(a) The department or the regional board shall waive the financial assurance required by Section 79315 if the department or the regional board makes one of the following determinations:

1. (1) The responsible party is a small business and has demonstrated all of the following:

   1. (A) The responsible party cannot qualify for any of the financial assurance mechanisms set forth in subdivisions (b), (c), and (d) of Section 66265.143 of Title 22 of the California Code of Regulations.
   2. (B) The responsible party financially cannot meet the requirements of subdivision (a) of Section 66265.143 of Title 22 of the California Code of Regulations.
   3. (C) The responsible party is not capable of meeting the eligibility requirements set forth in subdivision (e) of Section 66265.143 of Title 22 of the California Code of Regulations.
2. (2) The responsible party is a small business and has demonstrated that the responsible party financially is not capable of establishing one 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 while at the same time financing the operation and maintenance requirements applicable to the site.

3. (3) The responsible party is not separately required to demonstrate and maintain a financial assurance mechanism for operation and maintenance activities at a site because of all of the following conditions:

   1. (A) The site is a multiple responsible party site.
   2. (B) Financial assurance that operation and maintenance activities at the site will be carried out is demonstrated and maintained by a financial assurance mechanism established jointly by all, or some, of the responsible parties.
   3. (C) The financial assurance mechanism specified in subparagraph (B) meets the requirements of Sections 79315 and 79320.
4. (4) The responsible party is a federal, state, or local government entity.