N.J. Admin. Code § 7:26C-5.7

Current through Register Vol. 56, No. 11, June 3, 2024

Section 7:26C-5.7 - Letter of credit

(a) Any person who chooses to provide a letter of credit as a remediation funding source or financial assurance to guarantee the availability of funds pursuant to this subchapter shall submit to the Department an original letter of credit. The letter of credit must:

1. Be issued by an entity that is licensed by the New Jersey Department of Banking and Insurance to transact business in the State of New Jersey, or by a Federally regulated bank;

2. Include the applicable case number, the program interest name, program interest number (preferred ID), site name, and site address;

3. Indicate that letter of credit is irrevocable, issued for a period of at least one year, and that it will be automatically extended for a period of at least one year;

4. Specify that, if the issuer of the letter of credit decides not to extend the letter of credit beyond the then current expiration date, the issuer shall notify the person providing the letter of credit and the Department by certified mail of that decision at least 120 days before the current expiration date, beginning from the date of receipt by the Department as shown on the signed return receipt; and

5. Indicate that the Department may access the letter of credit and utilize it, or allow another person to utilize it, to conduct the remediation pursuant to 7:26C-5.13(d).

N.J. Admin. Code § 7:26C-5.7

Amended by R.2012 d.095, effective 5/7/2012.
See: 43 N.J.R. 1935(a), 44 N.J.R. 1339(b).
In the introductory paragraph of (a), inserted "or financial assurance".