HB 573 (BR 1149) - R. Damron, J. Adams, S. Alexander, C. Belcher, J. Bowling, I. Branham, K. Bratcher, J. Bruce, B. Buckingham, Dw. Butler, S. Cave, P. Clark, J. Crenshaw, J. Fischer, C. Geveden, J. Gooch, J. Hoover, J. Jenkins, L. Napier, R. Palmer, R. Palumbo, C. Siler, D. Sims, J. Stacy, K. Stein, R. Thomas, J. Thompson, J. Turner, J. Vincent, J. Wayne, R. Webb, S. Westrom, R. Wilkey, B. Yonts
AN ACT relating to the Petroleum Storage Tank Environmental Assurance Fund, making an appropriation relating thereto, and declaring an emergency.
Direct the Office of the Petroleum Storage Tank Environmental Assurance Fund to establish a bankruptcy response emergency loan account; define applicants who may qualify for a loan; require the loan applicant to document a written agreement, if one exists with a bankrupt primary service provider to perform corrective action services or to provide goods or services to assist in the performance of corrective action; require documentation of the amount of the claim against the primary service provider which has been filed by or on behalf of the qualified applicant in the bankruptcy court; require the office to make a loan within 15 days of receiving an application; require the office and the loan applicant to enter into an agreement to assign to the office the right of the qualified applicant to receive any payment from the primary service provider on the claim; direct the office to seek through the bankruptcy court to include in any reorganization plan a right to set off the amount of the loan against the assignment of any amount to be distributed to the qualified applicant under the plan; appropriate fund moneys for the purposes of the Act; EMERGENCY.
Feb 4-introduced in House
Feb 7-to Natural Resources and Environment (H)
Feb 10-posted in committee