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Committee clarifies use of irrevocable letters of credit; HB41 passes with amendment
Summary
House Bill 41, which clarifies when credit unions may issue irrevocable letters of credit to satisfy Department of Environmental Quality (DEQ) bonding requirements, passed the Minerals committee after DEQ and industry testimony and a technical amendment distinguishing coal operations.
The Minerals, Business & Economic Development Committee on Monday approved House Bill 41, clarifying that irrevocable letters of credit issued by federally insured credit unions may be accepted by the Wyoming Department of Environmental Quality in certain circumstances and specifying limits for coal mines that are governed by federal rules.
Representative Martha Lalley introduced the bill as a constituent‑driven clarification after a credit union and an operator asked whether credit unions could issue irrevocable letters of credit in lieu of bonds for reclamation and other DEQ financial assurance requirements. "A credit union in my community wrote me ... asking to review the statute and consider proposing a revision," Lalley said.
DEQ Director Todd Parfitt and agency staff…
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