Oregon Administrative Rules
Chapter 259 - DEPARTMENT OF PUBLIC SAFETY STANDARDS AND TRAINING
Division 59 - PRIVATE SECURITY ENTITY LICENSING
Section 259-059-0130 - Proof of Ability to Pay Wages

(1) Private security entities must provide proof of financial ability to promptly pay the wages of executive managers, private security professionals, and supervisory managers employed by or who contract with the private security entity. Except as provided in section (6) of this rule, the form of proof must be one of the following:

(2) Private security entities must maintain a surety bond, irrevocable letter of credit, or deposit at all times. The amount required for proof of ability to pay wages is based on the number of executive managers, private security professionals, and supervisory managers employed by or who contract with the private security entity. The bond, letter of credit, or deposit must be:

(3) Private security entities using a surety bond or irrevocable letter of credit as proof of ability to pay wages must:

(4) An irrevocable letter of credit submitted to the Department is subject to approval by the Department prior to the issuance of a license.

(5) Private security entities using a cash deposit or a deposit the equivalent of cash must complete a trust agreement with the Department. The deposit must be in a form approved by and payable to the Department of Public Safety Standards and Training.

(6) If the private security entity is a public body as defined in ORS 30.260, upon approval by the Department, the private security entity may provide proof of the ability to pay wages in the form of a financial officer statement attesting to the private security entity's ability to promptly pay the wages. This private security entity may also submit additional evidence such as profit and loss statements, bank account records, personnel records, or payroll records demonstrating that, during the licensing period, the private security entity has been paying the wages to their executive managers, private security professionals, and supervisory managers. The Department may request such additional evidence if not provided by the private security entity.