Or. Admin. R. 583-030-0053

Current through Register Vol. 63, No. 8, August 1, 2024

Section 583-030-0053 - Entity Name Required on Bond or Letter of Credit

Effective September 10, 2015:

(1) The name of the entity as it appears on the bond or letter of credit must be the same as the name on the application and entity name filed at the Oregon Corporation Division (if applicable).

(a) If the entity is a sole proprietorship, the bond or letter of credit must include the name of the sole proprietor;

(b) If the entity is a partnership, limited partnership or joint venture, the bond or letter of credit must include the names of all partners and any other business names used;

(c) If the entity is a limited liability partnership or limited liability company, the bond or letter of credit must be issued in the name of all partners and the name of the limited liability partnership;

(d) If the entity is a corporation or trust, the bond or letter of credit must be issued showing the corporate or trust name; or

(2) If at any time an entity amends its entity name, the Commission must be notified within 30 days of the date of the change.

(3) The inclusion or exclusion of business name(s) on a bond or letter of credit does not limit the liability of an entity. Complaints against a licensed school will be processed regardless of business names used by an entity

Or. Admin. R. 583-030-0053

ODA 2-2015(Temp), f. & cert. ef. 9-10-15 thru 3-7-16; ODA 1-2016, f. & cert. ef. 2/19/2016

Stat. Auth.: ORS 348.080 - 348.612

Stats. Implemented: SB 218 (2015), HB 3516 (2015), HB 2870 (2015)