[Code of Federal Regulations]

[Title 40, Volume 26]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 40CFR281.39]



[Page 579-580]

 

                   TITLE 40--PROTECTION OF ENVIRONMENT

 

         CHAPTER I--ENVIRONMENTAL PROTECTION 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:



[[Page 580]]



    (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]