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Code · Utah · Title 40 — Mines and Mining · Chapter 6

40-6-19. Bond and Surety Forfeiture Fund -- Contents -- Use of fund money.

135 words·~1 min read·/ut/title-40/chapter-6/40-6-19

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Effective 5/4/2022
40-6-19. Bond and Surety Forfeiture Fund -- Contents -- Use of fund money.
(1)There is created an administrative fund within the General Fund known as the "Bond and Surety Forfeiture Fund."
(2)Money collected by the Division of Oil, Gas, and Mining as a result of bond or surety forfeitures shall be deposited in the fund.
(3)Interest earned on money in the fund shall accrue to the fund.
(a)Money from each forfeited bond or surety, together with interest, shall be used by the Division of Oil, Gas, and Mining to accomplish the requisite performance standards under the program to which the forfeited bond or surety corresponds.
(b)Any money not used for a project shall be returned to the rightful claimant.
Amended by Chapter 451 , 2022 General Session
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