a tract of land subdivided to create four or more lots within a calendar year.

(36) “Supervising Appraiser” means a licensee who is directly supervising appraiser assistants pursuant to OAR 161-025-0025.

(37) “Supervising Appraiser Endorsement” means the document issued by the Board indicating that the licensee named thereon has satisfied all requirements of OAR 161-010-0085 to be a Supervising Appraiser.

(38) “Transaction Value” means:

(a) For loans or other extensions of credit, the amount of the loan or extension of credit; and

(b) For sales, leases, purchases and investments in or exchange of real property, the market value of the real property interest involved; and

(c) For the pooling of loans or interest in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property.

(d) For determinations of the transaction value of real property or interests in real property in circumstances other than described in the proceeding (a) to (c) of this section, the market value of the real property interest involved.

(e) In condemnation or partial taking actions, the transaction value is deemed to be the value of the larger parcel before the taking.

(39) “Uniform Standards of Professional Appraisal Practice” or “USPAP” means the standards adopted and published by the Appraisal Standards Board of the Appraisal Foundation dated April 27, 1987, as amended January 1, 2012.

(40) “Workfile” means “workfile” as defined in USPAP.

Stat. Auth.: ORS 674.305 & 674.310
Stats. Implemented: ORS 674
Hist.: ACLB 2-1991(Temp), f. & cert. ef. 7-1-91; ACLB 7-1991, f. & cert. ef. 12-23-91; ACLB 1-1993(Temp), f. & cert. ef. 3-3-93; ACLB 1-1994, f. & cert. ef. 2-1-94, Renumbered from 161-010-0000; ACLB 4-1994, f. & cert. ef. 7-27-94; ACLB 4-1994, f. & cert. ef. 7-27-94; ACLB 2-1996, f. & cert. ef. 2-13-96; ACLB 1-1997(Temp), f. 10-13-97, cert. ef. 1-1-98; ACLB 1-1998, f. 6-24-98, cert. ef. 7-1-98; ACLB 1-1999, f. 1-28-99, cert. ef. 3-31-99; ACLB 1-2000, f. & cert. ef. 2-29-00; ACLB 1-2001(Temp), f. & cert. ef. 1-26-01 thru 7-25-01; ACLB 2-2001, f. 4-11-01, cert. ef. 4-12-01; ACLB 3-2001(Temp), f. & cert. ef. 7-12-01 thru 1-8-02; ACLB 1-2002, f. & cert. ef. 2-26-02; ALCB 2-2002, f. & cert. ef. 5-30-02; ACLB 2-2003, f. & cert. ef. 1-27-03; ACLB 1-2004, f. & cert. ef. 2-3-04; ACLB 2-2004, f. 5-25-04, cert. ef. 6-1-04; ACLB 1-2005, f. & cert. ef. 1-12-04; ACLB 4-2005, f. & cert. ef. 11-2-05; ACLB 1-2006(Temp), f. 6-29-06, cert. ef. 7-1-06 thru 12-28-06; ACLB 2-2006, f. & cert. ef. 7-26-06; ACLB 5-2007(Temp), f. 11-1-07, cert. ef. 1-1-08 thru 6-27-08; ACLB 1-2008, f. & cert. ef. 5-13-08; ACLB 3-2008, f. & cert. ef. 8-13-08; ACLB 2-2009(Temp), f. 1-28-09, cert. ef. 1-30-09 thru 7-28-09; Administrative correction 8-21-09; ACLB 4-2009, f. & cert. ef. 10-27-09; ACLB 5-2009(Temp), f. 12-15-09, cert. ef. 1-1-10 thru 6-27-10; ACLB 2-2010, f. & cert. ef. 4-23-10; ACLB 3-2011, f. & cert. ef. 11-17-11; ACLB 4-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-025-0060

Appraisal Standards and USPAP

(1) All licensees must develop and communicate each appraisal assignment in compliance with these administrative rules and USPAP.

(2) A licensee employed by a group or organization that conducts itself in a manner that does not conform to USPAP Standards must take steps that are appropriate under the circumstances to ensure compliance with the Standards.

(3) All licensees must certify to what extent they personally inspected the property that is the subject of the appraisal assignment. Each report must clearly state that the subject property was: inspected both inside and out; inspected from the exterior only; or was not personally inspected by the licensee.

(4) In addition to certifying as to the extent of the subject’s inspection, all licensees must also certify to what extent each of the comparable sales relied upon in the appraisal were personally inspected.

