- (a) A lender or secured creditor that holds ownership in a storage tank primarily to protect a security interest on the storage tank or the facility where it is located, or both, is eligible for reimbursement for corrective action if the lender or secured creditor assumes responsibility for completing the corrective action of a release from a qualified storage tank.
- (b) If an owner or operator is performing corrective action to the Division of Environmental Quality’s satisfaction, a lender or secured creditor is not eligible to assume responsibility for corrective action or to receive reimbursement for corrective action.
- (c) A lender or secured creditor must notify the division thirty (30) days prior to assuming responsibility for completing corrective action for a release from a qualified storage tank and provide documentation of the security interest in the storage tank or the facility where the storage tank is located.
(d) Upon verification of the security interest of the lender or secured creditor and determination by the division that the owner or operator is performing corrective action in an unsatisfactory manner, the lender or secured creditor will enter into a consent administrative order with the division setting forth the following:
- (1) The lender or secured creditor assumes responsibility for completing the corrective action for a release from a qualified storage tank; and
- (2) The lender or secured creditor shall cooperate fully with the division in conducting the corrective action for a release from a qualified storage tank.
- (e) A lender or secured creditor that is eligible for reimbursement for corrective action for a release from a qualified storage tank under this section shall comply with this part.
- (f) Eligibility for reimbursement of corrective action costs for the occurrence is effective upon execution of the consent administrative order.
- (g) Nothing in this section shall be construed to alter the limits of reimbursement for corrective action set out in Arkansas Code § 8-7-907.