(

a) Except as provided in

Section 25245.4, the department shall not issue or renew a permit to operate a hazardous waste facility pursuant to

Section or 25201.6 unless the owner or operator of the facility establishes and maintains the financial assurances required pursuant to

Article 12 (commencing with

Section 25245), including, but not limited to, financial assurances for the costs of corrective action, closure, and postclosure. (

b) The grant of interim status of a facility, or any portion of the facility, that is operating under a grant of interim status pursuant to

Section 25200.5, based on the facility having been in existence on November 19, 1980, shall terminate on July 1, 1997, unless the department certifies, on or before July 1, 1997, that the facility is in compliance with the financial assurance requirements of

Article 12 (commencing with

Section 25245) for a facility in operation since November 19, 1980, for all units, tanks, and equipment for which the facility has authorization to operate pursuant to its grant of interim status. (c)

(1) The department shall review, at least once every five years, the financial assurances required to operate a permitted hazardous waste facility and the cost estimates used to establish the amount of the financial assurances required. The department may, in its discretion, revise the financial assurances and the cost estimates more often.

(2) If, as a result of its review pursuant to paragraph (1), the department finds that the cost estimates forming the basis for the financial assurances for a permitted hazardous waste facility are inadequate for any reason, including, but not limited to, underestimated potential costs, the department shall notify the owner or operator of the permitted hazardous waste facility in writing of that finding.

(3) Within days of the notification by the department pursuant to paragraph (2), the owner or operator of the permitted hazardous waste facility shall provide to the department for review and approval an updated cost estimate for the financial assurances and a request to adjust the financial assurance amount to incorporate the new cost estimate.

(4) Within days of the department’s approval of the revised cost estimate submitted pursuant to paragraph (3), the owner or operator of the permitted hazardous waste facility shall establish financial assurance mechanisms for the approved revised cost estimate amounts.