Section 312 IAC 17-2-11 - Surety bond canceled; effectAuthority: IC 14-38-2-7
Affected: IC 4-21.5-3; IC 14-38-2
Sec. 11.
(a) The surety may notify the department and principal of its desire to terminate a bond.(b) Within thirty (30) days after receipt of the notice, the department shall require the principal to file a substitute bond or to discontinue operations and plug and abandon any test hole under this rule.(c) If a substitute bond is timely filed by the principal, liability on the original bond terminates. If a substitute bond is not filed within the thirty (30) day period, the department shall revoke the permit under IC 4-21.5-3 and require the principal to plug and abandon any test hole under this rule.(d) If a principal fails to plug and abandon a test hole, the surety must either:(1) cause the test hole to be properly plugged and abandoned; or(2) forfeit the amount of the bond to the department. If the surety causes a hole to be plugged and abandoned, the bond shall be released by the department.
Natural Resources Commission; 312 IAC 17-2-11; filed Feb 23, 1998, 11:30 a.m.: 21 IR 2350; readopted filed Nov 17, 2004, 11:00 a.m.: 28 IR 1315; readopted filed Mar 25, 2010, 2:59 p.m.: 20100421-IR-312100038RFAReadopted filed 9/30/2015, 12:13 p.m.: 20151028-IR-312150224RFAReadopted filed 5/19/2021, 4:17 p.m.: 20210616-IR-312210111RFA