Ohio Admin. Code 3745-55-48 - Incapacity of owners or operators, guarantors, or financial institutions
(A) An owner or
operator must notify the director by certified mail of the commencement of a
voluntary or involuntary proceeding under Title 11 (bankruptcy), U.S. Code,
naming the owner or operator as debtor, within ten days after commencement of
the proceeding. A guarantor of a corporate guarantee as specified in paragraph
(F) of rules
3745-55-43
and
3745-55-45
of the Administrative Code shall make such a notification if he is named as
debtor, as required under the terms of the corporate guarantee.
(B) An owner or operator who fulfills the
requirements of rule
3745-55-43,
3745-55-45
or
3745-55-47
of the Administrative Code by obtaining a trust fund, surety bond, letter of
credit, or insurance policy will be deemed to be without the required financial
assurance or liability coverage in the event of bankruptcy of the trustee or
issuing institution, or a suspension or revocation of the authority of the
trustee institution issuing the surety bond, letter of credit, or insurance
policy to issue such instruments. The owner or operator shall establish other
financial assurance or liability coverage within sixty days after such an
event.
Notes
Rule promulgated under: RC Chapter 119.
Rule amplifies: RC 3734.12
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.