(1) The Construction Contractors Board shall adopt rules to carry out the provisions of this chapter including, but not limited to, rules that:
(a) Establish language for surety bonds;
(b) Establish processing requirements for different types of complaints described in this chapter;
(c) Limit whether a complaint may be processed by the board if there is no direct contractual relationship between the complainant and the contractor;
(d) Subject to ORS 701.145, 701.153 and 701.157, exclude or limit recovery from the contractor’s bond required by ORS 701.068 of amounts awarded by a court or arbitrator for interest, service charges, costs and attorney fees arising from commencing the arbitration or court action and proving damages; and
(e) Designate a form to be used by an owner of residential property under ORS 87.007 for the purpose of indicating the method the owner has selected to comply with the requirements of ORS 87.007 (2) or to indicate that ORS 87.007 (2) does not apply.
(2) The board may adopt rules prescribing terms and conditions under which a contractor may substitute a letter of credit from a bank authorized to do business in this state instead of the bond requirements prescribed in ORS 701.068.