Relating to financial assurance instruments and surety bonds required for collecting, processing, or transporting waste tires, and making penalties applicable

This bill relates to financial assurance instruments and surety bonds required for collecting, processing, or transporting waste tires. Under current law, an owner or operator of a waste tire collection or processing site is required to obtain a permit from the department of natural resources prior to operation of the site and to provide to the department prior to approval or renewal of a permit a financial assurance instrument that provides coverage in an amount that is equivalent to cents per passenger tire equivalent collected by the site. 50 per passenger tire equivalent. Current law requires a waste tire hauler to have on file with the department before the issuance or renewal of a registration certificate a surety bond of at least $10,000. The bill increases the minimum required amount of a surety bond to $150,000. The bill also removes language relating to financial assurance instruments required for waste tires collected by a waste tire collection or processing site prior to July 1, 1998. A violation of the requirements amended by the bill is punishable by a civil penalty not to exceed $10,000 per day of the violation.