Current through Register Vol. 63, No. 9, September 1, 2024
(1) The property manager's records of the
management of rental real estate are "complete and adequate" as required under
ORS 696.280 if the records contain,
at least, the following:
(a) A legible copy
of each executed property management agreement and any executed addenda or
amendments to that agreement;
(b)
Client trust account and security deposit account records required by OAR
863-025-0000 to 863-025-0080 and ORS Chapter 696;
(c) An owner's ledger for each property
management agreement;
(d) A record
of receipts and disbursements or check register maintained for each clients'
trust account or security deposits account;
(e) A legible copy of each tenant
agreement;
(f) A tenant's ledger
for each tenant;
(g) A record of
all cash receipts;
(h) All paid
bills and receipts required under OAR 863-025-0040(8);
(i) A record of electronic bank transactions
required under OAR 863-025-0040(9);
(j) Records of the reconciliation of each
clients' trust account and security deposits account, including the
reconciliation document;
(k) All
cancelled checks or bank-supplied images of cancelled checks as provided under
ORS 696.243(1) with
the bank statements to which the checks pertain; and
(l) A record of all deposits for each
clients' trust account and security deposits account.
(2) A property manager must produce records
required under section (1) of this rule for inspection by the Agency as
follows:
(a) When the Agency makes a request
for production of property management records, the property manager must
provide such records within no less than five banking days; and
(b) If the Agency has reasonable grounds to
believe that funds of an owner or tenant may be missing or misappropriated or
that the property manager is engaging in fraudulent activity, any records
demanded or requested by the Agency must be produced immediately; and
(c) Failure to produce such records within
the timelines stated in subsection (a) or (b) of this section is a violation of
ORS 696.301.
(3) If a property manager uses a computerized
system for creating, maintaining and producing required records and reports:
(a) The property manager must back up any
data that is stored in the computerized system at least once every month;
and
(b) Posting of owner ledgers,
record of receipts and disbursements, tenant ledgers and manipulation of
information and documents must be maintained in a format that will readily
enable tracing and reconciliation.
(4) A property manager must maintain all
records required under section (1) of this rule for a period of six years
following the date on which such agreement or document is superseded,
terminated, has expired or otherwise ceased to be used in the management of
rental real estate.
(5) Subject to
section (6) of this rule, a property manager may maintain records required
under section (1) of this rule within this state at a location other than the
property manager's licensed business location, or outside this state, but
within the United States, if the property manager notifies the Commissioner in
writing of each new location of records at least five banking days prior to
establishing a new location. Notice to the Commissioner must include at least:
(a) The name, business address and telephone
number of the property manager;
(b)
A statement that the property manager intends to establish a new location for
records;
(c) The complete address
of the new location;
(d) The means
of gaining access to the records at the new location and the name, address and
telephone number of all contact persons who will provide access to the records
during regular business hours;
(e)
If the property manager has sole custody, control and access to the records,
written, signed and dated authorization by the property manager for the
Commissioner to freely access and inspect all records at the new
location;
(f) If the property
manager authorized a third party authority over custody, control or access to
records, joint authorization from the property manager and such third party for
the Commissioner to freely access and inspect all records at the new location;
and
(g) The signature of the
property manager attesting to the accuracy of the information and the date the
notice is signed.
(6) If
a property manager stores records at a location other than the property
manager's licensed business location, the property manager must maintain an
inventory of such records and information necessary to retrieve specific
records.
Stat. Auth.: ORS
183.335 &
696.385
Stats. Implemented: ORS
696.280 &
696.361
