Conditions for reduced bond amount. (1) For a dealer described in subsection (2) of this section, the bond required by the Department of Transportation under ORS 319.050 shall be in an amount that is equivalent to twice the dealer’s estimated monthly license tax, as determined by the department, or $100,000, whichever is less

(2) The provisions of subsection (1) of this section apply to a dealer who held a valid dealer’s license on October 23, 1999, issued under ORS 319.010 to 319.420, and who, since October 23, 1999, has:

(a) Not been required to file a bond greater than $100,000; and

(b) Performed, as determined by the department, the requirements of ORS 319.010 to 319.420, including the payment of all taxes, penalties and other obligations of the dealer arising out of ORS 319.010 to 319.420. [2003 c.52 §3]