(2) The board shall be composed of:

(a) Five appraisers certified or licensed under ORS 674.310;

(b) One individual who is employed by a financial institution or a mortgage banker;

(c) One member who represents appraisal management companies registered under ORS 674.205; and

(d) One individual who is a public member and who:

(A) Is not engaged in professional real estate activity;

(B) Is not a state certified or state licensed appraiser;

(C) Is not employed by a financial institution or a mortgage banker; and

(D) Does not have a direct financial interest in any person who is required, or whose employees or agents are required, to be state licensed or state certified appraisers.

(3) The term of office of each member is four years with two terms maximum, but a member serves at the pleasure of the Governor. Before the expiration of the term of a member, the Governor shall appoint a successor whose term begins on July 1 next following. A member is eligible for reappointment. If there is a vacancy for any cause, the Governor shall make an appointment to become immediately effective for the unexpired term. A member may not be appointed to serve more than two consecutive terms on the board.

(4) The board shall select one of its members as chairperson and another as vice chairperson, for such terms and with duties and powers necessary for the performance of the functions of such offices as the board determines.

(5) A majority of the members of the board constitutes a quorum for the transaction of business.

(6) The board shall meet at least once every three months at a place, day and hour determined by the board. The board also shall meet at other times and places specified by the call of the chairperson or of a majority of the members of the board.

(7) In accordance with applicable provisions of ORS chapter 183, the board shall adopt rules necessary for the administration of this chapter.

(8) The appointment of a member of the board is subject to confirmation by the Senate in the manner prescribed in ORS 171.562 and 171.565. [1991 c.5 §4; 1993 c.18 §146; 1993 c.744 §219; 2001 c.521 §11; 2005 c.109 §4; 2011 c.447 §22]