(a) Registered as an appraisal management company with the Appraiser Certification and Licensure Board; or

(b) An appraisal management company that is a subsidiary of and owned and controlled by a financial institution regulated by a federal financial institution regulatory agency, as that term is defined in ORS 674.010.

(2) A business entity may apply for registration as an appraisal management company on forms prescribed by rule by the board. The application must include:

(a) The name, address and phone contact information of the entity;

(b) The name, address and phone contact information of a controlling person of the entity;

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

(d) The name, address and phone contact information of any person that owns 10 percent or more of the entity;

(e) A certification that:

(A) The entity has a system to verify that each appraiser on the entity’s appraiser panel is licensed or certified under ORS 674.310;

(B) The entity requires an appraiser completing an appraisal at the entity’s request to confirm that the appraiser is competent to perform the appraisal assignment before accepting the assignment;

(C) The entity requires appraisers completing appraisals at the entity’s request to comply with the Uniform Standards of Professional Appraisal Practice;

(D) The entity 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; and

(E) The entity maintains and retains for at least five years, or as required under ORS 674.150, a detailed record of each appraisal management services request the entity receives and the appraiser who performs the real estate appraisal activity contained in the request;

(f) The surety bond, letter of credit or deposit required by ORS 674.210;

(g) Fees in an amount prescribed by rule by the board, which must be sufficient to cover the costs of administering ORS 674.200 to 674.250 and 674.995; and

(h) Any other information required by the board by rule.

(3) The board may not issue a registration to a business entity as an appraisal management company unless:

(a) Each individual who owns 10 percent or more of the entity and the controlling person identified by the entity in the application have completed a criminal records check; and

(b) The board determines that each individual who owns 10 percent or more of the entity and the controlling person identified by the entity in the application:

(A) Are of good moral character; and

(B) Have never had a license, certification or registration to act as an appraiser or appraisal management company refused, denied, canceled or revoked in this state or in any other state.

(4)(a) The board shall issue a unique registration number to each appraisal management company registered under this section.

(b) The board shall maintain a published list of appraisal management companies registered under this section.

(c) An appraisal management company registered under this section shall disclose the company’s registration number to each appraiser used by the company.

(5) An appraisal management company registration expires two years after the date of the issuance of the registration. The board shall adopt rules establishing the requirements for renewal or reactivation of a registration. The rules must require that an appraisal management company provide all of the information and certifications required for an initial application for registration under subsection (2) of this section in the renewal application. [2010 c.87 §2; 2011 c.447 §9]

Note: See note under 674.200.