ORS 697.642
Bond requirement


(1)

An applicant for registration as a debt management service provider at the time of application shall file with the Director of the Department of Consumer and Business Services a bond issued by one or more corporate sureties authorized to do business in this state. The bond must:

(a)

Be in an amount that is:

(A)

A minimum of $10,000; or

(B)

An amount the director specifies by rule.

(b)

Require the surety company to provide written notice to the director by registered or certified mail:

(A)

At least 30 days before the surety company cancels or revokes the bond; or

(B)

Whenever the surety company pays for a loss under the bond.

(c)

Satisfy the provisions of subsection (2) of this section.

(2)

The bond that a debt management service provider must file under subsection (1) of this section, in addition to the requirements set forth under subsection (1) of this section, must be:

(a)

Payable to the order of the director; and

(b)

Conditioned so that the corporate surety or the debt management service provider upon the director’s order or a court order pays all amounts due for a violation of the debt management service provider’s duties and obligations to consumers under ORS 697.652 (Written agreement and budget analysis requirement) to 697.702 (Interference with records of debt management service provider).

(3)

If a surety cancels, revokes or otherwise terminates a bond required under subsection (1) of this section or if the amount of the bond is reduced to less than the amount required under subsection (1) of this section, the debt management service provider shall immediately:

(a)

File a replacement bond; or

(b)

Surrender the debt management service provider’s registration to the director and cease operating as a debt management service provider or providing debt management services.

(4)

A person that has a right of action against a debt management service provider under ORS 697.718 (Liability for consumer’s ascertainable loss) has a right of action against the bond required under subsection (1) of this section. [1983 c.17 §6; 1989 c.209 §2; 2009 c.604 §4]

Source: Section 697.642 — Bond requirement, https://www.­oregonlegislature.­gov/bills_laws/ors/ors697.­html.

697.005
Definitions for ORS 697.005 to 697.095
697.015
Registration requirement
697.031
Registration procedure
697.039
Revocation, suspension or refusal to issue or renew registration
697.045
Status of accounts and claims assigned to agency
697.053
Registration exclusive regulation
697.058
Agency records
697.063
Status of business records and bank accounts following revocation of registration
697.085
Rules
697.086
Rules for collection of child support payments
697.087
Injunction
697.091
Fees or compensation received in violation of law
697.093
Enforcement
697.094
Orders issued under ORS 697.093
697.095
Civil penalties
697.105
Fee for collection of debt owed public body
697.107
Prohibition on use of public agency or public official seal or letterhead
697.115
Fee for collection of commercial debt
697.500
Definitions for ORS 697.500 to 697.555
697.502
Exemptions from licensing and record-keeping requirements
697.504
Licensing requirement
697.510
License application form and contents
697.512
Application fee and investigation fee
697.514
Application review and license issuance
697.520
Prohibited practices
697.522
Receipt
697.524
Endorsement and deposit of payment instruments
697.526
Notice of fees and charges
697.528
Records
697.530
Prohibited conduct
697.540
Suspension or revocation of license
697.542
Powers of director
697.550
Rules
697.555
Civil penalties
697.602
Definitions for ORS 697.602 to 697.842
697.612
Registration requirement
697.632
Registration procedure
697.642
Bond requirement
697.652
Written agreement and budget analysis requirement
697.662
Prohibited practices
697.672
Requirement to make, keep and maintain records
697.682
Trust accounts for client funds
697.692
Fees
697.702
Interference with records of debt management service provider
697.707
Required disclosures
697.718
Liability for consumer’s ascertainable loss
697.722
Execution or attachment of trust account funds
697.732
Examinations
697.752
Grounds for denial, revocation or suspension of registration
697.762
Enjoining violations
697.822
Remedy not exclusive
697.825
Enforcement
697.832
Civil penalties
697.840
Rules
697.842
Disposition of moneys received by director
697.990
Penalties
697.992
Jurisdiction of courts
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