A. The Geologic Carbon Dioxide Storage Stewardship Act applies to sequestration facilities that commence injection of carbon dioxide after the effective date of that act; provided that sequestration facilities that commenced injection of carbon dioxide before the effective date of that act may apply to the division for a certificate of completion of injection operations and for the transfer of the continuing stewardship responsibilities to the state pursuant to applicable statutes and rules and after payment of a fee equivalent to the fee that the division would otherwise have collected pursuant to Section 5 [ 74-14-5 NMSA 1978] of that act.
B. The division has the jurisdiction and authority necessary to enforce the provisions of the Geologic Carbon Dioxide Storage Stewardship Act and may adopt and promulgate rules and issue orders for the implementation of the provisions of that act.
C. The fees collected from operators and deposited in the geologic carbon dioxide long-term storage stewardship fund shall not relieve a facility owner or operator from responsibility for posting and maintaining financial assurance mechanisms as required by applicable statutes and rules or from any liability caused by conditions or operation of a sequestration facility prior to transfer of stewardship.