1. (1) These rules are promulgated in accordance with and under the authority of ORS 466.706 through 466.835 as amended by Chapter 863, Oregon Laws, 1991 (Senate Bill 1215). These rules are in addition to OAR 340, division 172.

2. (2) The purpose of these rules is to:

   1. (a) Provide for the regulation of persons who receive reduced interest rate loans for UST project work;
   2. (b) Provide assistance to owners of underground storage tanks regulated by ORS 466.706 to 466.835 and federal regulation 40 CFR 280; and
   3. (c) Provide for the regulation of commercial lending institutions who issue reduced interest rate loans for UST project work.

3. (3) These rules establish requirements and standards for:

   1. (a) Reduced interest rates on loans for UST project work;
   2. (b) Applying and qualifying for interest rate payment to commercial lending institutions;
   3. (c) Administration and enforcement of these rules by the Department.

Statutory/Other Authority

ORS 466.706 - 466.895 & 466.995

Statutes/Other Implemented

OL 1989, Ch. 1071 & OL 1991, Ch. 863, Sec. 6 & 6a

History

DEQ 14-1992, f. & cert. ef. 6-11-92
DEQ 29-1991(Temp), f. 12-18-91, cert. ef. 12-20-91