40-8-14.5. Study of surety issues.

278 words·~1 min read·/ut/title-40/chapter-8/40-8-14-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 5/7/2025

(1)As used in this section, "surety" means resources pledged by an operator to address reclamation obligations and includes:

(a)collateral;

(b)a bond or other form of insured guarantee;

(c)a deposited security;

(d)cash or other commodity accepted as a medium of economic exchange; or

(e)a written contractual agreement.

(a)The division shall study the need, if any, to modify requirements under this chapter for an operator to pledge surety with the division.

(b)As part of the study, the division shall examine:

(i)the one or more forms of surety that the division should accept;

(ii)the amounts of surety that should be imposed;

(iii)the factors the division or board should consider in determining the form and amount of surety an operator shall pledge;

(iv)similar surety requirements made on an operator by others, with the intent that surety requirements are coordinated and not duplicated;

(v)when surety should be released or forfeited;

(vi)appropriate actions to enforce and collect against an operator who pledges surety;

(vii)surety requirements in other states;

(viii)whether insurance products or captive insurance companies could be used to address the reasons surety is needed;

(ix)whether a state surety pool should be created by statute; and

(x)any other issue the division determines is helpful in modernizing the surety process under this chapter.

(3)The division shall report the results of the study required by this section, including any recommendations for legislation, to the Natural Resources, Agriculture, and Environment Interim Committee on or before the committee's 2025 October interim committee meeting.

Enacted by Chapter 531 , 2025 General Session