(a) The bond shall have a corporate surety licensed to do business within this state.
(b) The bond shall be executed to the State of Oregon.
(c) The bond shall be in the sum of $2,500.
(d) The bond shall be approved as to form by the Attorney General.
(e) The bond must be conditioned that the person issued the certificate shall conduct business as a commercial driver training school without fraudulent representation and without violation of any rules adopted by the Department of Transportation under ORS 822.515.
(f) The bond must be filed and held in the office of the department.
(2) Any person shall have a right of action against a commercial driver training school and against the surety on the bond of the school in the person’s own name if the person suffers any loss or damage by reason of the school’s fraudulent representations or violation of rules adopted by the department under ORS 822.515.
(3) If the certificate of a school is not renewed or is revoked or canceled, the sureties on the bond shall be relieved from liability accruing subsequent to cancellation or revocation by the department. [1983 c.338 §827]