Or. Admin. R. 808-003-0616 - Restoration of Bond, Letter of Credit or Cash Deposit after Payment on Claim

If a surety company or financial institution pays all or part of a claim against a licensed landscape contracting business, the agency must suspend or refuse to issue or reissue the landscape contracting business license until the landscape contracting business submits to the agency:

(1) A properly executed bond, letter of credit or cash deposit in the amount required under ORS 671.690 and OAR 808-003-0113; or

(2) A certificate from the landscape contracting businesses 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.

Notes

Or. Admin. R. 808-003-0616

LCB 7-2009, f. & cert. ef. 10-28-09

Stat. Auth.: ORS 670.310 & 671.670

Stats. Implemented: ORS 671.690