Or. Admin. Code § 583-030-0051

Current through Register Vol. 63, No. 12, December 1, 2024

Section 583-030-0051 - Surety Bonds Generally

Effective September 10, 2015:

(1) A properly executed surety bond shall:

(a) Be with a corporate surety licensed to do business in Oregon;

(b) Be signed by an authorized agent of the surety or one having power of attorney;

(c) Bear a bond number;

(d) Be filed within the time stated on the bond, with the Commission and retained by the Commission;

(e) Be executed to the State of Oregon;

(f) Be in a form approved by the Attorney General as posted on the Commission's website.

(2) The surety must provide the original bond document to the agency. The surety shall submit the documents directly to the Commission on or before September 1 of each year commencing 2016, however, for the school year 2015-2016, the documents shall be provided within 90 days of the date of the promulgation of these rules.

Or. Admin. Code § 583-030-0051

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)