208.25 - CANCELLATION OF BOND. - Iowa Statutes

208.25 CANCELLATION OF BOND. No bond filed with the division by an operator pursuant to this chapter may be canceled by the surety without at least ninety days' notice to the division. If the license to do business in Iowa of any surety of a bond filed with the division is suspended or revoked, the operator, within thirty days after receiving notice thereof from the division, shall substitute for the surety a corporate surety licensed to do business in Iowa. Upon failure of the operator to make substitution of surety as herein provided, the division shall have the right to suspend the operator's authorization to conduct mining on the site covered by the bond until substitution has been made. The commissioner of insurance shall notify the division whenever the license of any surety to do business in Iowa is suspended or revoked.          Section History: Early Form [C71, 73, 75, 77, 79, 81, § 83A.25]          Section History: Recent Form C93, § 208.25 96 Acts, ch 1043, §17