For purposes of IC 13-11-2-148 (e), IC 13-11-2-150 (b), and IC 13-11-2-150 (c), a person that is a lender and that holds evidence of ownership primarily to protect a security interest in an underground storage tank or aboveground storage tank shall be considered to participate in management (as defined in IC 13-11-2-151.2 ) of the underground storage tank or aboveground storage tank only if, while the borrower is still in possession of the underground storage tank or aboveground storage tank encumbered by the security interest, the person:

1. (1) exercises decision making control over the environmental compliance related to the underground storage tank or aboveground storage tank such that the person has undertaken responsibility for the hazardous substance handling or disposal practices related to the underground storage tank or aboveground storage tank; or

2. (2) exercises control at a level comparable to that of a manager of the underground storage tank or aboveground storage tank such that the person has assumed or manifested responsibility:

   1. (A) for the overall management of the underground storage tank or aboveground storage tank encompassing day to day decision making with respect to environmental compliance; or
   2. (B) over all or substantially all of the operational functions (as distinguished from financial or administrative functions) of the underground storage tank or aboveground storage tank other than the function of environmental compliance.

As added by P.L.90-1998, SEC.20. Amended by P.L.159-2011, SEC.38; P.L.176-2023, SEC.59.