(5) All licensees must disclose in all appraisal reports whether the comparable sales analyzed in the appraisal report were or were not confirmed by a party to the transaction or an agent or representative of a party to the transaction.

(6) All licensees testifying or presenting evidence in an administrative or judicial proceeding must base their testimony or evidence only upon a written summary or self-contained appraisal report in compliance with USPAP, reflecting a report date that precedes the date of testimony, unless such testimony is being compelled by legal subpoena.

(7) The “Uniform Standards of Professional Appraisal Practice”, 2012-2013 Edition, approved and adopted by the Appraisal Standards Board of the Appraisal Foundation, dated April 27, 1987, as amended on January 1, 2012, are incorporated into the Administrative Rules of the Appraiser Certification and Licensure Board as the standards of professional conduct which shall guide the behavior of licensed and certified appraisers in the State of Oregon. Copies of the Uniform Standards of Professional Appraisal Practice may be obtained from the Appraisal Foundation located at 1029 Vermont Avenue, N.W., Suite 900, Washington D.C. 20005-3517.

(8) All licensees must list their certificate or license number and expiration date in each appraisal report.

(9) All licensees must comply with USPAP and all other applicable administrative rules in OAR Chapter 161 in all valuation activity, unless such valuation activity qualifies as an exclusion to real estate appraisal activity under ORS 674.100(2)(h).

(10) Notwithstanding any other provision of these rules, a licensee acting in one of the following capacities is not subject to the requirements of Standard 3 of USPAP when examining an appraisal report and workfile as part of an official investigation being conducted by the Board:

(a) Board member;

(b) Employee; or

(c) Contractor or volunteer serving at the request of the Board.

(11) When more than one report is issued for an appraisal, an appraisal review, or appraisal consulting assignment, each report must clearly disclose the issuance of all prior reports.

[Publications: Publications referenced are available from the agency.]

Stat. Auth.: ORS 674.305(8) & 674.310
Stats. Implemented: ORS 674
Hist.: ACLB 1-1992(Temp), f. & cert. ef. 1-23-92; ACLB 2-1992, f. & cert. ef. 4-30-92; ACLB 4-1993(Temp), f. & cert. ef. 6-25-93; ACLB 1-1994, f. & cert. ef. 2-1-94; ACLB 4-1994, f. & cert. ef. 7-27-1994; ACLB 2-1996, f. & cert. ef. 2-13-96; ACLB 1-1997(Temp), f. 10-13-97, cert. ef. 1-1-98; ACLB 1-1998, f. 6-24-98, cert. ef. 7-1-89; ACLB 1-1999, f. 1-28-99, cert. ef. 3-31-99; ACLB 3-1999, f. 9-23-99, cert. ef. 1-1-00; ACLB 1-2000, f. & cert. ef. 2-29-00; ACLB 3-2000(Temp), f. 11-9-00, cert. ef. 11-9-00 thru 5-8-01; ACLB 1-2001(Temp), f. & cert. ef. 1-26-01 thru 7-25-01; ACLB 2-2001, f. 4-11-01, cert. ef. 4-12-01; ACLB 3-2001(Temp), f. & cert. ef. 7-12-01 thru 1-8-02; ACLB 1-2002, f. & cert. ef. 2-26-02; ALCB 2-2002, f. & cert. ef. 5-30-02; ACLB 2-2003, f. & cert. ef. 1-27-03; ACLB 1-2004, f. & cert. ef. 2-3-04; ACLB 1-2005, f. & cert. ef. 1-12-04; ACLB 4-2005, f. & cert. ef. 11-2-05; ACLB 1-2006(Temp), f. 6-29-06, cert. ef. 7-1-06 thru 12-28-06; ACLB 2-2006, f. & cert. ef. 7-26-06; ACLB 5-2007(Temp), f. 11-1-07, cert. ef. 1-1-08 thru 6-27-08; ACLB 1-2008, f. & cert. ef. 5-13-08; ACLB 3-2008, f. & cert. ef. 8-13-08; ACLB 1-2009, f. 1-28-09, cert. ef. 1-30-09; ACLB 5-2009(Temp), f. 12-15-09, cert. ef. 1-1-10 thru 6-27-10; ACLB 2-2010, f. & cert. ef. 4-23-10; ACLB 3-2011, f. & cert. ef. 11-17-11; ACLB 4-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-500-0000

Definitions

In addition to the definitions in ORS 674.200, and as used in OAR Chapter 161 Divisions 500 through 570, the following terms (whether capitalized or not) shall have the following meanings:

(1) “Appraisal Report” has the same meaning as defined in OAR 161-002-0000.

