15 CFR 970.401
§ 970.401 Financial responsibility.
United States · 15 CFR — Commerce and Foreign Trade · Status: effective
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- Citation
- 15 CFR 970.401, § 970.401 Financial responsibility, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/63125
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Full text
(a) Before the Administrator may certify an application for an exploration license he must find that the applicant has demonstrated that, upon issuance or transfer of the license, the applicant will be financially responsible to meet all obligations which he may require to engage in the exploration proposed in the application.
(b) In order for the Administrator to make this determination, the applicant must show to the Administrator's satisfaction that he is reasonably capable of committing or raising sufficient resources to carry out, in accordance with the provisions contained in this part, the exploration program set forth in his exploration plan.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.