1. (a) Processors or rerefiners who store or process used oil in aboveground tanks must, at closure of a tank system, demonstrate financial responsibility if necessary to comply with the closure requirements of 40 CFR §279.54(h)(1)(i). If the used oil handler cannot demonstrate that all contaminated soils are removed or decontaminated as required in 40 CFR §279.54(h)(1)(ii), then the used oil handler must further demonstrate financial responsibility by covering the soil and performing post-closure care in accordance with the closure and post-closure care requirements that apply to hazardous waste landfills under 40 CFR §§265.310, 265.117-265.120 and 265.145.
2. (b) Used oil handlers who must demonstrate financial assurance for soil remediation must do so in an amount as specified in §324.22(c) or (d) of this title (relating to Financial Responsibility Technical Requirements). These used oil handlers shall meet the financial responsibility requirements of this section, in addition to the requirements specified under Subchapters A, B, C, and D of this chapter (relating to Financial Assurance), except that wherever the term "Closure" is cited it will need to be replaced with the term "Soil Remediation."

3. (c) An owner or operator subject to this subchapter may utilize any of the mechanisms specified paragraphs (1)-(7) of this subsection. The original mechanism is required to be submitted to the Financial Assurance Section of the commission; and the amount specified for financial assurance will need to be adjusted annually for inflation as specified under §37.131 of the title (related to Annual Inflation Adjustments to Closure Cost Estimates):

   1. (1) fully-funded trust;
   2. (2) surety bond guaranteeing payment;
   3. (3) surety bond guaranteeing performance;
   4. (4) irrevocable standby letter of credit;
   5. (5) insurance;
   6. (6) financial test; or
   7. (7) corporate guarantee.

Source Note:The provisions of this §37.2011 adopted to be effective April 6, 1998, 23 TexReg 3263.