Section 848.402  Release of Financial Institution

The Agency must release a trustee, bank, surety or other financial institution as soon as practicable after the owner or operator makes a written request for release and demonstrates that either one of the following events has occurred:

a)         the owner or operator has substituted alternate financial assurance that meets the requirements of this Subpart such that the total financial assurance for the site is equal to or greater than the current approved removal cost estimate, without counting the amounts to be released; or

b)         the Agency has released the owner or operator from the requirements of this Subpart following completion of removal.

(Source:  Amended at 39 Ill. Reg. 12934, effective September 8, 2015)