Or. Admin. Code § 863-015-0081 - Compliance Reviews and Mail-in Audits
(1) The Agency will provide a principal real
estate broker with written notice at least five business days before conducting
a compliance review.
(2) A
compliance review is completed when the Agency delivers a written notice of
completion to the principal real estate broker.
(3) Except as provided in section (4) of this
rule, if the Agency determines that a principal real estate broker is not in
compliance with ORS 696.010 to
696.495,
696.600 to
696.785,
696.800 to
696.870, or OAR chapter 863
after the Agency completes a compliance review, the Agency will allow the
principal real estate broker at least 30 days from the date the compliance
review is completed to cure the noncompliance without sanction.
(4) Upon completion of a compliance review,
if the Agency has reasonable grounds to believe that the funds belonging to
others may be missing, funds may have been misappropriated, or that the
principal real estate broker's records are in such a condition that the
principal real estate broker is placing funds belonging to others at risk the
Agency may immediately initiate an investigation without providing a principal
real estate broker with an opportunity to cure noncompliance.
(5) The Agency will provide a principal real
estate broker with written notice of a mail-in audit at least 30 days before
required information and documentation must be provided to the Agency.
(6) After the Agency reviews the
information and documents provided in a mail-in audit, the Agency will take one
of the following actions:
(a) If the
information and documents are in compliance with statutes and rules, the Agency
will provide written notice to the principal real estate broker confirming
compliance only as to the information and documents provided;
(b) If the information and documents indicate
that the principal real estate broker may be subject to additional
documentation and procedural requirements that were not part of the mail-in
audit, the Agency will provide written notice to the principal real estate
broker detailing the Agency's expectations for compliance on those matters;
(c) If the information and
documents demonstrate that the principal real estate broker is not in
compliance with ORS 696.010 to
696.495,
696.600 to
696.785,
696.800 to
696.870, or OAR chapter 863, the
Agency will provide written notice to the principal real estate broker that
includes:
(A) The principal real estate
broker must cure all noncompliance issues and provide information and
documentation to the Agency that the noncompliance has been cured within 30
days of the date of the notice; and
(B) If all noncompliance issues are not cured
within 30 days, the Agency may impose sanctions on the principal real estate
broker or may initiate an investigation and not allow additional time for the
principal real estate broker to cure the noncompliance.
(d) If the Agency has reasonable grounds to
believe that the funds belonging to others may be missing, funds may have been
misappropriated, or that the principal real estate broker's records are in such
a condition that the principal real estate broker is placing funds belonging to
others at risk, the Agency may immediately initiate an investigation without
providing a principal real estate broker with an opportunity to cure
noncompliance.
(7) If a
principal real estate broker does not respond to a mail-in audit within the
time period required in the notice, the Agency may initiate an investigation.
(8) The Agency may conduct a
mail-in audit of a principal real estate broker:
(a) As part of a regular, routine and random
selection of principal real estate broker clients' trust accounts for mail-in
audits;
(b) When the Agency has
determined, after a compliance review, that the principal real estate broker
was not in compliance and provided the principal real estate broker with an
opportunity to cure the non-compliance; and
(c) After an investigation has been
initiated.
Notes
Stat. Auth.: ORS 183.335 & 696.385
Stats. Implemented: ORS 696.280
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