Current through Register Vol. 63, No. 9, September 1, 2024
(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 161-510-0010; and
(g) A completed 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
