NAC519A.620. Forfeiture of bond: Action by Administrator; liability and exoneration of bond pool.

     1. Upon notification from the responsible regulatory authority that a participant has failed to complete the required reclamation and that the responsible regulatory authority, in accordance with all applicable laws and regulations, requires forfeiture of the bond, the Administrator will:

     (a) Immediately notify the participant that his or her participation in the bond pool is terminated and his or her deposit will not be returned; and

     (b) Request that the State Treasurer transfer to the responsible regulatory authority an amount of money from the bond pool determined by the Administrator or his or her designee to be equal to the estimated cost of reclamation less any other bonds or surety held in favor of the State of Nevada or the United States relating to the mining operation or exploration project of the participant to which the forfeiture applies.

     2. The maximum liability of the bond pool is the coverage provided to the participant relating to the mining operation or exploration project of the participant at the time of the forfeiture.

     3. If the responsible regulatory authority exonerates the participant from any portion of bonded liability, the bond pool is exonerated of an equal amount of bonded liability.

     (Added to NAC by Dep’t of Minerals, eff. 10-9-90)