74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
SA to SB 167
 
LC 354/SB 167-5
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 167
 
     By COMMITTEE ON BUSINESS, TRANSPORTATION AND WORKFORCE
                           DEVELOPMENT
 
                            March 23
 
  On page 1 of the printed bill, line 2, delete 'and'.
  In line 4, after '696.241,' insert '696.280,'.
  In line 5, after '744.056' insert '; and declaring an
emergency'.
  On page 2, after line 6, insert:
  ' (8) 'Expired' means, in the context of a real estate
licensee, that the license has not been renewed in a timely
manner, but may still be renewed.
  ' (9) 'Inactive' means, in the context of a real estate
licensee, that the license has been returned to the agency to be
held until the licensee reactivates the license or the license
expires or lapses.
  ' (10) 'Lapsed' means, in the context of a real estate
licensee, that the license has not been renewed in a timely
manner and is not eligible for renewal.'.
  In line 7, delete '(8)' and insert '(11)'.
  In line 11, delete the second 'the' and insert 'that' and
delete '2' and insert '3'.
  In line 13, delete '(9)' and insert '(12)'.
  In line 42, delete '(10)' and insert '(13)'.
  In line 44, after 'suspended' insert ', surrendered'.
  In line 45, delete '(11)' and insert '(14)'.
  On page 3, line 3, delete '(12)' and insert '(15)'.
  In line 5, restore the bracketed material and delete the
boldfaced material.
  In line 31, delete '(13)' and insert '(16)'.
  In line 36, delete '(14)' and insert '(17)'.
  In line 38, delete '(15)' and insert '(18)'.
  In line 40, delete '(16)' and insert '(19)'.
  In line 42, delete '(17)' and insert '(20)'.
  In line 45, delete '(18)' and insert '(21)'.
  On page 4, line 20, delete the first 'in' and insert ' on'.
  In line 21, after 'estate' insert 'or in'.
  After line 22, insert:
  ' (4) The agency by rule may establish provisions for a
nonlicensed individual whose license is inactive or suspended and
who acts on the licensee's own behalf in the sale, exchange,
lease option or purchase of real estate or in the offer or
negotiations for the sale, exchange, lease option or purchase of
real estate.'.
  On page 6, line 41, after 'to' insert a colon and delete the
rest of the line.
  On page 7, line 2, after the first 'A' delete the rest of the
line and insert 'nonlicensed individual who acts as attorney in
fact under a duly executed power'.
  In line 10, delete 'person' and insert 'individual'.
  In line 12, after the first 'A' delete the rest of the line and
insert 'nonlicensed individual who acts as attorney in fact under
a duly executed power'.
  In line 28, delete 'A nonlicensed' and insert 'An'.
  In line 36, delete 'A' and delete 'nonlicensed' and insert
'An'.
  In line 40, delete 'A nonlicensed' and insert 'An'.
  On page 8, line 2, after '(m)' insert 'An individual who is'.
  In line 4, after '(n)' insert 'An individual who is'.
  In line 8, after '(o)' insert 'An individual who is'.
  In line 13, after '(p)' insert 'An individual who is'.
  In line 17, restore 'nonlicensed' and delete 'person' and
insert 'individual'.
  In line 18, delete 'person' and insert 'individual'.
  In line 19, after '(r)' insert 'An individual who is'.
  In line 23, after '(s)' insert 'An individual who is'.
  In line 25, after '(t)' insert 'An individual who is'.
  In line 28, after '(u)' insert 'An individual who is'.
  In line 38, restore 'nonlicensed' and delete 'person' and
insert 'individual'.
  In line 40, restore 'nonlicensed' and delete 'person acting as'
and insert 'individual who is'.
  In line 42, after '(z)' insert 'An individual who is a
representative of' and after '706.008,' delete the rest of the
line.
  In line 43, delete 'individual representative of the financial
institution or trust company, acting as' and insert ' that is'.
  On page 10, after line 28, insert:
  '  { +  SECTION 9a. + } ORS 696.280 is amended to read:
  ' 696.280. (1) A real estate broker or principal real estate
broker shall maintain within this state { + , except as provided
in subsection (4) of this section, + } complete and adequate
records of all professional real estate activity conducted by or
through the broker. The Real Estate Agency shall specify by rule
the records required to establish complete and adequate records
of a broker's professional real estate activity. The only
documents the agency may require by rule a real estate broker or
principal real estate broker to use or generate are documents
that are otherwise required by law or are voluntarily generated
during a real estate transaction.
  ' (2)(a) The records of a principal real estate broker or a
sole practitioner shall include records of attendance in
continuing education courses by the sole practitioner or broker.
The records of attendance shall state the name of the sole
practitioner or broker and the date of the sole practitioner's or
broker's attendance, and shall be the basis for
self-certification under ORS 696.174.
  ' (b) A principal real estate broker's records shall include
records of attendance in continuing education courses by
 { + real estate + } licensees associated with the principal
broker. The record of attendance shall state the name of the
licensee and the date of the licensee's attendance, and shall be
the basis for the certificate of attendance submitted under ORS
696.174.
  ' (3) The records shall at all times be open for inspection by
the Real Estate Commissioner or the commissioner's authorized
representatives. The records of each transaction shall be
maintained by the licensee for a period of not less than six
years after the date the transaction closed or failed. The
records may be maintained in any format that allows for
inspection and copying by the commissioner or the commissioner's
representatives, as determined by the commissioner by rule.
  '  { +  (4) The agency may prescribe by rule terms and
conditions under which a real estate broker or principal real
estate broker may maintain records outside this state. + } ' .
  On page 14, line 11, after 'lapsing' insert ', expiration,
revocation'.
  In line 12, delete the first comma and insert 'or' and after
'law,' insert 'or the'.
  In line 18, delete '(1)' and insert '(2)'.
  On page 16, line 3, delete '(1)' and insert '(2)'.
  In line 19, delete '(1)' and insert '(2)'.
  In line 23, delete '(1)' and insert '(2)'.
  In line 26, delete '(1)' and insert '(2)'.
  On page 29, after line 38, insert:
  '  { +  SECTION 35. + }  { + This 2007 Act being necessary for
the immediate preservation of the public peace, health and
safety, an emergency is declared to exist, and this 2007 Act
takes effect on its passage. + } ' .
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