(2) “Assignment” means:

(a) An agreement between an appraiser and a client to perform a valuation service;

(b) The valuation service that is provided as a consequence of such an agreement.

(3) “Audit” or “auditing” means a formal or official examination and verification of the accounts, correspondence, memoranda, papers, books and other records of an appraisal management company for compliance with ORS 674.200 through ORS 674.250.

(4) “Board” means the Appraiser Certification and Licensure Board established under ORS 674.305.

(5) “Competency” or “competent” refers to the Competency Rule as defined in the Uniform Standards of Professional Appraisal Practice (USPAP).

(6) “Complaint” means any written document alleging a deficiency on the part of the appraiser or appraisal management company in the completion of an assignment for real property in Oregon.

(7) “Subject Individual” means:

(a) A person designated as the controlling person as defined in ORS 674.200(8);

(b) An individual with an ownership interest of 10 percent or more of an appraisal management company; or

(c) In cases where ownership interest of 10 percent or more of the appraisal management company is held by an entity other than an individual:

(A) An individual who wholly owns a corporation that owns 10 percent or more of an appraisal management company;

(B) An individual wholly owning and serving as the only general partner in a limited partnership that owns 10 percent or more of an appraisal management company;

(C) An individual wholly owning and managing a limited liability company that owns 10 percent or more of an appraisal management company; or

(D) An individual who wholly owns any other type of business entity that owns 10 percent or more of an appraisal management company.

(8) “System” means an organized or established procedure or method.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-510-0010

Application and Registration Fees

An appraisal management company that has not previously conducted business in Oregon, shall pay to the Board:

(1) A nonrefundable application fee of $1,000; and

(2) A nonrefundable registration fee of $1,500.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-510-0030

Miscellaneous Fees

(1) Duplicate Registration — $10.

(2) Late Renewal — $100.

(3) Annual Appraisal Subcommittee (ASC) Fee — Actual Fee.

(4) Fingerprint and Background Checks — Actual Fee.

(5) Change or Addition of Subject Individual — $100.

(6) Change of Business Name — $100.

(7) Registration History — $40.

(8) Late Annual Report — $100.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0005

Business Name Registrations

Before conducting business in Oregon, the appraisal management company must be registered with the Oregon Secretary of State’s Corporation Division. For the purpose of this rule, “business name” means an assumed name or the name of a business entity such as a corporation, partnership, limited liability company, or other business entity recognized by law. The appraisal management company must maintain the registered business name with the Oregon Secretary of State’s Corporation Division. The appraisal management company must use the registered business name for all transactions in this state.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0010

Registration Requirements

An appraisal management company applying for registration as an appraisal management company in Oregon shall submit to the Board all of the following:

(1) A completed application form listing the information required by ORS 674.205 as follows:

(a) The name, address, website address, phone and fax numbers of the appraisal management company. The name on the application form must match the name registered with the Oregon Secretary of State;

(b) The name, address, email and phone contact information of an individual that will be the initial point of contact for all communications with the Board;

(c) The name, address, email and phone contact information of controlling person(s) of the appraisal management company;

(d) The name, address, email and phone contact information of any subject individual that owns 10 percent or more of the appraisal management company;

(e) For all subject individuals, the license, certificate or registration numbers issued by any state to do business as an appraiser.

(f) For appraisal management companies, the license, certificate or registration numbers issued by any state to do business as an appraisal management company;

(g) If the appraisal management company is not domiciled in Oregon, the name and phone contact information for the entity’s agent for service of process in this state;

(2) For subject individuals, a disclosure and documentation of any administrative action taken by any state to refuse, deny, cancel or revoke a license, certificate or registration to act as an appraiser;

(3) For the appraisal management company, a disclosure and documentation of any administrative action taken by any state to refuse, deny, cancel or revoke a license, certificate or registration to act as an appraisal management company;

(4) A signed certification on a form prescribed by the Board:

(a) That the appraisal management company complies with the minimum requirements in OAR 161-520-0020 regarding appraiser competency;

(b) That the appraisal management company maintains for at least five years:

(A) A record of each appraisal management services request the company receives and the appraiser who performs the real estate appraisal activity contained in the request;

(B) A copy of each written complaint received by the appraisal management company, along with proof of documentation showing the complaint was forwarded to the appraisal management company’s client for the appraisal assignment.

