(1) A bond or letter of credit required to qualify for a dismantler certificate under ORS § 822.110 or renewal of a certificate under ORS § 822.125 must be:

(a) With a corporate surety licensed to transact business within this state, or as to a letter of credit, an irrevocable letter of credit issued by an insured institution, as defined in ORS § 706.008;

(b) Executed to the State of Oregon;

(c) In the sum of $100,000;

(d) Approved as to form by the Attorney General;

(e) Conditioned that the person issued the dismantler certificate will conduct business without violation of this section, ORS § 803.140, 819.010, 819.012, 819.016, 819.040, 822.140 or 822.150; and

(f) Conditioned that the bond or letter of credit is subject to an action under this section.

(2) Any person shall have a right of action against the holder of a dismantler certificate and the surety on the holder’s bond or the dismantler’s letter of credit issuer if the person suffers any loss or damage by reason of the certificate holder’s violation of this section, ORS § 803.140, 819.010, 819.012, 819.016, 819.040, 822.140 or 822.150. [1983 c.338 § 804; 1985 c.16 § 403; 1985 c.176 § 3; 1991 c.331 § 140; 1991 c.820 § 17; 1991 c.873 § 48; 1997 c.631 § 557; 2005 c.654 § 10; 2019 c.630 § 7]