<html> <head> <title>Rule 74:07:01:11 Release of financial assurance upon ownership change.</title> <META NAME="Keywords" Content="Administrative Rules 74:07:01:11"> <META NAME="Description" Content="Administrative Rules 74:07:01:11 Release of financial assurance upon ownership change."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p><b><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74:07:01:11.&nbsp;&nbsp;Release of financial assurance upon ownership change.</font></b> Upon a change of permit ownership, the board shall release the existing financial assurance if:</p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;The owner or operator who posted the financial assurance makes a written request for release of the existing financial assurance and is in compliance with all provisions of the permit or permit conditions; and</font></p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;The successor owner or operator is in compliance with federal, state, and local laws or regulations within or outside of the state of South Dakota, assumes all liability for the permitted activity, posts financial assurance in a form approved by the board, and complies with provisions of this chapter and SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=34A-10-2.1">34A-10-2.1</A> to <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=34A-10-2.4">34A-10-2.4</A>, inclusive.</font></p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Release of the existing financial assurance may not occur until the financial assurance posted by the successor owner or operator is in effect and on file with the department. After the board has released the financial assurance, the board or department shall notify the former owner or operator in writing.</font></p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 24 SDR 90, effective January 4, 1998.</font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=34A-10-2.4">34A-10-2.4.</A></font></p> <p><font size=3 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b> SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=34A-10-2.1">34A-10-2.1</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=34A-10-2.3">34A-10-2.3</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=34A-10-2.4">34A-10-2.4.</A></font></p> <p><font size=3 face="Times New Roman">&nbsp;</font></p> </div> </body> </html>