(1)  The licensing period shall be from the date of license issuance through December 31 of that calendar year. An applicator who applies pesticide seasonally may cancel his financial responsibility (in effect, cancelling his license)  sixty (60)  days after the date of his last application. The sixty (60)  day requirement may be waived if his means of providing financial responsibility is such that it provides effective ongoing coverage during the period of time a damage action could be maintained under statute of limitation section 27-2-204 and/or 27-2-207 MCA.

(2)  An applicator who provides an indemnity trust fund as his means of establishing financial responsibility may cancel his financial responsibility sixty (60)  days after the date of his last application. Cancellation of an indemnity trust fund may be accomplished by submitting a notarized statement to the department, for its discretionary approval, declaring that there are no known claims pending or judgement unsatisfied.

(a)  The fact that an applicator obtains a cancellation of his indemnity trust fund in no way is to be construed as absolving an applicator from a suit nor claim of damages filed in a court of competent jurisdiction within the time provided by statute of limitation sections 27-2-204 and/or 27-2-207 MCA.