(1) Unless exempted under rules adopted by the Environmental Quality Commission under ORS § 459.045, an owner or operator of a land disposal site shall maintain cost estimates of the amount of financial assurance that is necessary and demonstrate evidence of financial assurance for:

(a) The costs of closure of the land disposal site and for post-closure maintenance of the land disposal site; and

(b) Any corrective action required to be taken at the land disposal site.

(2) The financial assurance requirements established by subsection (1) of this section may be satisfied by insurance, the establishment of a trust fund, surety bond, letter of credit or qualification as a self-insurer or any combination of these methods or any other method approved by the Director of the Department of Environmental Quality. In adopting rules under ORS § 459.045 to implement subsection (1) of this section, the Environmental Quality Commission may specify policy or other contractual terms, conditions or defenses necessary to establish evidence of financial assurance.

(3) The owner or operator of a land disposal site shall annually review and update the financial assurance for closure, post-closure and corrective action required under this section and cost estimates of the amount of financial assurance necessary.

(4) The owner or operator of a land disposal site shall provide the evidence of financial assurance required under this section for closure and post-closure at the time a disposal site permit is issued under ORS § 459.245. If the land disposal site is operating under an existing permit on November 4, 1993, the owner or operator shall provide the evidence of financial assurance on or before April 9, 1994, or a later date established by rule by the Environmental Quality Commission.

(5) When financial assurance is required for corrective action at a land disposal site under subsection (1) of this section, the owner or operator shall provide evidence of financial assurance before beginning corrective action. [1993 c.526 § 2]