It repeals the requirement of annual reporting to the Legislature by the Commissioner of Environmental Protection on unavoidable malfunctions.

It amends the statutes to change a hearing and reporting requirement concerning classification standards from once every 3 years to once every 4 years.

It amends the statutes to make the creation of a wetland compensation fee program optional rather than mandatory, specifically adds municipalities to the types of organizations that may create a wetland compensation fee program, deletes the mandatory annual reporting requirement for any such program and deletes the requirement that funds from such a program are turned over to the department if the department's authorization of that program is revoked.

It repeals the requirement of annual reporting to the Legislature on the wetlands compensation fee program.

It repeals the provision that repeals the wetland compensation fee program effective October 15, 2003.

It makes the changes necessary to extend the sunset date for coverage of oil spill cleanup costs by the Ground Water Oil Clean-up Fund. The fund covers cleanup costs for spills from aboveground or underground oil tanks through December 31, 2005, at which point fund coverage, also called the fund insurance program, is repealed under current law. This bill extends the fund insurance program by 5 years to December 31, 2010.

It incorporates by reference the latest version of the federal regulations governing spill prevention and control at aboveground oil storage facilities. The purpose of this change is to ensure state and federal requirements are consistent with each other.