30 CFR 550.1490
§ 550.1490 What standards must my BOEM-specified surety instrument meet?
United States · 30 CFR — Mineral Resources · Status: effective
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- Citation
- 30 CFR 550.1490, § 550.1490 What standards must my BOEM-specified surety instrument meet?, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/135380
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Full text
(a) A BOEM-specified surety instrument must be in a form specified in BOEM instructions. BOEM will give you written information and standard forms for BOEM-specified surety instrument requirements.
(b) BOEM will use a bank-rating service to determine whether a financial institution has an acceptable rating to provide a surety instrument adequate to indemnify the lessor from loss or damage.
(1) Administrative appeal bonds must be issued by a qualified surety company which the Department of the Treasury has approved.
(2) Irrevocable letters of credit or certificates of deposit must be from a financial institution acceptable to BOEM with a minimum 1-year period of coverage subject to automatic renewal up to 5 years.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.