If a surety company or financial institution pays all or part of a complaint against a licensed contractor from the contractor’s surety bond, letter of credit or cash deposit, the agency must suspend or refuse to issue or reissue the contractor’s license until the contractor submits to the agency:

1. (1) A properly executed bond, letter of credit or cash deposit in the amount required under ORS 701.068 or 701.088 unless the agency requires a higher amount under 701.068; or
2. (2) A certificate from the contractor’s surety company or financial institution that the surety company or financial institution remains liable for the full original penal sum of the bond, letter of credit or cash deposit, notwithstanding the payment from the surety bond letter of credit or cash deposit.

Statutory/Other Authority

ORS 670.310 & 701.235

Statutes/Other Implemented

ORS 701.068 & 701.088

History

CCB 6-2013, f. 12-19-13, cert. ef. 1-1-14
CCB 9-2008, f. 6-11-08, cert. ef. 7-1-08
CCB 7-2007, f. 12-13-07, cert. ef. 1-1-08
CCB 15-2006, f. 12-12-06, cert. ef. 1-1-07
CCB 9-2004, f. & cert. ef. 12-10-04, Renumbered from 812-003-0040
CCB 5-2002, f. 5-28-02, cert. ef. 6-1-02