NAC459.8125. Financial requirements: Alternative form of assurance.

     1. An alternative form of assurance may be provided by an undertaking which covers a specific period, for example, 5 years, but which is automatically renewed unless the party who issues the surety notifies the Division, the beneficiary (the owner of the disposal area) and the principal (the licensee), not less than 90 days before the date for renewal, of its intention not to renew. If the undertaking is not renewed the licensee must submit another surety undertaking within 30 days after notification of this intent. If the licensee fails to provide such a replacement which is acceptable to the Division, the owner of the disposal area may demand payment from the original surety or upon the original undertaking. Proof of forfeiture must not be required to collect this payment, so that, if the licensee does not provide an acceptable replacement within the required time, the amount of the undertaking must be automatically collected prior to its expiration.

     2. The conditions described in subsection 1 must be clearly stated in any undertaking whose term is limited and must be agreed to by all parties.

     (Added to NAC by Bd. of Health, eff. 4-27-84)