All permits issued pursuant to the requirements of this act¹ shall be issued for a term not to exceed five (5) years. A successor in interest to a permittee who applies for a new permit within thirty (30) days of succeeding to such interest and who is able to obtain the bond coverage of the original permittee may, upon payment of a fee of Five Hundred Dollars ($500.00) to the Department, continue surface coal mining and reclamation operations according to the approved mining and reclamation plan of the original permittee until such successor's application is granted or denied.