71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 446
 
LC 149/SB 446-2
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 446
 
             By COMMITTEE ON RULES AND REDISTRICTING
 
                             March 7
 
  On page 1 of the printed bill, line 8, after '696.845, ' insert
'696.855,'.
  In line 9, before 'repealing' insert 'and'.
  In line 11, delete the second comma and insert 'and' and delete
'and 696.855; and declaring an emergency'.
  On page 3, line 7, delete 'shall' and insert 'does'.
  On page 4, line 37, delete 'examination' and insert ' license'.
  On page 5, line 10, delete 'examination' and insert ' license'.
  On page 16, line 38, after '$75' insert 'or, for each licensing
examination applied for under ORS 696.235, $40'.
  On page 17, line 36, after the period insert 'The agency may
not require by rule the use or generation of documents not
otherwise required by law or voluntarily generated during a real
estate transaction.'.
  On page 19, after line 18, insert:
  ' (4) Nothing in subsection (1) of this section is intended to
prohibit a real estate licensee from directly compensating a
licensed personal assistant if permitted by the terms, conditions
and requirements of a licensed personal assistant agreement under
section 30 of this 2001 Act.'.
  In line 19, delete '(4)' and insert '(5)'.
  On page 20, line 38, after 'contract' insert 'for exclusive
representation'.
  On page 27, line 42, delete 'seller' and insert ' principal'.
  On page 33, line 5, delete 'statement' and insert ' pamphlet.
The rules must provide that the initial agency disclosure
pamphlet is informational only and may not be construed to be
evidence of intent to create an agency relationship'.
  In line 6, delete 'statement' and insert 'pamphlet'.
  On page 34, line 4, delete 'statement' and insert ' pamphlet'.
  After line 15, insert:
  '  { +  SECTION 49a. + } ORS 696.855 is amended to read:
  ' 696.855. (1) ORS 696.301, 696.392, 696.600 to 696.627  { - ,
696.800 to 696.855 - }  and 696.995   { - shall - }  { +  do + }
not directly, indirectly or by implication limit or alter any
preexisting common law or statutory right or remedy including
actions for fraud, negligence or equitable relief.
  ' (2) The terms 'loyalty,' 'obedience,' 'disclosure, ' '
confidentiality,' 'reasonable care and diligence' and 'accounting
in dealings' shall be interpreted under the common law of agency.
  ' (3) Common law and statutory remedies are not affected by ORS
696.301, 696.392, 696.600 to 696.627  { - , 696.800 to
696.855 - }  and 696.995.'.
  On page 35, after line 3, insert:
  ' (3) Unless acknowledged by a principal in writing, facts
known by an agent or subagent of the principal may not be imputed
to the principal if the principal does not have actual knowledge.
  ' (4) Unless acknowledged by a real estate licensee in writing,
facts known by a principal or an agent of the principal may not
be imputed to the licensee if the licensee does not have actual
knowledge. This subsection does not limit the knowledge imputed
to a principal real estate broker of facts known by a real estate
licensee under the supervision of the principal real estate
broker.'.
  On page 46, line 31, restore the bracketed material and delete
the boldfaced material.
  In line 32, restore 'or 696.855'.
  On page 61, line 41, after '696.825' delete the rest of the
line and insert 'and 696.830 are repealed.'.
  On page 62, delete lines 8 through 10.
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