If the Director has reason to believe an applicant or retailer may not be financially sound, the Director may require a Lottery retailer to post:

1. (1) Irrevocable Letter of Credit: A $5,000 irrevocable letter of credit issued by a banking institution as defined in ORS 706.008(4); or
2. (2) Bond: A $5,000 bond issued by a surety company or companies holding a certificate of authority to transact surety business in the State of Oregon and approved by the Director.

Statutory/Other Authority

OR Const. Art. XV, Sec. 4(4) & ORS 461

Statutes/Other Implemented

ORS 461.300

History

LOTT 12-2008, f. 12-23-08, cert. ef. 1-1-09
LOTT 9-2003, f. & cert. ef. 6-30-03
LOTT 2-2003(Temp), f. & cert. ef. 3-14-03 thru 9-5-03
LC 9-1992, f. & cert. ef. 8-26-92