2015 ORS 822.120¹
Bond or letter of credit requirements
  • action against certificate holder and surety

(1) A bond or letter of credit required to qualify for a dismantler certificate under ORS 822.110 (Dismantler certificate) or renewal of a certificate under ORS 822.125 (Privileges granted by certificate) must be:

(a) With a corporate surety licensed to transact business within this state, or as to a letter of credit, an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act);

(b) Executed to the State of Oregon;

(c) In the sum of $10,000;

(d) Approved as to form by the Attorney General;

(e) Conditioned that the person issued the dismantler certificate will conduct business without violation of this section, ORS 803.140 (Application), 819.010 (Failure to comply with requirements for destruction of vehicle), 819.012 (Failure to follow procedures for a totaled vehicle), 819.016 (When salvage title required), 819.040 (Illegal salvage procedures), 822.140 (Local government approval requirements) or 822.150 (Failure to return revoked, canceled or suspended certificate or identification card); and

(f) Conditioned that the bond or letter of credit is subject to an action under this section.

(2) Any person shall have a right of action against the holder of a dismantler certificate and the surety on the holder’s bond or the dismantler’s letter of credit issuer if the person suffers any loss or damage by reason of the certificate holder’s violation of this section, ORS 803.140 (Application), 819.010 (Failure to comply with requirements for destruction of vehicle), 819.012 (Failure to follow procedures for a totaled vehicle), 819.016 (When salvage title required), 819.040 (Illegal salvage procedures), 822.140 (Local government approval requirements) or 822.150 (Failure to return revoked, canceled or suspended certificate or identification card). [1983 c.338 §804; 1985 c.16 §403; 1985 c.176 §3; 1991 c.331 §140; 1991 c.820 §17; 1991 c.873 §48; 1997 c.631 §557; 2005 c.654 §10]


1 Legislative Counsel Committee, CHAPTER 822—Regulation of Vehicle Related Businesses, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors822.­html (2015) (last ac­cessed Jul. 16, 2016).
 
2 OregonLaws.org contains the con­tents of Volume 21 of the ORS, inserted along­side the per­tin­ent statutes. See the preface to the ORS An­no­ta­tions for more information.
 
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.