(a) When submitting a feasibility study, a responsible party shall include a cost estimate for the response action.

(b) The responsible party shall demonstrate financial assurances within 90 days of approval of a feasibility study and shall maintain financial assurances until all required response actions are complete, as determined by the department.

(c) (1) For purposes of subdivision (b), the responsible party shall demonstrate and maintain one or more of the financial assurance mechanisms set forth in subdivisions (a) to (e), inclusive, of Section 66265.143 of Title 22 of the California Code of Regulations.

(2) (A) As an alternative to the financial assurance requirement of paragraph (1), a responsible party may demonstrate and maintain financial assurances by means of a financial assurance mechanism other than those described in paragraph (1), if the alternative financial assurance mechanism has been submitted to, and approved by, the department as being at least equivalent to the financial assurance mechanisms described in paragraph (1).

(B) The department shall evaluate the equivalency of the proposed alternative financial assurance mechanism principally in terms of the certainty of the availability of funds for required corrective action activities and the amount of funds that will be made available. The department shall require the owner or operator to submit any information deemed necessary by the department to make a determination regarding the equivalency of the proposed alternative financial assurance mechanism.

(Added by Stats. 2022, Ch. 257, Sec. 2. (AB 2293) Effective January 1, 2023. Operative January 1, 2024, pursuant to Sec. 4 of Stats. 2022, Ch. 257.)