Power to require a change to financial assurance
315 Power to require a change to financial assurance
The administering authority may, at any time, require the holder of an environmental authority for which financial assurance has been given to change the amount of the financial assurance.
Before making the requirement, the administering authority must give written notice to the holder.
The notice must—
state the details of the proposed requirement; and
invite the holder to make written representations about the proposed requirement within a stated period of at least 20 business days after the day the holder is given the notice.
The administering authority must, before deciding to make the requirement, consider the representations made by the holder within the stated period.
The requirement does not take effect until—
the day the holder is given an information notice for the decision; or
if the information notice states a later day—the later day.
In this section—
change, financial assurance, includes to decrease or increase the amount of the financial assurance.
financial assurance includes financial assurance given by a holder that has changed because of a requirement previously made under this section.
This Act’s bill:Explanatory memorandum
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