Ariz. Admin. Code § 11-3-805

Current through Register Vol. 30, No. 50, December 13, 2024

Section R11-3-805 - Certificate of Deposit

A responsible party may offer a certificate of deposit as financial assurance required under the Act and this Chapter. The responsible party shall ensure a certificate of deposit offered as financial assurance:

1. Is payable or assigned to the State Treasurer;

2. Complies with A.R.S. § 35-155 and any rules made under it;

3. Is on a form provided by or acceptable to the Inspector;

4. Assigns and transfers all rights, title, and interest in the certificate of deposit to the State Treasurer except accruing interest remains the property of the responsible party;

5. Provides the State Treasurer the right to redeem, collect, and withdraw the full amount of the certificate of deposit at any time without notice to the responsible party; and

6. Provides the assignment remains in effect until the Inspector authorizes its release in writing.

Ariz. Admin. Code § R11-3-805

Adopted by final rulemaking at 25 A.A.R. 828, effective 5/11/2019.