Annual Report; notification; filing

(1) Not less than 30 days before the report date, the Real Estate Agency shall notify the association of the pending Annual Report filing requirements and indicate the date by which the report is due. By rule, the agency may send this notice by first-class mail or electronic mail to the association’s address in the current records of the agency. Failure of the association to receive the notice does not relieve the association of its duties under ORS 100.250 (1). (2) After the report date, if no Annual Report has been delivered for filing, the Real Estate Agency shall send to the designated agent a notice of delinquency notifying the association that the filing shall be designated “delinquent” unless a report is filed within 45 days after the mailing of such notice. (3) When an association has been given a notice of delinquency in accordance with subsection (2) of this section and failed to correct the delinquency within 45 days: (a) The Real Estate Agency shall designate the filing “delinquent.” (b) If within 30 days after written notice has been given to the association by the opposing party in any suit or action to which the association is a party, the association has not complied with the filing requirements of ORS 100.250 (1), the association may not continue to prosecute or defend such suit or action until the filing is designated “current” as provided in ORS 100.255. A copy of such notice shall be delivered to the Real Estate Agency. The Real Estate Agency shall retain such copy with the filing for the association for a period of not less than 12 months.