(1) Loans may be considered in default when:
- (a) two consecutive payments are past due by 30 days or more;
- (b) when the applicant's ability to receive payments for claims against the Fund lapses; or
- (c) if the certificate of compliance lapses or is revoked.
- (2) Lapsing under Subsection R311-206-7(5) will not be considered as grounds for default for PSTs which are permanently closed.
- (3) The director may declare the full amount of the defaulted loan, penalty, and interest immediately due.
- (4) The director need not give notice of default before declaring the full amount due and payable.
- (5) The borrower is liable for attorney's fees and collection costs for defaulted loans whether incurred before or after court action.
KEY: hazardous substances, petroleum, underground storage tanks
Date of Last Change: November 14, 2025
Notice of Continuation: March 8, 2022
Authorizing, and Implemented or Interpreted Law: 19-6-105; 19-6-403; 19-6-409