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Electronic Code of Federal Regulations

e-CFR data is current as of February 21, 2020

Title 30Chapter VSubchapter BPart 550Subpart N → §550.1497


Title 30: Mineral Resources
PART 550—OIL AND GAS AND SULPHUR OPERATIONS IN THE OUTER CONTINENTAL SHELF
Subpart N—Outer Continental Shelf Civil Penalties


§550.1497   When will BOEM monitor my financial solvency?

(a) If you are presumptively financially solvent under §550.1496(b), BOEM will determine your net worth as described under §§550.1496(b) and (c) to evaluate your financial solvency at least annually on the date we first determined that you demonstrated financial solvency as long as you have active appeals and each time you appeal a new order.

(b) If you ask us to consult a business-information or credit-reporting service or program under §550.1496(c), we will consult a service or program annually as long as you have active appeals and each time you appeal a new order.

(c) If our bond-approving officer determines that you are no longer financially solvent, you must post a bond or other BOEM-specified surety instrument under §§550.1490 and 550.1491.

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