(1) For a dealer described in subsection (2) of this section, the bond required by the Department of Transportation under ORS § 319.050 shall be in an amount that is equivalent to twice the dealer’s estimated monthly license tax, as determined by the department, or $100,000, whichever is less.

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(2) The provisions of subsection (1) of this section apply to a dealer who held a valid dealer’s license on October 23, 1999, issued under ORS § 319.010 to 319.430, and who, since October 23, 1999, has:

(a) Not been required to file a bond greater than $100,000; and

(b) Performed, as determined by the department, the requirements of ORS § 319.010 to 319.430, including the payment of all taxes, penalties and other obligations of the dealer arising out of ORS § 319.010 to 319.430. [2003 c.52 § 3]

319.051 to 319.053 were added to and made a part of 319.010 to 319.430 by legislative action but were not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.