30 CFR 250.1496 - How will BOEM determine if I am financially solvent?

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There is 1 rule appearing in the Federal Register for 30 CFR 250. View below or at eCFR (GPOAccess)
§ 250.1496 How will BOEM determine if I am financially solvent?
(a) The BOEM bond-approving officer will determine your financial solvency by examining your total net worth, including, as appropriate, the net worth of your affiliated entities.
(b) If your net worth, minus the amount we would require as surety under §§ 250.1490 and 250.1491 for all orders you have appealed is greater than $300 million, you are presumptively deemed financially solvent, and we will not require you to post a bond or other surety instrument.
(c) If your net worth, minus the amount we would require as surety under §§ 250.1490 and 250.1491 for all orders you have appealed is less than $300 million, you must submit the following to BSEE by one of the methods in § 250.1495(a):
(1) A written request asking us to consult a business-information, or credit-reporting service or program to determine your financial solvency; and
(2) A nonrefundable $50 processing fee:
(i) You must pay the processing fee to us following the requirements for making payments found in 30 CFR 250.126. You are required to use Electronic Funds Transfer (EFT) for these payments;
(ii) You must submit the fee with your request under paragraph (c)(1) of this section, and then annually on the date we first determined that you demonstrated financial solvency, as long as you are not able to demonstrate financial solvency under paragraph (a) of this section and you have active appeals.
(d) If you request that we consult a business-information or credit-reporting service or program under paragraph (c) of this section:
(1) We will use criteria similar to that which a potential creditor would use to lend an amount equal to the bond or other surety instrument we would require under §§ 250.1490 and 250.1491;
(2) For us to consider you financially solvent, the business-information or credit-reporting service or program must demonstrate your degree of risk as low to moderate:
(i) If our bond-approving officer determines that the business-information or credit-reporting service or program information demonstrates your financial solvency to our satisfaction, our bond-approving officer will not require you to post a bond or other surety instrument under §§ 250.1490 and 250.1491;
(ii) If our bond-approving officer determines that the business-information or credit-reporting service or program information does not demonstrate your financial solvency to our satisfaction, our bond-approving officer will require you to post a bond or other surety instrument under §§ 250.1490 and 250.1491 or pay the obligation.

Title 30 published on 2013-07-01

The following are only the Rules published in the Federal Register after the published date of Title 30.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2013-10-01; vol. 78 # 190 - Tuesday, October 1, 2013
    1. 78 FR 60208 - Oil and Gas and Sulphur Operations in the Outer Continental Shelf—Adjustment of Service Fees
      GPO FDSys XML | Text
      DEPARTMENT OF THE INTERIOR, Bureau of Safety and Environmental Enforcement
      Final rule.
      This final rule becomes effective on October 1, 2013.
      30 CFR Part 250

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United States Code
U.S. Code: Title 30 - MINERAL LANDS AND MINING
U.S. Code: Title 31 - MONEY AND FINANCE
U.S. Code: Title 43 - PUBLIC LANDS

Title 30 published on 2013-07-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 30 CFR 250 after this date.

  • 2013-10-01; vol. 78 # 190 - Tuesday, October 1, 2013
    1. 78 FR 60208 - Oil and Gas and Sulphur Operations in the Outer Continental Shelf—Adjustment of Service Fees
      GPO FDSys XML | Text
      DEPARTMENT OF THE INTERIOR, Bureau of Safety and Environmental Enforcement
      Final rule.
      This final rule becomes effective on October 1, 2013.
      30 CFR Part 250