The unexpired guaranteed arrest bond certificate, as defined in ORS § 742.372, of a member of an automobile club or automobile association is acceptable, when authorized under ORS § 810.300, 810.448 or 810.450, as a security deposit for that member for any traffic crime, other than a felony, if the security deposit required does not exceed $1,000. The use of an unexpired guaranteed arrest bond certificate as a security deposit under this section is subject to all of the following:

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(1) To qualify for use as a security deposit, a guaranteed arrest bond certificate must have a surety company that has become a surety on the certificate as provided under ORS § 742.372 to 742.376.

(2) If the individual does not make the appearance, the surety for the certificate is subject on the undertaking of the surety under ORS § 742.374 to any forfeiture or enforcement provision of any statute, charter or ordinance that otherwise applies to security deposits on their undertaking. [1983 c.338 § 378; 1985 c.16 § 197; 1989 c.634 § 4; 1999 c.1051 § 287]