Ohio § 1509.225

§ 1509.225.

(A) Before being issued a registration certificate under section 1509.222 of the Revised Code , an applicant shall execute and file with the division of oil and gas resources management

a surety bond for fifteen thousand dollars to provide compensation for damage and

injury resulting from transporters' violations of sections 1509.22 , 1509.222 , and 1509.223 of the Revised Code , all rules and orders of the chief of the division of oil and gas resources management

relating thereto, and all terms and conditions of the registration certificate imposed

thereunder.  The applicant may deposit with the chief, in lieu of a surety bond, cash in an amount

equal to the surety bond as prescribed in this section, or negotiable certificates

of deposit issued by any bank organized or transacting business in this state having

a cash value equal to or greater than the amount of the surety bond as prescribed

in this section.  Cash or certificates of deposit shall be deposited upon the same terms as those

upon which surety bonds may be deposited, and the chief shall hold them in trust for

the purposes for which they have been deposited.  If the applicant deposits cash, the cash shall be credited to the performance cash

bond refunds fund created in section 1501.16 of the Revised Code .  If the applicant deposits certificates of deposit, the chief shall require the bank

that issued any such certificate to pledge securities of a cash value equal to the

amount of the certificate that is in excess of the amount insured by the federal deposit

insurance corporation.  Such securities shall be security for the repayment of the certificate

of deposit. (B) The surety bond provided for in this section shall be executed by a surety company

authorized to do business in this state.  The chief shall not approve any bond until it is personally signed and acknowledged

by both principal and surety, or as to either by an attorney in fact, with a certified

copy of the power of attorney attached thereto.  The chief shall not approve the bond unless there is attached a certificate of the

superintendent of insurance that the company is authorized to transact a fidelity

and surety business in this state.  All bonds shall be given in a form to be prescribed by the chief. (C) If a registered transporter is found liable for a violation of section 1509.22 , 1509.222 , or 1509.223 of the Revised Code or a rule, order, or term or condition of a certificate involving, in any case, damage

or injury to persons or property, or both, the court may order the forfeiture of any

portion of the bond, cash, or other securities required by this section in full or

partial payment of damages to the person to whom the damages are due.  The chief shall deliver the bond or any cash or other securities deposited in lieu

of bond, as specified in the court's order, to the person to whom the damages are

due;  however, execution against the bond, cash, or other securities, if necessary,

is the responsibility of the person to whom the damages are due.  The chief shall not release the bond, cash, or securities required by this section

except by court order or until the registration is terminated.