72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
SA to SB 943
 
LC 3804/SB 943-3
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 943
 
                      By COMMITTEE ON RULES
 
                            August 20
 
  On page 1 of the printed bill, line 2, after 'contractors; '
insert 'creating new provisions;'.
  Delete line 14 and insert:
  ' (2) The Construction Contractors Board by rule, in
consultation with the Department of Consumer and Business
Services, may allow a general or specialty contractor that is a
residential-only contractor to provide an alternative'.
  In line 19, after 'the' insert 'residential-only'.
  In line 21, after the first 'A' insert ' residential-only'.
  In line 24, delete 'an otherwise exempt' and insert 'a'.
  In line 25, after 'security' insert ', unless the alternative
form of security otherwise qualifies as an insurance product'.
  After line 28, insert:
  '  { +  SECTION 2. + } ORS 701.105, as amended by section 1 of
this 2003 Act, is amended to read:
  ' 701.105. (1)   { - Except as provided in subsection (2) of
this section, - }  A contractor who possesses a license as
required under this chapter shall have in effect public
liability, personal injury and property damage insurance covering
the work of the contractor that is subject to this chapter, for
an amount not less than:
  ' (a) $500,000 for a general contractor.
  ' (b) $300,000 for a residential-only specialty contractor.
  ' (c) $500,000 for all other specialty contractors.
  ' (d) $100,000 for a limited contractor.
  ' (e) $300,000 for an inspector.
  '  { - (2) The Construction Contractors Board by rule, in
consultation with the Department of Consumer and Business
Services, may allow a general or specialty contractor that is a
residential-only contractor to provide an alternative form of
security approved by the board instead of procuring a public
liability, personal injury and property damage insurance policy.
The board may approve an alternative form of security if the
board determines that the alternative form of security provides
protection to the public equivalent to the protection provided by
an insurance policy in the amounts otherwise applicable to the
residential-only contractor under subsection (1) of this section.
A board-approved alternative form of security may consist of a
combination of financial resources. - }
  '  { - (3) A residential-only contractor who provides a
board-approved alternative form of security under subsection (2)
of this section is considered for purposes of this chapter to
have obtained insurance described in subsection (1) of this
section.  This subsection does not subject to regulation as an
insurer a person who issues all or part of an alternative form of
security, unless the alternative form of security otherwise
qualifies as an insurance product. - }
  '  { - (4) - }  { +  (2) + } The contractor shall provide
satisfactory evidence to the  { + Construction Contractors + }
Board at the time of licensure and renewal that the insurance
 { - policy or board-approved alternative form of security - }
required by  { + subsection (1) of + } this section has been
procured and is in effect.
  '  { +  SECTION 3. + }  { + The amendments to ORS 701.105 by
section 2 of this 2003 Act become operative on January 2,
2008. + } ' .
  In line 29, delete '2' and insert '4'.
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