New rules proposed by the State of Oregon Department of Consumer and Business Services designed to protect consumers might lead to some additional "white space" on the business cards of settlement professionals.
836-080-0160 (NEW September 14, 2009) Use of Special Certifications and Professional Designations by Insurance Producers
(1) A person may not use a certification or designation that falsely indicates or implies that the person has special certification or training, in connection with the offer, sale or purchase of insurance or providing advice as to the value of or the advisability of purchasing insurance. The prohibition in this section applies to the use of such a certification or designation directly or indirectly, through a publication or writing, or by issuing or disseminating information relating to insurance. The prohibited use of a certification or designation includes but is not limited to the following activities:
(a) Use of a certification or professional designation by a person who has not actually earned or is otherwise ineligible to use the certification or designation.
(b) Use of a nonexistent or self-conferred certification or professional designation
(e) (C) Does not have reasonable standards or procedures for monitoring and disciplining its designees or certificants for improper or unethical conduct;
(D) Does not have reasonable continuing education requirements for its designees to maintain the designation or certificate
(4)(b)(5) Violation of section (1) of this rule is an unfair trade practice for the purpose of ORS 29 746.240.
- The efforts of the State of Oregon Department of Consumer and Business Services should be applauded.
- The aforementioned proposed regulation is now open for public comment
- Should the NSSTA, administrators of the CSSC, start to require continuing education to keep the designation? I say YES! Elevate the standard further. As a comparison, the PACE program of the American College, which confers the CLU ChFC designations (among others) requires that CLU and ChFC designees have a significant CE requirement. Per the American College "Because the regulations and market dynamics impacting our industry are constantly changing, The American College wants to ensure that the credentials you worked so hard to earn remain current, relevant and serve as an emblem of excellence and expertise with both your peers and your clients". In addition the Registry of Settlement Planners Board includes a meaningful CE requirement. Here! Here!
- Let's hope that other states introduce similar measures.
- Bye bye factoring agents and bloggers who falsely advertise their qualifications to Oregon citizens. Expect to be "smoked out" and turned in.