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Oregon Revised Statutes Occupations and Professions § 697.642

Current as of January 01, 2023 | Updated by Findlaw Staff

(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 to 697.702.

(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 has a right of action against the bond required under subsection (1) of this section.

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Cite this article: FindLaw.com - Oregon Revised Statutes Occupations and Professions § 697.642 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-52-occupations-and-professions/or-rev-st-sect-697-642/

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