(2) A surety insurer may not provide any bond, undertaking, recognizance or other obligation for the purpose of securing or guaranteeing any act, duty or obligation, or the refraining from any act with respect to a contract using the services of a labor contractor unless the labor contractor has a valid license issued pursuant to ORS 658.405 to 658.511 at the time of issuance of the bond, undertaking, recognizance or other obligation. [1981 c.607 §2; 1983 c.654 §8; 2013 c.584 §21]