(a) If the complaint was filed under ORS 701.145, the surety shall pay the amount from a bond required for a residential contractor.
(b) If the complaint was filed under ORS 701.146, the surety shall pay the amount from a bond required for a commercial contractor.
(2) The surety may not pay on a complaint until the surety receives notice from the board that the complaint is ready for payment.
(3) Notwithstanding ORS 701.153 and 701.157, a bond is not subject to payment for a complaint that is filed more than 14 months after the earlier of:
(a) The expiration or cancellation date of the license that was in force when the work that is the subject of the complaint was completed or abandoned; or
(b) The date that the surety canceled the bond. [1971 c.740 §17; 1973 c.832 §60; 1981 c.618 §7; 1983 c.616 §15; 1987 c.414 §40c; 1989 c.928 §18; 1991 c.181 §11; 1997 c.387 §7; 1999 c.59 §208; 1999 c.402 §32; 2001 c.197 §16; 2001 c.427 §1a; 2007 c.793 §19; 2007 c.836 §69; 2011 c.630 §§49,69; 2016 c.99 §11]