Current through Register Vol. 63, No. 9, September 1, 2024
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 completed 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