The unexpired guaranteed arrest bond certificate, as defined in ORS 742.372, of a member of an automobile club or automobile association is acceptable, when authorized under ORS 810.300, 810.448 or 810.450, as a security deposit for that member for any traffic crime, other than a felony, if the security deposit required does not exceed $1,000. The use of an unexpired guaranteed arrest bond certificate as a security deposit under this section is subject to all of the following:

1. (1) To qualify for use as a security deposit, a guaranteed arrest bond certificate must have a surety company that has become a surety on the certificate as provided under ORS 742.372 to 742.376.
2. (2) If the individual does not make the appearance, the surety for the certificate is subject on the undertaking of the surety under ORS 742.374 to any forfeiture or enforcement provision of any statute, charter or ordinance that otherwise applies to security deposits on their undertaking.

[1983 c.338 §378; 1985 c.16 §197; 1989 c.634 §4; 1999 c.1051 §287]