Section R. 425.309 - Final release of financial assuranceRule 309.
(1) A permittee may file an application with the department for final release of financial assurance upon termination of the permit. (a) Within 30 days after receipt of an application for termination of financial assurance, the department shall reach a proposed decision to grant or deny the application based on inspection and review to determine compliance with requirements for termination of the permit, and shall provide notice of the proposed decision to any interested person who has requested notice.(b) The department shall grant or deny an application for termination of financial assurance not less than 30 days or more than 45 days after providing the notice required under subdivision (a) of this subrule.(c) If the department grants the application, the department shall within 30 days release cash to the permittee or securities to the institution that provided the assurance instrument.(d) If the department denies the application, then the department shall notify the permittee in writing, stating the reasons for denial and recommending corrective actions necessary to secure the termination.(2) The department shall approve termination of all assurance instruments for a permittee of record upon the effective date of transfer of the permit to a new operator.Mich. Admin. Code R. 425.309