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 (Registration requirement)(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 (Appraiser Competency);
(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 (Training);
(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 (Prohibited activities);
(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 (Surety bond).
(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 (Registration Requirements) and pay all applicable fees.
Rule 161-520-0030 — Renewal or Reactivation of Registration,