New Wetland Rules Effect Wetland Bank Account Holders
The rules of wetland regulation in Minnesota have changed. New rules were enacted in August 2009 and included numerous changes to the Minnesota Wetland Conservation Act (WCA) as well as major restructuring of the rule layout. Of note to wetland account holders and users of credits were changes to actions eligible for credit, new reporting requirements, and most significantly the switch to a single-credit system.
The Wetland Credit Agency will cover the most significant of the changes in 3 parts over the next couple of weeks.
Part 2: New Reporting Requirements
The new rules included a requirement of both a purchase agreement and an application for withdrawal of credit to be included with a replacement plan application. This means that applicants wishing to impact wetlands must have both these documents completed and signed by all parties before they apply to the Local Government Unit (LGU) for approval of their project. This change will make timely completion and delivery of forms to potential buyers more important to a smooth credit sale. Account holders that are able to accommodate these new changes and meet the customer’s needs are certain to be more successful than those who cannot. Also included with the new rule is the requirement for wetland bank account holders to “immediately” report to BWSR’s banking administrator each sale, use, or transfer of wetland credits. In addition to copies of credit withdrawal or transfer forms, a copy of the bill of sale must be sent to BWSR. Failure to immediately report transactions to BWSR could result in a freeze on credit sales until the account is reconciled. Don’t let these heightened reporting requirements cost you lost or delayed sales.
For more information on how these regulations might affect you and your wetland bank, give us a call, or email us at info@wetlandcreditagency.com.
