Oregon Revised Statutes Chapter 682 § 682.111 — Requirements for bonds

Requirements for bonds. A bond used to comply with financial responsibility requirements under this chapter must meet all of the following requirements: (1) The bond must be in the amount required by ORS 682.109. (2) The bond must be approved by a judge of a court of record in this state. (3) The bond must contain a provision that it cannot be canceled except upon the giving of 10 days’ prior written notice to the Oregon Health Authority. (4) The bond must be provided by either of the following: (a) A surety company. (b) Two persons who are residents of Oregon and who each own real property in this state having together equities at least of the value required for the bond under ORS 682.109. (5) If the bond is provided by real property owners in this state, the bond must contain a schedule of the real property owned by each of the sureties that will be used to meet the financial responsibility requirements of this chapter. (6) The bond must be conditioned to pay, on behalf of the principal, the limits of financial responsibility requirements under this chapter. (7) The bond must be conditioned to pay, on behalf of the principal, judgments against a person for liability described in ORS 682.105 and must be subject to action under ORS 682.113. (8) The bond is subject to any rules adopted by the authority relating to such bonds. [2003 c.175 §20; 2009 c.595 §1081]