New Mexico Administrative Code
Title 20 - ENVIRONMENTAL PROTECTION
Chapter 5 - PETROLEUM STORAGE TANKS
Part 117 - FINANCIAL RESPONSIBILITY
Section 20.5.117.1720 - REPORTING BY OWNER OR OPERATOR
Universal Citation: 20 NM Admin Code 20.5.117.1720
Current through Register Vol. 35, No. 6, March 26, 2024
A. Owners and operators shall submit the appropriate forms listed in Subsection B of 20.5.117.1721 NMAC documenting current evidence of financial responsibility to the secretary:
(1) within 30 days after the owner or
operator identifies a release from a storage tank required to be reported under
20.5.102.204 NMAC or 20.5.118 NMAC;
(2) if the owner or operator fails to obtain
alternate coverage as required by this part, within 30 days after the owner or
operator receives notice of:
(a) commencement
of a voluntary or involuntary proceeding under the Bankruptcy Code, 11 U.S.C.,
naming a provider of financial assurance as a debtor,
(b) suspension or revocation of the authority
of a provider of financial assurance to issue a financial assurance
mechanism,
(c) failure of a
guarantor to meet the requirements of the financial test, or
(d) other incapacity of a provider of
financial assurance, except as provided in Paragraph (3) of this
subsection;
(3) if the
owner or operator fails to obtain alternate coverage as required by this part,
within 60 days after the owner or operator receives notice that a state fund or
other state assurance has become incapable of paying for assured corrective
action or third-party compensation costs; or
(4) as required by Subsection G of
20.5.117.1705 NMAC and Subsection B of 20.5.117.1719 NMAC.
B. Owners and operators shall certify compliance with the financial responsibility requirements of this part as specified in the new tank registration form when registering a new storage tank under 20.5.102.202 NMAC.
C. The secretary may require an owner or operator to submit evidence of financial assurance as described in Subsection B of 20.5.117.1721 NMAC or other information relevant to compliance with this part at any time.
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