Nonparticipating manufacturer bond
- • rules
(1) A nonparticipating manufacturer shall post a bond for the benefit of the state, in accordance with this section, which is conditioned on the nonparticipating manufacturer fully complying with the escrow obligations of ORS 323.806 (Required actions by manufacturers).
(2) The bond must be posted at least 10 days in advance of each calendar quarter as a condition to the nonparticipating manufacturer and its brand families being included in the state directory for that quarter. The amount of the bond must be the greater of:
(a) The greatest required escrow amount due from the nonparticipating manufacturer or its predecessor for any of the 12 preceding calendar quarters; or
(3) If a nonparticipating manufacturer that posted a bond has failed to make or have made on its behalf deposits equal to the full amount owed for a quarter within 15 days following the due date for the quarter, the Attorney General may execute upon the bond in the amount equal to any remaining amount of the escrow due, including any applicable penalties or other charges allowable by law. Amounts the Attorney General collects on a bond shall be deposited into the General Fund for the benefit of the state and shall reduce the amount of escrow due from the nonparticipating manufacturer in the dollar amount collected. Escrow obligations above the amount collected on the bond remain due from the nonparticipating manufacturer and any importer liable as provided in ORS 323.806 (Required actions by manufacturers).
(4) The bond required under this section must be a good and sufficient bond executed by a surety company licensed and authorized to do business in Oregon and shall be conditioned to pay the escrow requirements as well as any penalties or other charges under this chapter.
(5) The Attorney General may promulgate rules necessary to implement this section including acceptable forms and types of bonds. [2017 c.687 §9]
Note: See note under 180.400 (Legislative findings).
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.