§ 800.30 - Replacement of bonds.  


Latest version.
  • § 800.30 When may I replace a performance bond or financial assurance and when must I do so?

    (a)

    Replacement

    upon request

    of

    permittee

    bonds.

    (

    1

    a) The regulatory authority may allow

    you, the

    a permittee

    ,

    to replace existing

    performance

    bonds

    and financial assurances

    with other

    performance

    bonds

    and financial assurances

    that provide equivalent coverage.

    (

    2

    b) The regulatory authority

    may

    shall not release

    any

    existing performance

    bond or financial assurance until you have

    bonds until the permittee has submitted, and the regulatory authority has approved,

    an

    acceptable replacement performance bonds. (b) Replacement by order of the regulatory authority.

    (1) Upon the incapacity of a bank, surety, or other responsible financial entity by reason of bankruptcy, insolvency, or suspension or revocation of a charter or license, you will be deemed to be without bond coverage and you must promptly notify the regulatory authority.

    (2) Upon receipt of notification from a bank, surety, or other responsible financial entity under § 800.16(e) of this part or from you under paragraph (b)(1) of this section, the regulatory authority must issue an order requiring that you submit replacement bond or financial assurance coverage within a reasonable time, not to exceed 90 days.

    (3) If you do not post adequate bond or financial assurance by the end of the time allowed under paragraph (b)(2) of this section, the regulatory authority must issue a notice of violation requiring that you cease surface coal mining operations immediately. The notice of violation also must require that you either -

    (i) Post adequate bond or financial assurance coverage before you may resume surface coal mining operations; or

    (ii) Reclaim the site in accordance with the provisions of § 816.132 or § 817.132 of this chapter.

    a performance bond pursuant to this section shall not constitute a release of bond under § 800.40.

    [48 FR 32959, July 19, 1983, as amended at 81 FR 93381, Dec. 20, 2016; 82 FR 54972, Nov. 17, 2017]