(c) That the appraisal management company provides training to employees who select appraisers for an appraisal panel, select appraisers to perform real estate appraisal activity, or perform quality control examinations, and that the training complies with the requirements set forth in OAR 161-540-0010;

(d) That the appraisal management company requires each appraiser to provide the appraiser’s certificate or license number issued by the Board and competency information required by OAR 161-520-0020;

(e) That the appraisal management company has written policies and procedures demonstrating compliance with ORS 674.220;

(f) That the appraisal management company has a system in place to require that appraisals are conducted independently and without inappropriate influence or coercion as required by the appraisal independence standards established under section 129E of the Truth in Lending Act, including any implementing regulations; and

(g) That the appraisal management company requires appraisers completing appraisals at the company’s request to comply with the Uniform Standards of Professional Appraisal Practice.

(h) That any employee of the appraisal management company that performs the act or process of developing and communicating a reviewer’s own opinion of value as part of the appraisal review for a property located in this state, is an Oregon licensed/certified real estate appraiser

(5) Applicable fees as established in OAR 161, division 510;

(6) A copy of the surety bond required by ORS 674.210 in a form and format approved by the Board;

(7) A copy of the appraisal management company’s business registration filed with the Oregon Secretary of State established in OAR 161-510-0005.

(8) A completed background check authorization form for all subject individuals.

(9) Sealed envelopes containing fingerprint cards for all subject individuals, containing information specified in OAR 161-530-0020.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0020

Appraiser Competency

(1) A system to verify that each appraiser on the appraisal management company’s appraiser panel, shall meet the following minimum requirements:

(a) An appraisal management company shall require that each independent contractor appraiser furnish their license or certificate number issued by the Board under ORS 674.310;

(b) An appraisal management company shall have a system in place to verify each independent contractor appraiser’s license or certificate renewal;

(c) An appraisal management company shall prominently state in the engagement/assignment document to the independent contractor appraiser that, by the appraiser’s acceptance and completion of the assignment, the appraiser agrees and attests that they are competent to perform the appraisal assignment;

(d) An appraisal management company shall include the following information in an assignment to an independent contractor appraiser, to the extent the appraisal management company’s client has communicated the information to the appraisal management company:

(A) The geographic location of the real property, which may include the metropolitan statistical area, metropolitan division, area outside of a metropolitan statistical area, county, postal code, legal description or other geographic information identifying where the real property is situated; and

(B) The type of real property the assignment covers.

(e) An appraisal management company shall require that each independent contractor appraiser completing appraisals at the request of the appraisal management company comply with the Uniform Standards of Professional Appraisal Practice.

(2) The Board retains jurisdiction over administrative inquiries and actions involving misrepresentations made by an individual appraiser regarding competency.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0030

Renewal Or Reactivation Of Registration

(1) An appraisal management company renewing a registration as an appraisal management company shall submit to the Board all of the following information:

(a) A completed renewal application form listing the information required by ORS 674.205(2) as follows:

(A) The name, address, website address, phone and fax numbers of the appraisal management company;

(B) The name, address, email and phone contact information of an individual that will be the initial point of contact for all communications with the Board;

(C) The name, address, email and phone contact information of the controlling person(s) of the appraisal management company;

(D) The name, address, email and phone contact information of any subject individual that owns 10 percent or more of the appraisal management company;

(E) For all subject individuals, the license, certificate or registration numbers issued by any state to do business as an appraiser or an appraisal management company;

(F) If the appraisal management company is not domiciled in Oregon, the name, address and phone contact information for the entity’s agent for service of process in this state;

(b) For subject individuals, a disclosure and documentation of any administrative action taken by any state to refuse, deny, cancel or revoke a license, certificate or registration to act as an appraiser;

(c) For appraisal management companies, a disclosure and documentation of any administrative action taken by any state to refuse, deny, cancel or revoke a license, certificate or registration to act as an appraisal management company;

(d) A signed certification on a form prescribed by the Board that the appraisal management company continues to:

(A) Maintain a system to verify the competency of appraisers on the appraisal management company’s appraiser panel that meets the minimum requirements in OAR 161-520-0020;

(B) Maintain and have custody of the following records for a minimum of five years:

(i) Each appraisal management services request the appraisal management company receives and the appraiser who performs the real estate appraisal activity contained in the request;

(ii) A copy of each written complaint, along with documentation showing the complaint was forwarded to the client of the appraisal;

