Insights

On September 1, 2010, the Oregon Department of Consumer and Business Services (DCBS) issued temporary rules to implement the registration requirements of 2010 House Bill 3624, which regulates the activities of appraisal management companies (AMCs) in Oregon.

HB 3624 was passed by the Oregon legislature and signed into law on March 23, 2010. The law requires AMCs doing business in Oregon to register with the DCBS by January 1, 2011. As part of the registration, AMCs must satisfy the following:

• 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.

The new rules were 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.

Brian R. Witt is a partner with Farleigh Wada Witt in Portland, Oregon. For additional information contact Brian at:

bwitt@fwwlaw.com
Tel: 503.228.6044
Fax: 503.228.1741
121 SW Morrison Street, Suite 600
Portland, Oregon 97204
http://www.fwwlaw.com