The removal of asbestos siding is regulated by many departments. Local, State, and Federal. l
Asbestos was installed on many homes. In it's solid form, asbestos siding is beleived not to be a danger to you or your family when maintained (painted). It will last forever.
The danger occures when the siding becomes broken and the asbestos dust becomes airborn. It is beleived that the asbestos in the dust will stay in your lungs forever and can lead to cancer.
There are precautions that need to be taken if you plan on removing it yourself. I would not let my family near it while it is being removed. And yes the disposal of this product is regulated and can be costly.
I have worked quite a bit with this product in the past (before there were any concerns) and after, when the regulations first came about.
You should check with your local Building and Health Departments for more information.