N.J. Admin. Code § 7:7A-11.21

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:7A-11.21 - Financial assurance; surety bond requirements

(a) A person who chooses to provide a surety bond as a financial assurance to guarantee the availability of funds pursuant to this subchapter shall complete and submit to the Department the original surety bond. The surety bond shall:

1. Be issued by an entity that is licensed by the New Jersey Department of Banking and Insurance to transact business in the State of New Jersey or is listed as acceptable surety on Federal bonds in Circular 570 of the U.S. Department of the Treasury;

2. Include any applicable Department file number, and the name, street address, lot and block numbers, municipality, and county of the mitigation site;

3. Specify that, if the issuer of the surety bond decides not to extend the surety bond beyond the then-current expiration date, the issuer shall notify the person using the surety bond and the Department by certified mail of that decision at least 120 calendar days before the current expiration date, beginning from the date of receipt by the Department as shown on the signed return receipt; and

4. Specify that the Department may access the surety bond to pay for the cost of the mitigation project or mitigation bank, pursuant to N.J.A.C. 7:7A-11.17(l).

N.J. Admin. Code § 7:7A-11.21

Adopted by 49 N.J.R. 3849(a), effective 12/18/2017