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Have a question? +1 815-826-6324 (815-8-BondAI) phil@AmericasSuretyBonds.com
Army Veteran Owned | Expert Surety Bonds Since 2004
The $40,000 bond is filed with the Oregon Division of Financial Regulation, not the Building Codes Division or the Construction Contractors Board. Have it written on DFR Form 440-2966, signed by an owner or executive officer, and send the original by mail or hand delivery. A park owner selling only a few homes in the park may qualify for the $15,000 limited license instead.
Oregon requires a $40,000 surety bond or irrevocable letter of credit from every licensed manufactured structure dealer under ORS 446.726. The bond is executed to the State of Oregon, filed with the Department of Consumer and Business Services, Division of Financial Regulation, on Form 440-2966, and must be kept separate from any bond covering other business. A limited manufactured structure dealer, a manufactured dwelling park owner or operator selling up to 10 homes a year at the park, posts $15,000 instead under ORS 446.706.
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A full manufactured structure dealer posts $40,000 for each year the license is valid. A limited manufactured structure dealer posts $15,000 for each year the license is valid. The limited license is for a person who owns or operates a manufactured dwelling park and sells, during a calendar year, up to 10 manufactured dwellings located at the park that are either abandoned under ORS 90.675 or were previously bought by the park owner and sited at that park. Anything beyond that needs the full dealer license and the $40,000 bond. Both amounts appear on the same DFR bond form, 440-2966.
ORS 446.676 lists people who do not need a dealer license. They include units of government and utilities, owners selling structures they used personally, conservators, receivers, trustees, personal representatives and public officers acting in that role, real estate licensees in qualifying transactions, escrow agents applying for an ownership document, security interest holders, manufacturers selling to licensed dealers, insurance adjusters disposing of salvage, financial institutions or trust companies acting as attorney in fact, and park owners consigning through a licensed dealer, among others.
Under ORS 446.726 the bond must be written by a corporate surety licensed in Oregon, executed to the State of Oregon, in a form approved by the DCBS director, and conditioned on the dealer running the dealership without fraud or fraudulent representation and without violating any statute or rule on dealers, transfers of interests in manufactured structures, alteration or moving of manufactured structures. A retail customer who suffers loss from that kind of fraud or violation has a right of action against the dealer and the surety. The bond must be separate from any bond covering other business activities and is filed and held by the director. An irrevocable letter of credit from an insured institution is accepted in place of a bond.
The dealer license runs three years, and DFR says license renewal on application 440-2962 does not need a new bond or a continuation notice. ORS 446.726 still requires the dealer to purchase the bond annually on or before each anniversary of the license issue date, so keep the bond renewed with the surety every year. The surety may cancel with 30 days' written notice to the principal and the Department.
The full dealer application fee is $542, good for three years. A supplemental license for each branch office is $90, also good for three years. The limited license application fee is $150, good for two years.
No. A full manufactured structure dealer posts $40,000. A limited dealer, a manufactured dwelling park owner or operator selling up to 10 homes a year at the park, posts $15,000 under ORS 446.706.
The Oregon Department of Consumer and Business Services, Division of Financial Regulation, which licenses manufactured structure dealers. The original bond must be mailed or hand delivered.
DFR does not require a new bond or continuation notice with the three-year license renewal, but ORS 446.726 requires the bond to be purchased annually on or before each anniversary of the license issue date.
A retail customer who suffers loss from the dealer's fraud, fraudulent representations or violations of statutes on transfers, moving, alteration of manufactured structures or dealer regulation.
No. ORS 446.726 requires the dealer bond to be separate from any bond covering business activities other than dealing in manufactured structures.
The surety looks mainly at the owner's credit and the bond amount for your license type. You see the quoted premium before you buy.
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