(iii) Documentation of the training provided to each employee who selects appraisers for an appraiser panel, selects appraisers to perform real estate appraisal activity, or performs quality control examinations, and that said training complies with the requirements set forth in OAR 161-540-0010;

(C) Require that each appraiser provide the appraiser’s certificate or license number issued by the Board;

(D) Maintain written policies and procedures demonstrating compliance with ORS 674.220;

(E) Have a system in place to require that appraisals be conducted independently and without inappropriate influence or coercion as required by the appraisal independence standards established under section 129E of the Truth in Lending Act, including any implementing regulations; and

(F) That the appraisal management company requires appraisers completing appraisals at the appraisal management company’s request to comply with the Uniform Standards of Professional Appraisal Practice.

(G) That any employee of the appraisal management company that performs the act or process of developing and communicating a reviewer’s own opinion of value as part of the appraisal review for a property located in this state, is an Oregon licensed/certified real estate appraiser.

(e) The certificate or registration numbers issued by any state to do business as an appraisal management company;

(f) Renewal fees established in OAR 161-510-0020; and

(g) A copy of the surety bond required by ORS 674.210.

(2) Renewal applications received after the expiration date and within one year of the date of expiration of the registration shall be assessed a late fee in addition to the renewal fee.

(3) An appraisal management company whose registration has expired shall cease operating as an appraisal management company in Oregon.

(4) If an appraisal management company does not submit a complete renewal application within one year from the date of expiration of the registration, the status of the registration becomes terminated and the appraisal management company must reapply pursuant to OAR 161-520-0010 and pay all applicable fees.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0040

Change Or Addition Of Subject Individual

An appraisal management company shall, within 30 business days, file with the Board, a notice of change or addition of a subject individual of the appraisal management company. Such notification shall be in writing on a form prescribed by the Board and include the following:

(1) A completed background check authorization form for any new subject individual containing information specified in OAR 161-530-0020;

(2) A sealed envelope containing a fingerprint card for each new subject individual; and

(3) Applicable fees established in OAR 161-510-0030.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0045

Change in Business Name

An appraisal management company shall, within thirty (30) calendar days, submit to the Board a notice of business name change. Such notification shall be in writing on a form prescribed by the Board along with the following:

(1) A corrected copy of the surety bond required by ORS 674.210;

(2) A copy of the Secretary of State business registration with the company’s new name; and

(3) Applicable fees as established in OAR 161-510-0030.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0050

Change of Individual Ownership

An appraisal management company with a change of individual ownership greater than fifty (50) percent interest in the appraisal management company, shall submit to the Board a notice of change of ownership. Such notification shall be in writing on a form prescribed by the Board, along with the following:

(1) A copy of the surety bond required by ORS 674.210;

(2) A copy of the Secretary of State business registration showing change of registered agent;

(3) A completed background check authorization form for the new subject individual, containing information specified in OAR 161-530-0020;

(4) A sealed envelope containing a fingerprint card for the subject individual;

(5) The application fee established in OAR 161-510-0010; and

(6) The fingerprint and background check fee established in OAR 161-510-0030.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0055

Change of Address

(1) An appraisal management company must maintain on file with the Board a current physical and mailing address, and notify the Board within thirty (30) calendar days of any change in either the physical or mailing address.

(2) A forwarding address is effective as a current mailing address when the Board receives notice of the forwarding address by the United States Postal Service.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-520-0060

Termination or Cancellation of Surety Bond or Letter of Credit

(1) If the surety bond or letter of credit maintained by an appraisal management company is terminated or cancelled, the appraisal management company shall file a replacement surety bond or letter of credit as soon as practicable or within five days of the cancellation or termination, whichever occurs sooner.

(2) An appraisal management company that does not file a replacement surety bond or letter of credit under paragraph (1) of this rule shall surrender the appraisal management company’s registration and cease operating as an appraisal management company.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-530-0010

Criminal Records Check

(1) The Board shall conduct a criminal records check on a subject individual as a condition of issuing a registration as an appraisal management company, or when there is a change or addition of a subject individual of an appraisal management company.

(2) The subject individual shall submit a completed criminal background authorization on a form prescribed by the Board, along with a fingerprint card.

(3) The subject individual shall provide additional information, as requested by the Board, to resolve any issue hindering the completion of a criminal background check and/or fitness determination.

(4) The Board shall request that the Oregon State Police conduct Oregon and nationwide criminal records checks through fingerprint identification. The Board may request or conduct a Law Enforcement Data System (LEDS) criminal records check, as part of any criminal background check and/or fitness determination, to meet the requirements of this rule.

