Or. Admin. R. 812-003-0155 - Letters of Credit or Cash Deposits, Generally

(1) A general or specialty contractor that is a qualifying nonprofit organization engaged in rehabilitating an illegal drug manufacturing site may provide a properly executed letter of credit as adopted by the Construction Contractors Board in the form entitled "Letter of Credit for Licensee Rehabilitating Illegal Drug Manufacturing Site" dated December 18, 2007.

(2) A general or specialty contractor that is a qualifying nonprofit organization engaged in rehabilitating an illegal drug manufacturing site may provide a properly executed cash deposit as adopted by the Construction Contractors Board in the form entitled "Assignment of Savings Account or Certificate of Deposit for Licensee Rehabilitating Illegal Drug Manufacturing Site," dated December 18, 2007.

(3) If a complaint is filed against a licensee for work done during the work period of a contract entered while the letter of credit or cash deposit is in effect, the agency shall provide notice to the bank or financial institution that issued the letter of credit or cash deposit. The bank or financial institution must hold the letter of credit or cash deposit until final disposition of the complaint.

(4) Letters of credit or cash assignment documents received at the agency office from a bank or financial institution via electronic facsimile may be accepted as original documents. The bank or financial institution must provide the original documents to the agency upon request.

(5) References in other provisions of Chapter 812 to letters of credit or cash deposits apply only to licenses issued under ORS 701.088 and this section.

Notes

Or. Admin. R. 812-003-0155

CCB 7-2007, f. 12-13-07, cert. ef. 1-1-08; CCB 5-2008, f. 2-29-08, cert. ef. 7-1-08

Stat. Auth.: ORS 670.310, 701.085 & 701.235

Stats. Implemented: ORS 701.088