Authority may require financial assurance
219 Authority may require financial assurance
S. 219 inserted by No. 39/2018 s. 7 (as amended by Nos 27/2019 ss 12−30, 3/2020 ss 42–44, 47/2020 s. 26).
The Authority may require a person undertaking a particular activity to provide a financial assurance if any of the following apply—
the Authority determines that provision of a financial assurance by the person is a condition of a prescribed permission;
the Authority determines that provision of a financial assurance by the person is a condition of a site management order;
the Authority determines that provision of a financial assurance by the person is a condition of an environmental action notice;
an Order relating to environmentally hazardous substances requires the person to provide a financial assurance.
The Authority may only make a determination under subsection (1)(a),(b) or (c) if the Authority is satisfied, having regard to the prescribed risk assessment criteria, that a financial assurance is necessary as security for the costs and expenses of remediation or clean up in connection with the particular activity.
If the Authority requires a person to provide a financial assurance, the Authority must notify the person in writing of the form and amount of the financial assurance.
If a person is given notice under subsection (3), the person must provide the financial assurance within a period, not less than 30 business days, to be specified by the Authority.
This Act’s bill:Explanatory memorandumSecond reading speech
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