(

a) All of the following requirements apply if a written cost estimate for corrective action is required pursuant to

Section 25246.1:

(1) A corrective action cost estimate shall be based on, and be no less stringent than, the ASTM International Standard E2150. (2) (

A) An owner or operator of a facility requiring corrective action under department oversight shall submit the corrective action cost estimate to the department within days of the department’s request. (

B) If the department determines that the corrective action cost estimate is substantially incomplete or includes substantially unsatisfactory information, the department shall provide a written notice of deficiency to the owner or operator of the hazardous waste facility or a respondent or proponent required to conduct corrective action under department oversight at a facility within days of receipt of the corrective action cost estimate. (

C) The owner or operator of the hazardous waste facility or a respondent or proponent required to conduct corrective action under department oversight at a facility shall submit a revised corrective action cost estimate based on the information provided in the written notice of deficiency within days. (

D) The department shall approve or deny the revised corrective action cost estimate within days of receipt of the revised corrective action cost estimate. (

E) If the corrective action cost estimate does not address the information provided in the written notice of deficiency, as determined by the department, the department shall deny the revised corrective action cost estimate and shall, within days of denial of the corrective action cost estimate, develop its own corrective action cost estimate that will be the approved corrective action cost estimate for the facility.

(3) Within days of approval by the department of a corrective action cost estimate, the owner or operator of a hazardous waste facility or a respondent or proponent required to conduct corrective action under department oversight at a facility shall fund the approved corrective action cost estimate or enter into a

schedule of compliance for assurances of financial responsibility for completing the corrective action.

(4) If the owner or operator of a hazardous waste facility or a respondent or proponent required to conduct corrective action under department oversight at a facility is required to submit a financial assurance mechanism for corrective action, the financial assurances shall be in the form of a trust fund, surety bond, letter or credit, insurance, or any other mechanism authorized under the federal act and the regulations adopted by the department for financial assurance mechanisms.

(5) The financial assurances for an owner or operator of a hazardous waste facility or a respondent or proponent required to conduct corrective action under department oversight at a facility that is required to submit a financial assurance mechanism for corrective action shall be governed by

Article 11 (commencing with

Section 79180) of

Chapter of Part of Division 45. (

b) The department may adopt, and revise, when appropriate, standards and regulations to implement this section. Additionally, the department may adopt emergency regulations in accordance with

Chapter 3.5 (commencing with

Section 11340) of Part of Division of Title of the Government Code, to implement this section. The adoption of these regulations shall be declared an emergency and necessary for the immediate preservation of the public peace, health and safety, or general welfare for purposes of Sections 11346.1 and 11349.6 of the Government Code.