(5) If a subject individual refuses to consent to a criminal records check, including fingerprint identification, the Board shall not issue a registration as an appraisal management company. A subject individual may not contest any determination made based on a refusal to consent.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-530-0020

Background Check Authorizations and Fingerprint Card

(1) The background check includes a criminal background check and a criminal records request as provided in OAR Chapter 161, Division 520. The subject individual must apply for the background check in writing on a form approved by the Board with all information provided and certified by the subject individual.

(2) Each subject individual must submit one completed fingerprint card, prescribed by the Federal Bureau of Investigation and completed by a law enforcement agency or a commercial fingerprinting entity, and an additional fee sufficient to cover the costs of processing the subject individual’s fingerprint information.

(3) The background check shall include, but is not limited to, the following:

(a) Legal name, residence physical and mailing address, telephone numbers and email address;

(b) Place and date of birth;

(c) Social security number;

(d) Driver’s license or identification card number and state of issue;

(e) Whether the subject individual has:

(A) EVER entered a plea of nolo contendere, plead or been found guilty of or convicted of a felony;

(B) In the past ten years entered a plea of nolo contendere, plead or been found guilty of, or convicted of, a misdemeanor;

(C) EVER been reprimanded or fined or had a license, certificate or registration suspended, revoked, restricted, denied or surrendered in this or any other state by any agency that has granted a license, certificate or registration to engage in a regulated occupation, trade or profession;

(D) An entry of any money judgments that have not been paid in full;

(E) Filed for voluntary or involuntary bankruptcy protection during the past ten years; and

(F) Any other information the Board considers necessary to evaluate the moral character of the subject individual.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-530-0030

Potentially Disqualifying Crimes; Process

(1) A “potentially disqualifying crime” means a crime that:

(a) Reflects moral turpitude, or an act or conduct which would cause a reasonable person to have substantial doubts about the individual’s honesty, fairness and respect for the rights of others and for the laws of the state and the nation; and

(b) Is rationally connected to the business entity’s fitness to act as a controlling person or own 10 percent or more of an appraisal management company.

(2) The Board shall evaluate a crime on the basis of Oregon laws and, if applicable, federal laws or the laws of any other jurisdiction in which a criminal records check indicates a subject individual may have committed a crime, as those laws are in effect at the time of the fitness determination.

(3) A subject individual shall not be denied under these rules on the basis of the existence or contents of a juvenile record that has been expunged under ORS 419A.260 and 419A.262.

(4) If a subject individual is denied as not fit, the appraisal management company may not obtain an Oregon registration unless the subject individual divests all or part of the individual’s ownership interest in the appraisal management company or the appraisal management company designates another controlling person, whichever is applicable.

(5) The Board shall inform the subject individual who has been determined not to be fit on the basis of a criminal records check, via courier, or registered or certified mail to the most current address provided by the subject individual of the disqualification. Responsibility for furnishing the most current address remains with the subject individual.

(6) A final fitness determination is a final order of the Board unless the affected subject individual requests a contested case hearing under ORS Chapter 183. A subject individual may contest a fitness determination made under these rules that she or he is fit or not fit to act as a controlling person or own 10 percent or more of an appraisal management company under ORS Chapter 183.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-530-0040

Reporting Litigation Involving Subject Individuals

(1) A subject individual is required to notify the Board of any of the following:

(a) Any felony or misdemeanor conviction, including a no contest plea or bail forfeiture;

(b) Any adverse decision or judgment resulting from any civil or criminal suit or action or arbitration proceeding, or any administrative, state or federal proceeding in which the appraisal management company, or any subject individual thereof, was named as a party and against whom allegations concerning any business conduct or professional real estate appraisal activity is asserted; and

(c) Any adverse decision or judgment resulting from any other criminal or civil proceedings that reflects adversely on the “good moral character” requirement contained in ORS 674.205(3) and OAR 161-530-0030(1).

(2) Notification must be in writing and shall include a brief description of the circumstances involved, the names of the parties, and a copy of the adverse decision, judgment, or award and, in the case of a criminal conviction, a copy of the sentencing order. If any judgment, award, or decision is appealed, each subsequent appellate court decision is subject to this notification requirement.

