(a) A CO₂ authorized account representative of a general account may instruct the department or its agent to close the account by submitting a statement requesting deletion of the account from the CO₂ allowance tracking system and by correctly submitting for recordation under section 242-7.1 of this Part a CO₂ allowance transfer of all CO₂ allowances in the account to one or more other CO₂ allowance tracking system accounts.

(b) If a general account shows no activity for a period of one year or more and does not contain any CO₂ allowances, the department or its agent may notify the CO₂ authorized account representative for the account that the account will be closed in the CO₂ allowance tracking system 30 business days after the notice is sent. The account will be closed after the 20-day period unless, before the end of the 30-day period, the department or its agent receives a correctly submitted transfer of CO₂ allowances into the account under section 242-7.1 of this Part or a statement submitted by the CO₂ authorized account representative demonstrating to the satisfaction of the department or its agent good cause as to why the account should not be closed. The department or its agent will have sole discretion to determine if the owner or operator of the unit demonstrated that the account should not be closed.