§ 67401.6. Financial Assurance.

(a) Any agreement entered into pursuant to H&SC Section 25398.2 (as it read on June 26, 2012) shall require a responsible person to demonstrate to the Department the availability of adequate forms of financial assurance for response costs that will or may be assigned to the orphan share.

(b) Any responsible person who must comply with operation and maintenance requirements as part of a response action must demonstrate the availability of adequate forms of financial assurance prior to issuance of a certificate of completion.

(c) For the purposes of complying with subdivisions (a) or (b) of this section, the responsible person shall choose from one or more of the following options as specified below.

(1) Establish a trust fund as described in Section 66265.143(a).

(2) Obtain a surety bond as described in Section 66265.143(b).

(3) Obtain a letter of credit as described in Section 66265.143(c).

(4) Obtain insurance as described in Section 66265.143(d).

(5) Submit to the financial test and corporate guarantee as described in Section 66265.143(e).

(6) Or any other form of financial assurance deemed acceptable by the Department.

HISTORY

1. New section filed 6-30-95 as an emergency; operative 6-30-95 (Register 95, No. 26). A Certificate of Compliance must be transmitted to OAL by 12-27-95 or emergency language will be repealed by operation of law on the following day.

2. New section refiled 12-26-95 as an emergency; operative 12-26-95 (Register 95, No. 52). A Certificate of Compliance must be transmitted to OAL by 4-24-96 or emergency language will be repealed by operation of law on the following day.

3. New section refiled 4-24-96 as an emergency; operative 4-24-96 (Register 96, No. 17). A Certificate of Compliance must be transmitted to OAL by 8-22-96 or emergency language will be repealed by operation of law on the following day.

4. Repealed by operation of Government Code section 11346.1(g) (Register 96, No. 35).

5. New section filed 8-26-96 as an emergency; operative 8-26-96 (Register 96, No. 35). A Certificate of Compliance must be transmitted to OAL by 12-24-96 or emergency language will be repealed by operation of law on the following day.

6. Certificate of Compliance as to 8-26-96 order, including repealer and new section, transmitted to OAL 10-30-96 and filed 12-10-96 (Register 96, No. 50).

7. Change without regulatory effect amending subsection (a) and Note filed 1-7-2013 pursuant to section 100, title 1, California Code of Regulations (Register 2013, No. 2).

Note

Note: Authority cited: Stats. 1994, c. 435 (S.B. 923), Section 3; and Section 25396, Health and Safety Code. Reference: Section 25396, Health and Safety Code.