Rulemaking Package #10, Public Resources Code §2773.4(e)(3), Financial Assurance Mechanisms (FAMs)- Letters of Credit (LOC), Certificate of Deposit Establishment and Encashment Instructions (CD), and associated regulatory language text.
The State Mining and Geology Board (SMGB) proposes to amend its existing FAMs- LOC and CD, as well as the associated regulation text in Title 14, Division 2, Chapter 8, Subchapter 1, Article 11 of the California Code of Regulations (CCR), pertaining to FAMs. Revisions to the forms and regulation text are necessary as a result of Assembly Bill 1142, signed into law on April 18th, 2016 by Governor Brown. The SMGB conducted an informal pre-rulemaking comment period for revisions to the LOC and CD forms which ran from August 4 – August 18, 2017. Please see notice and suggested revised LOC and CD forms below.