(3) Notification must be made within thirty (30) calendar days after receipt of any written notification of an adverse judgment, award, or decision described in this rule, whether or not an appeal is filed.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-540-0010

Training

(1) Appraisal management companies must provide specified training to employees who:

(a) Select appraisers for an appraiser panel;

(b) Select appraisers to perform real estate appraisal activity; or

(c) Perform quality control examinations.

(2) The specified training must include, but is not limited to the following topics:

(a) ORS 674.220, 674.225, 674.230, and 674.240; and

(b) The Uniform Standards of Professional Appraisal Practice (USPAP). This topic may be broad in scope, but must at a minimum include the following elements:

(A) Preamble;

(B) Definitions;

(C) Ethics Rule;

(D) Record Keeping Rule;

(E) Competency Rule;

(F) Scope of Work Rule;

(G) Standard 1;

(H) Standard 2;

(I) Standard 3;

(J) Advisory Opinion 3, Update of a Prior Appraisal;

(K) Advisory Opinion 21, USPAP Compliance;

(L) Advisory Opinion 26, Readdressing (Transferring) a Report to Another Party; and

(M) Advisory Opinion 27, Appraising the Same Property for a New Client.

(3) Appraisal management companies shall provide the specified training to all employees specified in paragraph (1) above:

(a) By December 31, 2012 for all appraisal management companies registered with the State of Oregon prior to July 1, 2012;

(b) Within six months for all appraisal management companies registering with the State of Oregon after July 1, 2012;

(c) For any new employees within six months from the hire date with the appraisal management company.

(4) Appraisal management companies must maintain the training records for each employee and training material, as specified in paragraphs (1) and (2) above, not less than five years after the date of completion of the training. Employee training records must include:

(a) The name of the employee;

(b) Topics covered;

(c) Date of completion; and

(d) Method of delivery of training.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-550-0010

Annual Reports

(1) An appraisal management company shall annually submit to the Board on March 31 a report disclosing the following information on a form prescribed by the Board;

(a) The number of independent contractor appraisals in the preceding year for which the appraisal management company performed appraisal management services in Oregon;

(b) For subject individuals, any action taken by a state to refuse to issue, deny, cancel or revoke a license, certificate or registration to act as an appraiser;

(c) For appraisal management companies, any action taken by a state to refuse to issue, deny, cancel or revoke a license, certificate or registration to act as an appraisal management company.

(2) A late fee, as established in OAR 161-510-0010, will be charged for any annual report received by the Board after March 31.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-550-0020

Records and Real Estate Appraisal Activity Report Retention Requirements

(1) An appraisal management company shall maintain a detailed record of each service request that it receives, the appraiser that perform the real estate appraisal activity and a complete copy of all completed reports for each assignment. Records shall be maintained by the appraisal management company for:

(a) Not less than five years after the date of completion of the report to which the record pertains; or

(b) For a period of not less than two years after final disposition of a judicial proceeding in which testimony relating to the records are given, whichever period is longer.

(2) An appraisal management company shall maintain the following for a period of not less than five years:

(a) Documentation of each written complaint received by the appraisal management company, along with the name of the client that requested the appraisal, and the date the complaint was forwarded to the client.

(b) A copy of the written notification to the person who submitted the complaint that the complaint was forwarded to the client.

(c) Training materials and training records for each employee specified in OAR 161-540-0010 and ORS 674.245.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-560-0010

Audits Required

(1) An audit of an appraisal management company registered to provide appraisal management services in Oregon may be conducted by the Board.

(2) In the case of a subsidiary or affiliate of a financial institution engaging in business as an appraisal management company without obtaining a registration to provide appraisal management services in Oregon, the Board may conduct an audit of the appraisal management company in a joint or alternating manner with the appropriate federal banking agency or the Bureau of Consumer Financial Protection as permitted or required by applicable law.

(3) The Board may audit an appraisal management company at any time or times and may require the production of such records at the office of the Board as often as is necessary.

(4) An appraisal management company that refuses to submit to an audit shall be considered to have failed the audit.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-560-0020

Audit Standards

An audit under OAR 161-560-0010 will examine the appraisal management company’s compliance with ORS 674.200 to 674.250, including, but not limited to, examination of the following:

(1) The appraisal management company’s compliance with the minimum requirements in OAR 161-520-0020 regarding appraiser competency.

(2) The names, license or certification numbers, and competency information required by OAR 161-520-0020 of the Oregon licensed or certified appraisers on the appraisal management company’s appraiser panel.

(3) Training materials used by the appraisal management company to satisfy OAR 161-540-0010.

(4) Records of employees who received training as required by OAR 161-540-0010.

