Source: https://www.oregonlaws.org/ors/2007/576.385
Timestamp: 2020-04-05 01:20:48
Document Index: 290205067

Matched Legal Cases: ['§23', '§20', '§19', '§86', '§499', '§402']

ORS 576.385 - Bond or letter of credit required of person authorized to receive or disburse commission moneys - 2007 Oregon Revised Statutes
2007 ORS Vol. 13 Chapter 576 Section 576.385
2007 ORS 576.385¹
Bond or letter of credit required of person authorized to receive or disburse commission moneys
Any person authorized by a commodity commission to receive or disburse moneys as provided in ORS 576.375 (Payment of commission moneys to authorized agent) shall file with the commission a fidelity bond executed by a surety company authorized to do business in this state or an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act). The bond or letter of credit must be in favor of the commission and the State of Oregon, in an amount equal to the maximum amount of moneys the commission determines the person will have subject to control at any one time and upon such conditions as the commission shall prescribe. The commission shall pay the cost of the bond or letter of credit. [1953 c.489 §23; 1957 c.447 §20; 1959 c.596 §19; 1991 c.331 §86; 1997 c.631 §499; 2005 c.22 §402]