OAR 812-003-0190: New Bond, Letter of Credit or Cash Deposit Required for Change in Entity

(1) If an entity licenses as a sole proprietorship, partnership, limited liability partnership, limited partnership, joint venture, corporation, limited liability company, business trust or any other entity and seeks to change the licensed entity to one of the other entity types, the application must be accompanied by a new: (a) Bond separate from the bond held for the previous entity; (b) Letter of credit separate from the letter of credit held for the previous entity; or (c) Cash deposit separate from the previous cash deposit held for the previous entity. (2) Riders to existing bonds changing the type of entity bonded will be construed as a cancellation of the bond and will not be otherwise accepted.