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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 30 - Mineral Resources |
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Chapter VII - Office of Surface Mining Reclamation and Enforcement, Department of the Interior |
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SubChapter J - Performance Bond, Financial Assurance, and Insurance Requirements for Surface Coal Mining and Reclamation Operations |
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Part 800 - Bond and Insurance Requirements for Surface Coal Mining and Reclamation Operations Under Regulatory Programs |
§ 800.20 - Surety bonds.
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§ 800.20 What additional requirements apply to surety bonds?Surety bonds.
(a) A surety bond must shall be executed by the permittee operator and a corporate surety licensed to do business in the state State where the operation is located.
(b) Surety bonds must shall be noncancellable during their terms, except that surety bond coverage for undisturbed lands not disturbed may be cancelled with the prior consent of the regulatory authority. Within The regulatory authority shall advise the surety, within 30 days after receipt of a notice to cancel bond, the regulatory authority will advise the surety whether the bond may be cancelled on an undisturbed area.
(c) The regulatory authority may decline to accept a surety bond if, in the judgment of the regulatory authority, the surety does not have resources sufficient to cover the default of one or more mining companies for which the surety has provided bond coverage.
[48 FR 32959, July 19, 1983, as amended at 81 FR 93381, Dec. 20, 2016; 82 FR 54972, Nov. 17, 2017]