CCB Minimum Bond Amounts Are Increasing by $5,000 – Effective January 1, 2024

A new law passed by the Oregon Legislature (House Bill 2922) is increasing all minimum bond amounts for contractors licensed by the Construction Contractors Board. Minimum bond amounts for all CCB licensees are increasing by $5,000. The new minimum requirements will go into effect on January 1, 2024.

In cooperation with over 100 surety companies, CCB has taken steps to make this transition as seamless as possible for the vast majority of Oregon contractors. Many surety companies have committed to update the bond amount for their clients with CCB automatically and will likely alert contractors to an increase at or prior to bond renewal time. If a surety company plans to work directly with CCB to increase an existing bond filed with the agency, it means you may not need to take any additional action to comply with the law. However, for contractors whose surety company does not take steps to make this update directly with CCB, the contractor may need to work with their surety company to ensure that they have complied with this new minimum requirement by January 1, 2024.

If you have already heard from your surety company about this change, follow any instructions provided by your surety company to ensure that you’re in compliance when the law goes into effect on January 1.

If you have not heard from your surety company, we have posted to our website the names of the companies that have committed to automatically raise bond amounts. If your company is listed, it is likely you will not need to do anything directly with CCB to remain in compliance. You can see this information and other information about the new law in the FAQ.

After January 1, 2024, the CCB will directly contact any contractor whose bond has not been increased. Please watch for and read closely all communications from CCB and your surety company on this topic to ensure your license remains in compliance.