(1) If no credits have been used or sold, a banker may apply to surrender a Mitigation Bank Permit, or permitted phase thereof, by submitting a written request to the Agency. The written request must identify which phase of the Mitigation Bank will be surrendered, indicate the extent of mitigation work performed in that phase, and describe the conservation property interest encumbering that phase. The Agency shall authorize release from a Mitigation Bank Permit when no credits have been used, and relinquishment of the phase would not compromise the ecological value of the remaining portions of the Mitigation Bank. A surrender and release of a geographic phase of a Mitigation Bank shall be made by modification of the Mitigation Bank Permit.
    (2) If a property interest has been conveyed as provided in Fl. Admin. Code R. 62-342.650, for a Mitigation Bank Permit which is surrendered as provided above, the Agency shall convey the property interest back to the grantor of that interest.
    (3) If a surface water management system has been constructed or altered within the Mitigation Bank, the banker shall obtain any permits required under Part IV of Florida Statutes Chapter 373, and Fl. Admin. Code Chapter 62-330, to operate or abandon the surface water management system.
    (4) To transfer a Mitigation Bank Permit, the banker shall meet the requirements of Fl. Admin. Code Chapter 62-330, and the entity to whom the permit will be transferred must provide reasonable assurances that it can meet the requirements of the permit. If the transfer to the Agency is proposed, the current banker shall provide an updated cost estimate and adjust the final responsibility mechanism, as appropriate, prior to transfer of the permit.
    (5) A Mitigation Bank Permit can be issued as a modification of a Mitigation Bank Conceptual Approval.
Rulemaking Authority 373.4131, 373.4136(11) FS. Law Implemented 373.4131, 373.4135, 373.4136 FS. History-New 2-2-94, Formerly 17-342.800, Amended 12-12-94, 5-21-01, 2-19-15.