(a) The Division of Environmental Quality may institute proceedings to have the bond or substituted security of the operator forfeited for any of the following reasons, including, but not limited to:
(1) Failure to abate any violation of this subchapter or any rule promulgated thereunder;
(2) Failure to comply with the terms and conditions of the open-cut mining permit or the bond;
(3) Failure to comply with any order of the division;
(4) Failure to reclaim any affected land in accordance with this subchapter; or
(5) Insolvency, bankruptcy, or receivership of the operator.
(b) The division shall notify the operator in writing of the bond forfeiture, and the operator shall be given an opportunity for a hearing as provided in this subchapter.