(1) The Oregon Racing Commission may require any horsemen’s association, that receives payments pursuant to ORS § 462.057 and 462.062, to submit a bond or an irrevocable letter of credit submitted by an insured institution as defined in ORS § 706.008 in an amount not to exceed the sum of the estimated payments to be received by the association. The bond or letter of credit shall be conditioned upon the proper distribution of such payments to owners of Oregon bred horses. In addition to the requirement for a bond or letter of credit, the commission may prescribe such conditions on the receipt, handling and disbursement of the payments as the commission determines necessary to insure security of the funds.

(2) Notwithstanding any other provision of this chapter, any horsemen’s association that receives payments pursuant to ORS § 462.140, prior to issuing breeder awards or stallion awards, may assess the recipient a fee for the receipt, handling and payment of those funds. The fee shall not exceed the current annual dues of the association or five percent of the award, whichever amount is less. [1979 c.698 § 10; 1989 c.358 § 5; 1991 c.331 § 67; 1997 c.631 § 478]