1. (1) Except as provided in subsection (5) of this section, a mail agent shall maintain:

   1. (a) A surety bond in the sum of $10,000 executed by the mail agent as obligor, together with a surety company authorized to do business in this state as surety; or
   2. (b) An irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 in the amount of $10,000.

2. (2) The bond or letter of credit must:

   1. (a) Be executed to the State of Oregon and for the use of the state and of any person who may have a cause of action against the obligor of the bond or the letter of credit for a violation of ORS 646A.342 or for damages under ORS 646A.346.
   2. (b) Provide that the obligor will comply with ORS 646A.342 and will pay to the state and to any person the moneys that may become due or owing to the state or to the person from the obligor for a violation of ORS 646A.342.
3. (3) The Attorney General shall approve the form of the bond or letter of credit.
4. (4) If a person recovers a judgment against a mail agent for a violation of ORS 646A.342 and execution issued upon the judgment is returned unsatisfied in whole or in part, the person may maintain an action upon the bond or letter of credit.

5. (5) Subsection (1) of this section does not apply to a mail agent whose activity as a mail agent consists solely of receiving, storing, sorting, holding or forwarding United States mail or materials received from or delivered by a private express carrier for tenants of the mail agent if:

   1. (a) The tenant is also renting or leasing from the mail agent an office, store, residential unit or other space or unit intended for human occupancy, and the space or unit is located on the same premises as the mailbox; and
   2. (b) The mail agent services that the mail agent is providing to the tenant are incidental to and a part of the landlord-tenant relationship that exists between the mail agent and the tenant with respect to the leased space or unit.

[Formerly 646.229]