Oregon Revised Statutes Chapter 696 § 696.656 — Residential property wholesaler registration; requirements; rules

Residential property wholesaler registration; requirements; rules. (1) The Real Estate Agency may issue a residential property wholesaler registration only to an individual. (2) In accordance with any applicable provisions of ORS chapter 183, the Real Estate Commissioner shall establish by rule a system to register residential property wholesalers. Such a system shall include but need not be limited to prescribing: (a) The form and content of and the times and procedures for submitting an application for the issuance or renewal of registration. (b) The term of the registration and the fee for the initial issuance and renewal in an amount that does not exceed the maximum amount described in ORS 696.659. (c) Those actions or circumstances that constitute failure to achieve or maintain registration or competency or that otherwise constitute a danger to the public interest and for which the commissioner may refuse to issue or renew or may suspend or revoke a registration or may impose a penalty. (3) For an applicant to qualify for registration, the commissioner must receive: (a) Certification that the applicant has a high school diploma or a certificate for passing an approved high school equivalency test such as the General Educational Development (GED) test or the international equivalent, or other equivalent education acceptable to the commissioner; (b) Certification that the applicant is at least 18 years of age; and (c) A list of all entities, business names and assumed business names under which the applicant has conducted or will conduct residential property wholesaling activity, along with evidence that all business names and assumed business names are registered with the Secretary of State and all entities, including foreign entities, are authorized by the Secretary of State to transact business in this state. (4) Registration for residential property wholesalers shall be granted only if the applicant is trustworthy and competent to conduct residential property wholesaling in such manner as to safeguard the interests of the public and only after satisfactory proof has been presented to the commissioner. As used in this subsection, “satisfactory proof” includes but is not limited to a criminal records check of the applicant under ORS 181A.195. For the purpose of requesting a state or nationwide criminal records check under ORS 181A.195, the commissioner may require the fingerprints of the applicant. [2024 c.3 §3] Note: See note under 696.650.