The board may require as a condition of any permit a financial assurance instrument in a form and an amount prescribed by rules promulgated pursuant to § 34A-6-1.6 or by the specific permit terms and conditions, sufficient to assure performance of the obligations imposed by this chapter and the other environmental laws of this state. The amount and form of the financial assurance instrument shall be specified in the permit.

The financial assurance instrument shall meet all requirements adopted by rule by the board, shall be in the name of and constitute an asset of the state, may not constitute an asset of the owner prior to release by the board, and may not be cancelled, revoked, disbursed, released, allowed to terminate, or subject to process of any kind by creditors except to the extent that the board has released the owner from operational performance, closure, post–closure, or monitoring responsibilities.

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Source: SL 1989, ch 306, § 12; SL 1993, ch 256, § 28.