Section 73-31-402 - Water bank noncompliance - Revocation of application(1) If a water bank is in noncompliance with this chapter pursuant to Section 73-31-401, the board shall give the water bank a written notice of noncompliance that: (a) explains why the water bank is in noncompliance; and(b) gives the water bank a 90-day corrective period from the date of the notice to correct the cause of the noncompliance.(2) The board shall: (a) post a notice given under Subsection (1) pursuant to Section 73-31-103; and(b) notify the state engineer of the water bank's noncompliance.(3) If the board determines that the water bank has corrected the noncompliance within the 90-day corrective period, the board shall:(a) provide the water bank written notice that the water bank's noncompliance has been cured;(b) post the written notice required under Subsection (3)(a) pursuant to Section 73-31-103; and(c) notify the state engineer that the water bank has corrected the noncompliance within the 90-day corrective period.(4)(a) If the water bank fails to correct the noncompliance within the 90-day corrective period, the water bank's approval to operate terminates at the end of the current calendar year.(b) The board shall mail notice to the water bank that the water bank's approval to operate has terminated and that the water bank's operations under the application shall cease at the end of the current calendar year.(c) The board shall post the notice required under Subsection (4)(b) pursuant to Section 73-31-103.(d) A water bank shall notify the water bank's depositors and borrowers of the dissolution within 60 days of receiving a notice under this Subsection (4) and shall enact the procedures set forth in the water bank's application ceasing the water bank's operations.(5) The state engineer may not approve a change application that seeks to deposit a water right into a water bank that the board determines to be in noncompliance under this chapter.(6) A depositor retains title to deposited water rights and the water bank retains no ownership in the deposited water rights.Added by Chapter 342, 2020 General Session ,§ 22, eff. 5/12/2020.Affected by 63I-1-273 on 12/31/2030