The Oregon Administrative Rules contain OARs filed through November 15, 2015

 

QUESTIONS ABOUT THE CONTENT OR MEANING OF THIS AGENCY'S RULES?
CLICK HERE TO ACCESS RULES COORDINATOR CONTACT INFORMATION




APPRAISER CERTIFICATION AND LICENSURE BOARD




 


DIVISION 560
AUDITS
161-560-0010
Audits Required
(1) An audit of an appraisal
management company registered to provide appraisal management services in Oregon
may be conducted by the Board.
(2) In the case of a subsidiary
or affiliate of a financial institution engaging in business as an appraisal management
company without obtaining a registration to provide appraisal management services
in Oregon, the Board may conduct an audit of the appraisal management company in
a joint or alternating manner with the appropriate federal banking agency or the
Bureau of Consumer Financial Protection as permitted or required by applicable law.
(3) The Board may audit an appraisal
management company at any time or times and may require the production of such records
at the office of the Board as often as is necessary.
(4) An appraisal management
company that refuses to submit to an audit shall be considered to have failed the
audit.
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

Hist.: ACLB 5-2011(Temp), f.
12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12
161-560-0020
Audit Standards
An audit under OAR 161-560-0010
will examine the appraisal management company’s compliance with ORS 674.200
to 674.250, including, but not limited to, examination of the following:
(1) The appraisal management
company’s compliance with the minimum requirements in OAR 161-520-0020 regarding
appraiser competency.
(2) The names, license or certification
numbers, and competency information required by OAR 161-520-0020 of the Oregon licensed
or certified appraisers on the appraisal management company’s appraiser panel.
(3) Training materials used
by the appraisal management company to satisfy OAR 161-540-0010.
(4) Records of employees who
received training as required by OAR 161-540-0010.
(5) The appraisal management
company’s record retention schedule, consistent with ORS 674.150 and OAR 161-550-0020.
(6) The appraisal management
company’s business practices and transactions that may indicate:
(a) The appraisal management
company attempted to influence the development, reporting or review of an appraisal
or appraisal review assignment, consistent with the prohibitions established in
ORS 674.220.
(b) The appraisal management
company substantively altered in any way a completed appraisal report submitted
by an appraiser, consistent with the prohibition established in ORS 674.220.
(c) The appraisal management
company failed to make payments to an independent contractor appraiser for the completion
of an appraisal or appraisal review, excluding claims for breach of contract or
substandard performance, as established in ORS 674.225.
(d) The appraisal management
company violated any other provision established in ORS 674.200 to 674.250 or OAR
chapter 161.
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

Hist.: ACLB 5-2011(Temp), f.
12-22-11, cert. ef. 1-1-12 thru 6-27-12; ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12

The official copy of an Oregon Administrative Rule is
contained in the Administrative Order filed at the Archives Division,
800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the
published version are satisfied in favor of the Administrative Order.
The Oregon Administrative Rules and the Oregon Bulletin are
copyrighted by the Oregon Secretary of State. Terms
and Conditions of Use