The authority, pursuant to Title 5, chapter 375, subchapter II, shall adopt rules for determining eligibility, feasibility, terms, conditions, security and fees for the loans, including deferred loans. The authority shall adopt rules that provide for a simplified loan application process for loan requests of under $2000. Rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter II-A. The authority shall charge an interest rate of 0% on all loans. Loan repayment must be deferred until a final remedy at the waste oil disposal site is determined in the Record of Decision for the site and the cost of the final remedy is determined. Loan repayment must be deferred until the United States Environmental Protection Agency is reimbursed for the costs incurred by the agency for performance and oversight of the final remedy at the waste oil disposal site as determined in the Record of Decision for the site and any 3rd party is reimbursed for the costs of performing the final remedy at the waste oil disposal site. If the total amount of the loan requests exceeds funds available under section 1023-L, the authority shall prorate the amount of the loan available to each applicant by the ratio of the funds available to the total loans requested.

SUMMARY

This bill defers repayments of loans issued under the Plymouth waste oil loan program until the United States Environmental Protection Agency is reimbursed for its costs and all 3rd parties are reimbursed for their costs of performing the final remedy at the waste oil sites.