(a) Following the public hearing, the Board shall determine whether, based on the record before it, the proposed or existing financial assurance cost estimate for reclamation is sufficient to complete reclamation in accordance with the approved reclamation plan and/or plan amendment pursuant to the applicable requirements of Public Resources Code sections 2770, 2773.1, 2773.4, Article 11 (commencing with section 3800) of this subchapter, the Board's financial assurance guidelines, and the lead agency surface mining ordinance adopted pursuant to subdivision (a) of section 2774. Financial assurance cost estimates determined to meet these requirements shall be approved by the Board. Notification of the Board's determination shall be made by certified mail to the appellant and the lead agency within 10 days following the regular business meeting of the Board at which the decision was made. Notification of the Board's determination shall also be made by regular mail or electronic mail to the Division and any other public agency or agencies exercising jurisdiction over the surface mining operation, if applicable, within 10 days following the regular business meeting of the Board at which the decision was made.

(b) In a case where the financial assurance cost estimate for reclamation is not approved, deficiencies shall be noted in the correspondence notifying the appellant and the lead agency of the Board's decision. The appellant shall be granted, once only, a period of 30 days, or a longer period mutually agreed upon by the appellant and the Board, to correct the noted deficiencies and submit the revised financial assurance cost estimate for reclamation to the lead agency for review and approval. The lead agency shall provide notice to the Division of the approved revised financial assurance cost estimate within 5 days of approval.