- (1) If the surety bond or letter of credit maintained by an appraisal management company is terminated or cancelled, the appraisal management company shall file a replacement surety bond or letter of credit as soon as practicable or within five days of the cancellation or termination, whichever occurs sooner.
- (2) An appraisal management company that does not file a replacement surety bond or letter of credit under paragraph (1) of this rule shall surrender the appraisal management company’s registration and cease operating as an appraisal management company.
Statutory/Other Authority
ORS 183.355, 674.305 & 674.310
Statutes/Other Implemented
ORS 674.305(7), 674.310(2), 674.205, 674.215, 674.230, 674.245 & 674.250
History
ACLB 1-2012, f. 7-2-12, cert. ef. 7-3-12