Md. Code Regs. 26.04.08.21

Current through Register Vol. 51, No. 22, November 1, 2024

Section 26.04.08.21 - Financial Assurance Required

A. Financial assurance for the closure of a primary scrap tire collection facility, a scrap tire recycler, or any approved facility, shall be established by obtaining one or more of the financial assurance mechanisms approved by the Department.

B. A deposit of cash, performance bond, letter of credit, insurance policy, or negotiable securities submitted under this regulation shall be filed with the Department and remain in effect until the Department certifies that the facility is closed in compliance with these regulations.

C. Amount. The amount of financial assurance to be provided for scrap tire facilities, described in §A of this regulation, shall be at least equal to 125 percent of the estimated closure cost.

D. For scrap tire facilities, described in §A of this regulation, in the scrap tire recycling system, authorization is contingent upon obtaining appropriate financial assurance.

E. Exemptions. Publicly owned or operated scrap tire facilities, described in §A of this regulation, are exempt from financial assurance provisions.

Md. Code Regs. 26.04.08.21