House File 560 - Enrolled
House File 560
AN ACT
RELATING TO FINANCIAL ASSURANCE INSTRUMENTS AND SURETY BONDS
REQUIRED FOR COLLECTING, PROCESSING, OR TRANSPORTING WASTE
TIRES, AND MAKING PENALTIES APPLICABLE.
4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:
1 Section 1. Section 455D.11A, subsection 5, Code 2021, is
2 amended to read as follows:
3 5. Financial assurance shall be provided in the amounts as
4 follows:
5 a. For a waste tire collection or processing site, the
6 financial assurance instrument for a waste tire collection
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7 site shall provide coverage in an amount which is equivalent
8 to thirty-five cents per passenger tire equivalent collected
9 by the site prior to July 1, 1998. The financial assurance
10 instrument for a waste tire processing site shall provide
11 coverage in an amount which is equivalent to thirty-five cents
12 per passenger tire equivalent collected for processing by the
13 site which is above the three-day processing supply of tires
14 for the site as determined by the department.
15 b. For a waste tire collection or processing site, the The
16 financial assurance instrument for a waste tire collection site
17 shall provide coverage in an amount which that is equivalent
18 to eighty-five two dollars and fifty cents per passenger tire
19 equivalent collected by the site on or after July 1, 1998,
20 and the. The financial assurance instrument for a waste tire
21 processing site shall provide coverage in an amount which that
22 is equivalent to eighty-five two dollars and fifty cents per
23 passenger tire equivalent collected for processing by the site
24 which that is above the three-day processing supply of tires
25 for the site as determined by the department.
26 Sec. 2. Section 455D.11I, subsection 6, Code 2021, is
27 amended to read as follows:
28 6. The department shall require that a waste tire hauler
29 have on file with the department before the issuance or renewal
30 of a registration certificate, a surety bond executed by a
31 surety company authorized to do business in this state in the
32 sum of a minimum of ten one hundred fifty thousand dollars,
33 which bond shall be continuous in nature until canceled by the
34 surety. A surety shall provide at least thirty days’ notice
35 in writing to the waste tire hauler and to the department
1 indicating the surety’s intent to cancel the bond and the
2 effective date of the cancellation. The surety bond shall
3 be for the benefit of the citizens of this state and shall
4 be conditioned upon the waste tire hauler’s willingness to
5 comply with this section. The surety’s liability under this
6 subsection is limited to the amount of the bond or the amount
7 of the damages or moneys due, whichever is less. However, this
8 subsection does not limit the amount of damages recoverable
9 from a waste tire hauler to the amount of the surety bond. The
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10 bond shall be made in a form prescribed by the commissioner
11 of insurance and written by a company authorized by the
12 commissioner of insurance to do business in this state.
______________________________ ______________________________
PAT GRASSLEY JAKE CHAPMAN
Speaker of the House President of the Senate
I hereby certify that this bill originated in the House and
is known as House File 560, Eighty-ninth General Assembly.
______________________________
MEGHAN NELSON
Chief Clerk of the House
Approved _______________, 2021 ______________________________
KIM REYNOLDS
Governor