South Carolina Code of Regulations
Chapter 89 - OFFICE OF THE GOVERNOR--MINING COUNCIL OF SOUTH CAROLINA
89-190 - Requirements and Procedures for Handling Surety Bonds or Other Securities.

Universal Citation: SC Code Regs 89-190

89-190. Requirements and Procedures for Handling Surety Bonds or Other Securities.

A. The Department will deposit registered securities, certificates of deposit, passbooks for the assignment of a savings account with the State Treasurer's Office.

B. Interest, rents or dividends payable on such securities or accounts shall accrue to the interest of, shall be paid to, or shall be withdrawn or collected by the operator.

C. Prior to posting registered securities as a reclamation bond, and at least annually thereafter, the Department shall require the operator to have a Securities Analyst conduct an evaluation of the financial performance of the underlying entity.

D. The Department will place cash deposits in an escrow account, non-interest bearing to the operator, with the State Treasurer.

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