Section 312 IAC 14-3-2 - Bonding of timber buyersAuthority: IC 25-36.5-1-3; IC 25-36.5-1-9
Affected: IC 25-36.5-1-3.5; IC 28-1-1-3
Sec. 2.
(a) Every person registered as a timber buyer must file and maintain a bond with the department under IC 25-36.5-1-3.(b) The bond required under subsection (a) may consist of any of the following:(1) An effective surety bond issued by a corporate surety holding an applicable certificate of authority from the department of insurance, state of Indiana.(2) Cash deposited with the division of forestry and held in an account dedicated to the purposes set forth in IC 25-36.5-1-3. Cash deposited under this subdivision shall not be returned to a timber buyer except under IC 25-36.5-1-3.5.(3) A certificate of deposit issued by a financial institution as defined in IC 28-1-1-3. The certificate of deposit shall be held by and assigned to the department and shall not be returned to a timber buyer except under IC 25-36.5-1-3.5.Natural Resources Commission; 312 IAC 14-3-2; filed May 27, 1997, 3:50 p.m.: 20 IR 2746; readopted filed Jul 28, 2003, 12:00 p.m.: 27 IR 286; readopted filed May 26, 2009, 11:21 a.m.: 20090624-IR-312090154RFAReadopted filed 9/30/2015, 11:55 a.m.: 20151028-IR-312150156RFAReadopted filed 5/19/2021, 4:16 p.m.: 20210616-IR-312210110RFA