Oregon Statutes 825.507 – Limitations on cancellation of bond; suspension of authority
Current as of: 2023 | Check for updates
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(1) No bond filed pursuant to ORS § 825.506 may be canceled or otherwise terminated at any time prior to its expiration until the surety company which executed the same, has filed with the Department of Transportation a notice of cancellation as provided in such bond. Such cancellation shall be effective not less than 30 days from the date of receipt, and no agreement between the parties thereto shall operate to avoid this restriction upon cancellation.
Terms Used In Oregon Statutes 825.507
- Certificate: means an authority issued to a for-hire carrier under ORS § 825. See Oregon Statutes 825.005
- Department: means the Department of Transportation. See Oregon Statutes 825.005
- Permit: means an authority issued to a carrier under ORS § 825. See Oregon Statutes 825.005
(2) If any bond filed pursuant to ORS § 825.506 becomes inoperative, the authority under the certificate or permit involved shall cease and be suspended insofar as it pertains to any affected vehicles until the requirements of ORS § 825.506 have been met by the carrier. [Formerly 767.795]