California Code of Regulations
Title 14 - Natural Resources
Division 7 - Department of Resources Recycling and Recovery
Chapter 6 - Permitting of Waste Tire Facilities and Waste Tire Hauler Registration and Tire Manifests
Article 10 - Financial Responsibility for Operating Liability Claims of Major Waste Tire Facilities
Section 18494 - Corporate Guarantee
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) The guarantor shall be:
(b) The guarantor shall meet the requirements of the financial means test under sections 18493(c) or (d) of this Article based on the guarantor's audited year-end financial statements.
(c) The corporate guarantee shall be worded and completed as specified by form CalRecycle 150 "Corporate Guarantee" (03/17), which is incorporated herein by reference. (See Appendix A.)
(d) The terms of the corporate guarantee shall specify that if the operator fails to satisfy a judgment or an award for bodily injury and property damage to third parties caused by accidental occurrences, or fails to pay an amount agreed in settlement of a claim arising from or alleged to arise from such injury and damage, the guarantor shall satisfy such judgment, award, or settlement agreement up to the limits of the corporate guarantee.
(e) If the guarantor fails to meet the requirements of the financial means test under section 18493(c) or (d) of this Article or wishes to terminate the corporate guarantee, the guarantor shall send notice of such failure or termination by certified mail to the operator and the Board or its designee within 90 days after the end of that financial reporting year. The corporate guarantee shall terminate no less than 60 days after the date that the operator and the Board or its designee have received the notice of such failure or termination, as evidenced by the return receipts. The guarantor shall establish alternate coverage as specified in section 18488 of this Article on behalf of the operator within 60 days after such notice, unless the operator has done so.
(f) The Board or its designee may require updated financial statements at any time from a guarantor. If the Board or its designee finds, on the basis of such reports or information from other sources, including but not limited to, credit reports and reports from other state agencies, that the guarantor no longer meets the financial means test requirements of section 18493(c) or (d) of this Article, or any requirements of section 18494 of this Article, the Board or its designee shall notify the guarantor and operator of such finding by certified mail. The guarantor shall establish alternate coverage as specified in section 18488 of this Article on behalf of the operator within 60 days after such notice, unless the operator has done so.
1. New section filed 2-10-92 as an emergency; operative 2-10-92 (Register 92, No. 21). A Certificate of Compliance must be transmitted to OAL 6-9-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-29-92 as an emergency; operative 6-8-92 (Register 92, No. 25). A Certificate of Compliance must be transmitted to OAL by 10-6-92 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 9-28-92 as an emergency; operative 10-6-92 (Register 92, No. 40). A Certificate of Compliance must be transmitted to OAL by 2-3-92 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 1-25-93 as an emergency; operative 2-2-93 (Register 93, No. 5). A Certificate of Compliance must be transmitted to OAL 6-2-93 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 1-25-93 order transmitted to OAL 5-26-93; disapproved by OAL on 6-22-93 (Register 93, No. 26).
6. New section filed 6-22-93 as an emergency; operative 6-22-93 (Register 93, No. 26). A Certificate of Compliance must be transmitted to OAL 10-20-93 or emergency language will be repealed by operation of law on the following day.
7. Editorial correction of HISTORY 4 (Register 93, No. 26).
8. Certificate of Compliance as to 6-22-93 emergency order including amendment of subsections (a)(3) and (e) transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).
9. Change without regulatory effect amending subsection (c) filed 4-2-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 14).
10. Change without regulatory effect amending subsection (c) and amending form CalRecycle (formerly CIWMB) 150 (incorporated by reference) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).
Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Section 42821, Public Resources Code.
