(d) Documentation of legal capacity includes, but is not limited to, the following, as appropriate:

1. (1) Proof of authorization to conduct business in Arkansas, e.g., current registration with, and a valid certificate of good standing issued by, the Secretary of State;
2. (2) Proof of proper registration of the tank system by the subsequent owner or operator;
3. (3) Copy of any access agreement or agreements between the subsequent tank owner and the owner of the real property, if different from the tank owner or operator; and
4. (4) Copy of any access agreement or agreements between the subsequent tank owner and adjacent property owner or owners if off-site access will be necessary to conduct corrective action.

(e) Documentation of financial capacity includes, but is not limited to, the following:

1. (1) Accurate and complete cost estimate for remaining corrective action activities required to abate a release from a qualified storage tank;
2. (2) A time schedule for completion of corrective action; and

3. (3) Any one (1) or combination of the items below that affirms, as determined by the division, the subsequent owner or operator has sufficient assets to complete corrective action:

   1. (A) An independently audited copy of the most recent annual financial statements that indicates the availability of sufficient funds to finance the remaining corrective action;
   2. (B) Copies of bank statements or any other financial records that indicate the availability of sufficient funds of the subsequent owner or operator to finance the remaining corrective action;
   3. (C) A letter from a financial institution or other funding agency indicating a binding commitment to provide a specified amount of funds and the uses for which the funds may be utilized; or
   4. (D) In cases where funding is required but there can be no binding commitment of money until approvals are received, a letter of intent to fund from the appropriate funding institution indicating the amount of funds and their specified uses.

(f) Upon approval of the division that the subsequent owner or operator has both the legal and financial capacity to complete corrective action, the owner or operator, the subsequent owner or operator, and the division will enter into a consent administrative order, upon agreement of all parties, setting forth the following:

1. (1) The owner or operator relinquishes eligibility for Petroleum Storage Tank Trust Fund coverage for the occurrence;
2. (2) The owner or operator acknowledges continuing liability for undertaking corrective action for the occurrence; and
3. (3) The subsequent owner or operator assumes responsibility for completion of corrective action for the occurrence.