(1) The owner of a high-hazard dam shall have a five-year dam evaluation conducted by a qualified engineer.

(2) A visual inspection of the dam must be conducted at least once every five years or within the period stated in the terms of an operation permit for a high-hazard dam. The visual inspection may be split into two separate visits to the dam site, if the first visit to the dam site does not exceed the inspection frequency set forth in the approved operation permit.

(3) The frequency of the five-year dam evaluation shall be set by the department after considerations including the condition of the dam, proximity to population centers, current design technology, and type of construction.

(4) The owner shall retain records of all inspections, including records of actions taken to correct conditions found in such inspections.

(5) The owner shall bear the cost of the five-year dam evaluation.