(5) The appraisal management company’s record retention schedule, consistent with ORS 674.150 and OAR 161-550-0020.

(6) The appraisal management company’s business practices and transactions that may indicate:

(a) The appraisal management company attempted to influence the development, reporting or review of an appraisal or appraisal review assignment, consistent with the prohibitions established in ORS 674.220.

(b) The appraisal management company substantively altered in any way a completed appraisal report submitted by an appraiser, consistent with the prohibition established in ORS 674.220.

(c) The appraisal management company failed to make payments to an independent contractor appraiser for the completion of an appraisal or appraisal review, excluding claims for breach of contract or substandard performance, as established in ORS 674.225.

(d) The appraisal management company violated any other provision established in ORS 674.200 to 674.250 or OAR chapter 161.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-570-0010

Duty to Cooperate

Every subject individual and employee of an appraisal management company must cooperate with the Board and must respond fully and truthfully to Board inquiries and comply with any requests from the Board, subject only to the exercise of any applicable right or privilege. Failure to cooperate with the Board is unethical and is grounds for discipline including revocation or suspension of a registration, imposition of a civil penalty, or denial of a registration, or any combination thereof.

Stat. Auth.: ORS 183.355, ORS 674.305(7), ORS 674.310 & 2011 OL Ch. 447
Stats. Implemented: ORS 674.310 & 2011 OL Ch. 447
Hist.: ACLB 5-2011(Temp), f. 12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-570-0015

Appraisal Review

Any employee or independent contractor appraiser of an appraisal management company that performs the act or process of developing and communicating a reviewer’s own opinion of value as part of an appraisal review for a property located in this state:

(1) Must be licensed or certified in this state pursuant to ORS 674.100; and

(2) Must comply with the appraisal review provisions of the Uniform Standards of Professional Appraisal Practice.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-570-0020

Forwarding Complaints

An appraisal management company that receives a written complaint from a person with an interest in a real estate transaction shall:

(1) Forward the complaint to the client; and

(2) Give written notification to the person who submitted the complaint that the complaint was forwarded to the client.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-570-0030

Appraisal Management Company Complaints

(1) A complaint may be filed with the Board against an appraisal management company or subject individual. All complaints must be in writing and submitted to the Board’s office. The complaint will be reviewed by the Board to determine if the allegations presented in the complaint are within the Board’s jurisdiction.

(2) A member of the Board or the Administrator may also initiate a complaint or request an investigation.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-570-0045

Appraisal Management Company Investigations and Audits

(1) A Notice of Complaint, together with a true copy of the complaint as submitted to the Board, including all supporting documentation, shall be promptly sent via certified mail, return receipt requested, to the last known address of each controlling person of the appraisal management company. A controlling person must produce:

(a) True copies of records as specified in the Notice of Complaint within a specific time period to which no extension will be granted; and

(b) A written response to the allegations set forth in the complaint within a specific time period. The controlling person may request an extension to file a response. An extension of up to thirty (30) days will be approved provided the extension request is submitted to the Board in writing on or before the response due date.

(2) A member of the Board or the Administrator may initiate an audit or other type of inquiry or investigation to verify an appraisal management company’s compliance with ORS Chapter 674 and OAR chapter 161.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

161-570-0050

Separate Offense and Violation

(1) Each act of appraisal management services by an appraisal management company not registered by the State is a separate violation of ORS 674.205.

(2) Any and each violation of ORS 674.200 to 674.250, or any rule or final order of the Board, or any final judgment or decree made by any court upon application of the Board, may be deemed a separate offense for which a separate penalty may be imposed.

Stat. Auth.: ORS 183.355, 674.305 & 674.310
Stats. Implemented: ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
Hist.: ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

Notes
1.) This online version of the OREGON BULLETIN is provided for convenience of reference and enhanced access. The official, record copy of this publication is contained in the original Administrative Orders and Rulemaking Notices filed with the Secretary of State, Archives Division. Discrepancies, if any, are satisfied in favor of the original versions. Use the OAR Revision Cumulative Index found in the Oregon Bulletin to access a numerical list of rulemaking actions after November 15, 2011.

2.) Copyright 2012 Oregon Secretary of State: Terms and Conditions of Use

Oregon Secretary of State • 136 State Capitol • Salem, OR 97310-0722
Phone: (503) 986-1523 • Fax: (503) 986-1616 • oregon.sos@state.or.us

© 2013 State of Oregon All Rights Reserved​