OAR 812-003-0180: Effective and Cancellation Dates of the Bond, Letter of Credit or Cash Deposit

(1) The surety bond, letter of credit or cash deposits effective date is the date on which the licensee has first met all requirements for licensing, renewal or reissue as determined by the agency. (2) The bond shall remain in effect and be continuous until cancelled by the surety or until the licensee no longer meets the requirements for licensing as determined by the agency, whichever comes first. (3) A surety bond may be cancelled by the surety only after the surety has given 30 days' notice to the agency. Cancellation will be effective no less than 30 days after receipt of the cancellation notice. (4) The letter of credit or cash deposit shall remain in effect and be continuous until released by the agency. (5) Immediately upon cancellation of the bond, or cancellation without an authorized release by the agency of a letter of credit or cash deposit the agency may send an emergency suspension notice to the contractor as provided for in ORS 701.098(4)(a)(A), informing the contractor that the license has been suspended. (6) The bond, letter of credit or cash deposit shall be subject to final orders or arbitration awards as described in OAR 812-004-0600 or determinations as described in OAR 812-004-1600. (7) The surety or financial institution will be responsible for ascertaining the bond, letter of credit or cash deposit’s effective date.