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Banks
Administration and Enforcement of Banking Laws Generally
These temporary rules implement the registration requirements of 2010 House Bill 3624, which regulates the activities of appraisal management companies (AMCs). HB 3624, passed and signed into law on March 23, 2010, requires AMCs doing business in Oregon to register with the Department of Consumer and Business Services (DCBS) by January 1, 2011. As conditions to registration, the bill requires AMCs to verify the competency of independent contractor appraisers taking assignments for appraisals, establish a dispute resolution process, post a surety bond in the amount of $25,000, and submit to DCBS the fingerprints of certain individuals controlling or owning a certain percentage of an AMC. These rules implement these four provisions of HB 3624. After substantial public input, these rules are being adopted on a temporary basis in order to meet the time constraints of the law as well as to give AMCs time to comply with the act prior to January 1, 2011.
The “accredited investor” definition under OAR 441-035-0010(5) is amended to exclude the value of an investor’s primary residence from the $1 million net worth calculation. The amended definition reflects the modification of the federal “accredited investor” definition under the Dodd-Frank Act.
Resources:
Statutes: This links to the general Oregon Revised Statues Web site. It provides search and index functions as well as an overview to the Oregon Revised Statutes.
Rules: This is a general link to the Div. of Finance and Corporate Securities Rules as posted on the Secretary of State's Oregon State Archives Web site. Search and index functions available.
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