(1) A brownfield party entering into a brownfield agreement shall submit to the department for its approval a proposed notice of brownfield agreement site before execution of the brownfield agreement as provided in Section 49-35-11.

(2) A notice of brownfield agreement site (a) shall be entitled “Notice of Brownfield Agreement Site”, (b) shall include a survey plat of the brownfield agreement site described in the brownfield agreement that has been prepared and certified by a professional land surveyor, (c) shall include a legal description of the brownfield agreement site, and (d) shall identify the following:

(i) The location and dimensions of the areas of potential environmental contamination with respect to permanently surveyed benchmarks;

(ii) The type, location, and quantity of contaminants known to exist on or under the brownfield agreement site;

(iii) All land-use restrictions on the current or future use of the brownfield agreement site. These land-use restrictions may apply to activities on or under the brownfield agreement site, including, but not limited to, use of groundwater, building, filling, grading, excavating, and mining; and

(iv) All engineering controls included in the brownfield agreement.

(3)

(a) Within fifteen (15) days after the brownfield agreement is executed, the brownfield party shall file a certified copy of the brownfield agreement and the notice of the brownfield agreement site in the office of the chancery clerk of the county in which the site is located. The chancery clerk shall record and enter the notice of the brownfield agreement site and the brownfield agreement in the land records in accordance with Section 89-5-33 and collect the fees provided in Section 25-7-9. Any deed or other instrument conveying an interest in brownfield property shall state in the deed or instrument that the property is brownfield property and subject to a brownfield agreement, unless the notice is canceled under subsection (4) of this section.

(b) If the notice has not been canceled under subsection (4) of this section, the seller of brownfield property shall disclose in the contract for the purchase of the brownfield property that the property is brownfield property and subject to a brownfield agreement.

(4) If a brownfield party remediates a brownfield agreement site to a risk level of unrestricted use, the brownfield party may petition the commission to cancel the notice of brownfield agreement site. If the commission issues an order canceling the notice, the current owner of the brownfield agreement site shall file a statement issued by the executive director in accordance with the commission’s order canceling the notice in the office of the chancery clerk in any county in which the brownfield agreement site is located. The executive director’s statement shall contain the names of the owners of the brownfield agreement site as shown in the notice of brownfield agreement site and reference the book and page where the notice is recorded. After collecting the proper fee fixed in Section 25-7-9, the chancery clerk shall record the executive director’s statement as provided in subsection (3) of this section. The chancery clerk shall make a marginal entry on the notice of brownfield agreement site showing the date of cancellation and the book and page where the executive director’s statement is recorded, and the chancery clerk shall sign the entry.