(a) (1) A loan agreement under this subtitle shall contain those conditions that the Secretary requires by regulation to achieve the purposes of this subtitle and to protect the interests of the State.
(2) A loan agreement under this subtitle shall contain provisions that authorize the Secretary to recall the loan and require that any amount of financial assistance provided under this subtitle be returned to the State under terms established by the Secretary, if the Secretary determines that:
(i) The recipient of a loan under this subtitle fails to remain in compliance with any law or regulation governing the installation, operation, or use of underground storage tanks; or
(ii) The proceeds of a loan provided under this subtitle have been used for a purpose other than one authorized under this subtitle.
(3) Any funds returned to the State under this subsection shall be credited to the Underground Storage Tank Upgrade and Replacement Fund.
(b) A loan extended under this subtitle:
(1) May not exceed $50,000 for any one upgrade;
(2) Shall bear at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works; and
(3) Shall be repaid in full in a term not to exceed 15 years in accordance with the provisions of the loan agreement.
(c) The aggregate amount of all loans awarded under this subtitle to a single applicant in any calendar year may not exceed $150,000, unless the Secretary determines that extraordinary circumstances exist.
(d) The proceeds of a loan awarded under this subtitle may be applied to the costs of developing plans and specifications, equipment, construction, and site assessment related to the upgrade and replacement of underground storage tanks.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.