(1) An underground storage tank exempt from regulation under 40 C.F.R., Part 280, Subpart A, may become eligible for payments from the Petroleum Storage Tank Trust Fund if it:

1. (a)

   1. (i) is a farm or residential tank with a capacity of 1,100 gallons or less and is used for storing motor fuel for noncommercial purposes;
   2. (ii) is used for storing heating oil for consumptive use on the premises where stored; or
   3. (iii) is used for any oxygenate blending component for motor fuels;
2. (b) complies with the requirements of Section 19-6-412;
3. (c) meets other requirements established by rules made under Section 19-6-403; and
4. (d) pays registration and tank fees and environmental assurance fees, equivalent to those fees outlined in Sections 19-6-408, 19-6-410.5, and 19-6-411.

(2) An above ground petroleum storage tank may become eligible for payments from the Petroleum Storage Tank Trust Fund if the owner or operator:

1. (a) pays those fees that are equivalent to the registration and tank fees and environmental assurance fees under Sections 19-6-408, 19-6-410.5, and 19-6-411;
2. (b) complies with the requirements of Section 19-6-412; and
3. (c) meets other requirements established by rules made under Section 19-6-403.