ORS 726.070
Applicant to furnish bond or letter of credit

  • actions on bond or letter of credit

(1)

A bond in the sum of $25,000 executed by the applicant as obligor, together with a surety company authorized to do business in this state as surety or an irrevocable letter of credit issued by an insured institution as defined in ORS 706.008 (Additional definitions for Bank Act) in the amount of $25,000 shall accompany the application and be maintained by the pawnbroker licensee with the Director of the Department of Consumer and Business Services. This bond or letter of credit shall be executed to the State of Oregon and for the use of the state and of any person who may have a cause of action against the obligor of the bond or the letter of credit issuer under this chapter. The bond or letter of credit shall be conditioned that the obligor will faithfully conform to and abide by the provisions of this chapter and of all rules and regulations lawfully made by the director under this chapter, and will pay to the state and to any such person any and all moneys that may become due or owing to the state or to such person from the obligor under and by virtue of the provisions of this chapter. The Attorney General shall approve the form of any bond or letter of credit that may be accepted by the director under this section.

(2)

If any person is aggrieved by the misconduct of a pawnbroker or by the pawnbroker’s violation of any law and recovers judgment therefor, the person may, after the return unsatisfied either in whole or in part of any execution issued upon the judgment, maintain an action for the person’s own use upon the bond or letter of credit of the pawnbroker in any court having jurisdiction of the amount claimed. The director shall furnish to anyone applying therefor, a certified copy of any such bond or letter of credit filed with the director. The certified copy is prima facie evidence in any court that the bond or letter of credit was duly executed and delivered by each pawnbroker whose name appears on the bond or letter of credit. [Amended by 1971 c.218 §2; 1979 c.202 §2; 1991 c.331 §125; 1993 c.18 §155; 1997 c.631 §544; 2003 c.176 §1; 2007 c.360 §3]

Source: Section 726.070 — Applicant to furnish bond or letter of credit; actions on bond or letter of credit, https://www.­oregonlegislature.­gov/bills_laws/ors/ors726.­html.

726.010
Definitions
726.020
Short title
726.030
Construction of chapter
726.040
Pawnbroker license required
726.050
Requirements for issuance of license
726.060
Application for license
726.070
Applicant to furnish bond or letter of credit
726.075
Grounds for denial of license
726.080
Issuance and denial of license
726.090
Form of license
726.100
Additional licenses to same applicant
726.110
Change of place of business
726.125
License fees
726.130
Annual report of licensee
726.150
Revocation and suspension of license
726.155
Procedure for license denial, revocation or suspension
726.170
Reinstatement or issuance of new license
726.180
Expiration of license
726.190
Surrender of license
726.250
Investigations and examinations
726.255
Investigation of pawnbrokers
726.260
Rules and rulings
726.270
Prohibited transactions
726.280
Register and records of licensee
726.285
Register and records of transactions by pawnbroker
726.290
Signing of card, stub or record by pledgor
726.300
Contents of pawn ticket
726.310
Person entitled to redeem pledge
726.320
Redemption by mail
726.330
Delivery of pledge upon surrender of pawn ticket
726.340
Loss, destruction or theft of pawn ticket
726.350
Alteration
726.360
Spurious pawn tickets
726.370
Multiple claimants of pledge
726.380
Loss of or injury to pledge
726.390
Interest rates and charges
726.395
Charges related to firearms
726.400
Loan period
726.410
Record of forfeited pledges
726.420
Effect of charging excessive interest or fees
726.440
Enforcement orders
726.450
Tracking pledged articles
726.910
Civil penalties
726.990
Criminal penalties
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