Or. Admin. R. 863-025-0035 - Records; Required Records; Maintenance; Production
(1) The property manager's records of the management of rental real estate are "complete and adequate" as required under ORS 696.280 if the records contain, at least, the following:
(a) A legible copy of each executed property management agreement and any executed addenda or amendments to that agreement;
(b) Client trust account and security deposit account records required by OAR 863-025-0000 to 863-025-0080 and ORS Chapter 696;
(c) An owner's ledger for each property management agreement;
(d) A record of receipts and disbursements or check register maintained for each clients' trust account or security deposits account;
(e) A legible copy of each tenant agreement;
(f) A tenant's ledger for each tenant;
(g) A record of all cash receipts;
(h) All paid bills and receipts required under OAR 863-025-0040(8);
(i) A record of electronic bank transactions required under OAR 863-025-0040(9);
(j) Records of the reconciliation of each clients' trust account and security deposits account, including the reconciliation document;
(k) All cancelled checks or bank-supplied images of cancelled checks as provided under ORS 696.243(1) with the bank statements to which the checks pertain; and
(l) A record of all deposits for each clients' trust account and security deposits account.
(2) A property manager must produce records required under section (1) of this rule for inspection by the Agency as follows:
(a) When the Agency makes a request for production of property management records, the property manager must provide such records within no less than five banking days; and
(b) If the Agency has reasonable grounds to believe that funds of an owner or tenant may be missing or misappropriated or that the property manager is engaging in fraudulent activity, any records demanded or requested by the Agency must be produced immediately; and
(c) Failure to produce such records within the timelines stated in subsection (a) or (b) of this section is a violation of ORS 696.301.
(3) If a property manager uses a computerized system for creating, maintaining and producing required records and reports:
(a) The property manager must back up any data that is stored in the computerized system at least once every month; and
(b) Posting of owner ledgers, record of receipts and disbursements, tenant ledgers and manipulation of information and documents must be maintained in a format that will readily enable tracing and reconciliation.
(4) A property manager must maintain all records required under section (1) of this rule for a period of six years following the date on which such agreement or document is superseded, terminated, has expired or otherwise ceased to be used in the management of rental real estate.
(5) Subject to section (6) of this rule, a property manager may maintain records required under section (1) of this rule within this state at a location other than the property manager's licensed business location, or outside this state, but within the United States, if the property manager notifies the Commissioner in writing of each new location of records at least five banking days prior to establishing a new location. Notice to the Commissioner must include at least:
(a) The name, business address and telephone number of the property manager;
(b) A statement that the property manager intends to establish a new location for records;
(c) The complete address of the new location;
(d) The means of gaining access to the records at the new location and the name, address and telephone number of all contact persons who will provide access to the records during regular business hours;
(e) If the property manager has sole custody, control and access to the records, written, signed and dated authorization by the property manager for the Commissioner to freely access and inspect all records at the new location;
(f) If the property manager authorized a third party authority over custody, control or access to records, joint authorization from the property manager and such third party for the Commissioner to freely access and inspect all records at the new location; and
(g) The signature of the property manager attesting to the accuracy of the information and the date the notice is signed.
(6) If a property manager stores records at a location other than the property manager's licensed business location, the property manager must maintain an inventory of such records and information necessary to retrieve specific records.
Stat. Auth.: ORS 183.335 & 696.385
Stats. Implemented: ORS 696.280 & 696.361
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