Or. Admin. R. 583-030-0054

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

Section 583-030-0054 - Cancellation of Bond or Letter of Credit by Surety or Institution

Effective September 10, 2015: The corporate surety for a bond obtained pursuant to this section, or the insured institution for a Letter of Credit obtained pursuant to this section, must notify the Commission if the bond or letter of credit is canceled for any reason. The surety or institution is liable under the bond or letter of credit until the latest of the following dates:

(1) The date specified in the notice to the Commission that the bond or letter of credit is canceled;

(2) The 30th business day after the date the surety or institution mails the notice to the Commission that the bond or letter of credit is canceled; or

(3) The date on which the Commission receives the notice from the surety or institution that the bond or letter of credit is canceled.

Or. Admin. R. 583-030-0054

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)