ORS 682.117
Methods of satisfying financial responsibility requirements
- use of deposit
(1)
A person may satisfy the financial responsibility requirements of ORS 682.105 (Proof of financial responsibility required to obtain license) by depositing with the Oregon Health Authority the following:(a)
Cash;(b)
Legally issued general obligations of the United States, the agencies and instrumentalities of the United States and the States of Oregon, Washington, Idaho and California;(c)
Certificates of deposit or other similar instruments if the instruments are insured by the Federal Deposit Insurance Corporation; or(d)
Any combination of cash or instruments described in this subsection.(2)
The authority shall hold the deposit under terms and conditions that the authority designates by rule. The authority may deliver the deposit to the State Treasurer, who shall receive and hold the deposit subject to the order of the authority. The depositor shall reimburse the State Treasurer for any expenses incurred by the State Treasurer in mailing, insuring, shipping or delivering the cash or instruments in the deposit.(3)
The authority, by order, may authorize the State Treasurer to use the deposit as follows:(a)
To satisfy any execution on a judgment that is against the person making the deposit for any liability described in ORS 682.105 (Proof of financial responsibility required to obtain license) and that results from a cause of action that accrued after the deposit was made; or(b)
To release any or all of the deposit to the depositor or other person as the authority considers appropriate.(4)
While deposited with the authority, the cash or instruments in the deposit are not subject to attachment or execution unless the attachment or execution arises out of a judgment against the person making the deposit for any liability described in ORS 682.105 (Proof of financial responsibility required to obtain license) and that results from a cause of action that accrued after the deposit was made.(5)
The authority shall issue the depositor a certificate evidencing the deposit. [2003 c.175 §22; 2009 c.595 §1082]
Source:
Section 682.117 — Methods of satisfying financial responsibility requirements; use of deposit, https://www.oregonlegislature.gov/bills_laws/ors/ors682.html.
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