How Do I Find Surety Information?
|Matthew Merino||Administrative Programs Officer||(405) 522-6196||208|
|David Bennett||Administrative Assistant||(405) 521-2246||208|
What is Surety?
Surety is evidence of financial ability to comply with the requirements for plugging, closure of surface impoundments, removal of trash and equipment established by the Commission and Law. See Title 52 § 318.1 or read Chapter 10 rules.
Categories and Types of Surety
There are two Categories of Surety, Category A and Category B. Category A Surety is a Financial Statement on Form 1006A. Category B Surety is either a Surety Bond on Form 1006, a Letter of Credit on Form 1006C, a Certificate of Deposit (see 165:10-1-10 in our searchable rules), Cash, or Cashier’s Check.
How does an operator change from a Category B to Category A Surety
The operator is required to keep Category B for 3 years with no outstanding fines or contempt before they can change to Category A Surety. Operators using Category A surety who are assessed a fine of $2,000.00 or more and who do not pay the fine within the specified time shall be required to post a Category B surety within 30 days of notification by the Commission.
How Does an Operator get their Surety Released and the Operator Closed in OCC records?
The Operator or Surety Company must mail the Surety Department a Notice of Cancellation or Request to Release. If the Surety is a Letter of Credit on Form 1006C then the terms require the notice be sent by Certified Mail, Return Receipt Requested, or by overnight courier. A 180-day prior notice is required on all Surety Instruments.
The Surety Department will begin the required investigation when the notice or request is received and mail out an acknowledgement of the request. If all Departments have advised the Surety Department to release the Surety on file, the Surety Department will mail out a Surety Release Letter and will mail the original Surety Instrument back to the Surety Company and a copy to the Operator.
If any Department has requested Surety be held, the Surety Company and Operator will be notified by a Revocation of Cancellation letter stating the reason and Department they will need to contact. Please note that any Surety Instrument is not considered released until consent is given by the OCC.
Can you give me address and telephone information of an operator?
Operator information is available on the Operator’s Directory.