Or. Admin. R. 808-003-0614 - Effective and Cancellation Dates of the Bond, Letter of Credit or Cash Deposit

(1) The bond effective date is the date as stated on the Landscape Contracting Business Surety Bond form.
(2) The bond shall remain in effect and be continuous until cancelled by the surety or until the landscape contracting business no longer meets the requirements for licensing as determined by the agency, whichever comes first.
(3) A bond may be cancelled by the surety only after the surety has given 30 days' notice to the agency. Cancellation will be effective no less than 30 days after receipt of the cancellation notice.
(4) Upon cancellation of the bond, or cancellation without an authorized release by the agency of a letter of credit or cash deposit the agency may immediately suspend the landscape contracting business as provided for in ORS 671.610(2)(a).
(5) The letter of credit or cash deposit effective date is the date the landscape contracting business meets all requirements for licensing or renewal.
(6) The letter of credit or cash deposit shall remain in effect for one year after the expiration, suspension, termination or approval of inactive status and may only be released by the agency.
(7) The bond, letter of credit or cash deposit shall be subject to final orders as described in OAR 808-004-0600.

Notes

Or. Admin. R. 808-003-0614
LCB 7-2009, f. & cert. ef. 10-28-09

Stat. Auth.: ORS 670.310 & 671.670

Stats. Implemented: ORS 671.690, 671.707 & 671.710

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