[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: 40CFR281.39]

[Page 528]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
                           AGENCY (CONTINUED)
 
PART 281--APPROVAL OF STATE UNDERGROUND STORAGE TANK PROGRAMS--Table of Contents
 
                Subpart C--Criteria for No-Less-Stringent
 
Sec. 281.39  Lender liability.

    (a) A state program that contains a security interest exemption will 
be considered to be no less stringent than, and as broad in scope as, 
the federal program provided that the state's exemption:
    (1) Mirrors the security interest exemption provided for in 40 CFR 
part 280, subpart I; or
    (2) Achieves the same effect as provided by the following key 
criteria:
    (i) A holder, meaning a person who maintains indicia of ownership 
primarily to protect a security interest in a petroleum UST or UST 
system or facility or property on which a petroleum UST or UST system is 
located, who does not participate in the management of the UST or UST 
system as defined under Sec. 280.210 of this chapter, and who does not 
engage in petroleum production, refining, and marketing as defined under 
Sec. 280.200(b) of this chapter is not:
    (A) An ``owner'' of a petroleum UST or UST system or facility or 
property on which a petroleum UST or UST system is located for purposes 
of compliance with the requirements of 40 CFR part 280; or
    (B) An ``operator'' of a petroleum UST or UST system for purposes of 
compliance with the requirements of 40 CFR part 280, provided the holder 
is not in control of or does not have responsibility for the daily 
operation of the UST or UST system.
    (ii) [Reserved]
    (b) [Reserved]

[60 FR 46715, Sept. 7, 1995]