OAR 812-003-0175: Increased Bond, Letter of Credit or Cash Deposit Requirement, Past Unresolved Activity

(1) A business, including an individual person, applying for or renewing a license will file a bond, letter of credit or cash deposit in an amount up to five times the amount required for the category of license under OAR 812-003-0171, if: (a) The business has unpaid debts under a final order, arbitration award or determination of the board; (b) An owner or officer of the business has unpaid debts under a final order, arbitration award or determination of the board; or (c) An owner or officer of the business was an owner or officer of another business at the time the other business incurred a debt that is the subject of a final order, arbitration award or determination of the board and such debt remains unpaid. (2) A business, including an individual person, licensed as a residential general contractor or residential specialty contractor that applies to be licensed as, or seeks to change its endorsement to, a residential limited contractor must file a bond, letter or credit or cash deposit in an amount of five times the amount of the residential limited contractor bond, namely $50,000, if: (a) The business has unpaid debts under a final order, arbitration award or determination of the board; (b) An owner or officer of the business has unpaid debts under a final order, arbitration award or determination of the board; or (c) An owner or officer of the business was an owner or officer of another business at the time the other business incurred a debt that is the subject of a final order, arbitration award or determination of the board and such debt remains unpaid. (3) For purposes of this rule, “owner” means an “owner” as defined in ORS 701.094 and OAR 812-002-0537. (4) For purposes of this rule, “officer” means an “officer” as defined in ORS 701.005(12). (5) Debts due under a final order or arbitration award of the board include amounts not paid by a surety or financial institution on complaints.