Michigan Administrative Code › Department - Environmental Quality › Office of Waste Management & Radiological Protection › Hazardous Waste Management › Part 7 - FINANCIAL CAPABILITY › Section R. 299.9713 - Financial assurance for corrective action

Current through Vol. 24-12, July 15, 2024
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
				  directors 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 bankruptcy provisions of public law 95-598, 11 U.S.C.
				  §§1 to 1330, naming the owner or operator as debtor, within 10 days
				  after commencement of the proceeding.
(7) An owner or operator who 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 such instruments. The owner or operator shall establish other
				  financial assurance within 60 days after any event specified in this
				  subrule.