[Code of Federal Regulations]
[Title 40, Volume 24]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR280.101]

[Page 488]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
                           AGENCY (CONTINUED)
 
PART 280--TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST)--Table of Contents
 
                   Subpart H--Financial Responsibility
 
Sec. 280.101  State fund or other state assurance.

    (a) An owner or operator may satisfy the requirements of Sec. 280.93 
for underground storage tanks located in a state, where EPA is 
administering the requirements of this subpart, which assures that 
monies will be available from a state fund or state assurance program to 
cover costs up to the limits specified in Sec. 280.93 or otherwise 
assures that such costs will be paid if the Regional Administrator 
determines that the state's assurance is at least equivalent to the 
financial mechanisms specified in this subpart.
    (b) The Regional Administrator will evaluate the equivalency of a 
state fund or other state assurance principally in terms of: Certainty 
of the availability of funds for taking corrective action and/or for 
compensating third parties; the amount of funds that will be made 
available; and the types of costs covered. The Regional Administrator 
may also consider other factors as is necessary.
    (c) The state must submit to the Regional Administrator a 
description of the state fund or other state assurance to be supplied as 
financial assurance, along with a list of the classes of underground 
storage tanks to which the funds may be applied. The Regional 
Administrator may require the state to submit additional information as 
is deemed necessary to make a determination regarding the acceptability 
of the state fund or other state assurance. Pending the determination by 
the Regional Administrator, the owner or operator of a covered class of 
USTs will be deemed to be in compliance with the requirements of 
Sec. 280.93 for the amounts and types of costs covered by the state fund 
or other state assurance.
    (d) The Regional Administrator will notify the state of his 
determination regarding the acceptability of the state's fund or other 
assurance in lieu of financial mechanisms specified in this subpart. 
Within 60 days after the Regional Administrator notifies a state that a 
state fund or other state assurance is acceptable, the state must 
provide to each owner or operator for which it is assuming financial 
responsibility a letter or certificate describing the nature of the 
state's assumption of responsibility. The letter or certificate from the 
state must include, or have attached to it, the following information: 
the facility's name and address and the amount of funds for corrective 
action and/or for compensating third parties that is assured by the 
state. The owner or operator must maintain this letter or certificate on 
file as proof of financial responsibility in accordance with 
Sec. 280.107(b)(5).