R 299.9713 Financial assurance for corrective action.

Rule 713. (1) The owner or operator shall establish financial assurance for the cost of performing corrective action at the facility in accordance with the provisions of R 299.9629. (2) The owner or operator shall maintain the financial assurance for corrective action until the corrective action is completed and the owner or operator is released from this requirement by the director. (3) During the period in which the corrective action program is implemented, the director may approve a reduction in the amount of financial assurance that is required for corrective action if the owner or operator demonstrates, to the director's satisfaction, that the amount of the financial assurance exceeds the remaining cost of corrective action. (4) If the director issues a notice of violation or other order to the owner or operator alleging a violation of the corrective action program, the director may, after providing the owner or operator 7 days' notice and an opportunity for a hearing, access funds to correct violations, complete corrective action, and maintain the facility in accordance with the corrective action program. (5) Within 60 days after receiving certification from the owner or operator and an independent registered professional engineer that corrective action has been completed in accordance with the corrective action program, the director shall notify the owner or operator, in writing, that the owner or operator is no longer required by this rule to maintain financial assurance for corrective action at a particular facility, unless the director has reason to believe that any aspect of corrective action has not been completed in accordance with the corrective action program. The director shall provide the owner or operator with a detailed written statement of any reason to believe that corrective action has not been completed in accordance with the corrective action program. (6) An owner or operator shall notify the director, by certified mail, of the commencement of a voluntary or involuntary proceeding under the provisions the bankruptcy reform act of 1978, of Public Law 95-598, naming the owner or operator as debtor, within 10 days after commencement of the proceeding. (7) An owner or operator that fulfills the requirements of this rule by obtaining a trust fund, surety bond, letter of credit, or insurance policy shall be deemed to be without the required financial assurance in the event of bankruptcy of the trustee or issuing institution, a suspension or revocation of the authority of the trustee institution to act as a trustee, or a suspension or revocation of the authority of the institution issuing the surety bond, letter of credit, or insurance policy to issue the instruments. The owner or operator shall establish other financial assurance within 60 days after any event specified in this subrule. SPECIFIC TYPES OF HAZARDOUS WASTE MANAGEMENT FACILITIES, AND USED OIL