Montana mining operators are affected by new legislation. The new law, which is named, HB 533, authorizes the Board of Land Commissioners to decide whether or not a surety bond will be required of mining operators to guarantee the payment of royalties to the Board. The previous law always required the surety bond.
Legislators in Washington State have implemented a new law relating to the surety world. The new law is named SB 5769 and implements new standards for coal-fired electricity generating facilities which states that facilities subject to closure under present law must guarantee that funds will be accessible for the closing of the facility while agreeing read more »
Miners in Utah State are affected by new legislation that was recently enacted. The new law is named SB 15 and allows the Division of Oil, Gas and Mining to estimate the average cost of reclamation per acre which will determine the amount of the surety bond required for land reclamation/mining.
There is a new Oklahoma state law regarding reclamation bonds. Introduced on 02/04/2008, SB 1697 produces a new permit requirement for mining projects where the mining site is limited to two acres or less. SB 1697 requires a reclamation bond to be posted in the amount of $3,500 as a condition of acquiring the permit. read more »
The Federal government’s stimulus package will no doubt impact the surety industry. Will it mean business as usual for contract bond agents or a boom like we have never seen before? The sheer size of the bill is absolutely daunting to put it lightly. The bill includes roughly 130 billion in funds towards construction related read more »