(a) Following the public hearing, the Board shall determine whether, based on the record before it, the lead agency approved financial assurance cost estimate for reclamation is sufficient to complete reclamation in accordance with the approved reclamation plan and/or plan amendments 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. A lead agency approved financial assurance cost estimates determined to meet these requirements shall be upheld by the Board. Notification of the Board's determination shall be made by certified mail to the Division, the operator, the lead agency, 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 cases where the lead agency approved financial assurance cost estimate for reclamation is found to be insufficient to complete reclamation, deficiencies, including any adequate cost estimates for each noted deficiency, shall be noted in the correspondence notifying the lead agency, any other public agency or agencies exercising jurisdiction over the surface mining operation, if applicable, the Division, and the operator of the Board's determination. The operator shall be granted, once only, a period of 30 days, or a longer period mutually agreed upon by the operator, the Division, and the Board, to correct the noted deficiencies and submit the revised financial assurance cost estimate to the lead agency for approval, and to the Division, the Board, and any other public agency or agencies exercising jurisdiction over the surface mining operation, if applicable, for review. Prior to lead agency approval of the revised financial assurance cost estimate, the Chair of the Board, or the Chair's designee (Board Member or Executive Officer) shall have a period of 15 days following receipt to review the revised financial assurance cost estimate for confirmation that the corrections are consistent with the Board's determination. Only after the Board has provided notice to the lead agency confirming the corrections are consistent with the Board's determination may the lead agency approve the revised financial assurance cost estimate. The lead agency shall provide notice to the Division and any other public agency or agencies exercising jurisdiction over the surface mining operation, if applicable, of the approved revised financial assurance cost estimate within 5 days of approval.