OAR 863-015-0081: Compliance Reviews

(1) The Agency will provide a managing principal 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 managing principal broker. (3) Except as provided in section (4) of this rule, if the Agency determines that a n authorized principal 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 authorized principal 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 authorized principal broker’s records are in such a condition that the authorized principal broker is placing funds belonging to others at risk the Agency may immediately initiate an investigation without providing a n authorized principal broker with an opportunity to cure noncompliance.