Utah Administrative Code
Topic - Environmental Quality
Title R311 - Environmental Response and Remediation
Rule R311-212 - Administration of the Petroleum Storage Tank Fund Loan Program
Section R311-212-5 - Loan Application Review
Universal Citation: UT Admin Code R 311-212-5
Current through Bulletin 2024-06, March 15, 2024
(1) The applicant shall ensure that the loan application is complete.
(a) the completed application with supporting
documents must contain information required by the application.
(2) If the applicant does not submit a complete application within 60 days of eligibility approval, the applicant's eligibility approval shall be forfeited, and the applicant must re-apply.
(3) Costs incurred in processing the application shall be the responsibility of and paid for by the applicant including:
(a) appraisals;
(b) title reports; or
(c) UCC-1 releases.
(i) the director may require payment of costs
in advance.
(ii) the director shall
not reimburse costs which have been expended, even if the loan fails to close,
regardless of the reason.
(4) The review and approval of the application shall be based on information provided by the applicant, and:
(a) review of any records and documents on
file;
(b) verification of any
information provided by the applicant;
(c) review of credit worthiness and security
pledged; and
(d) review of a site
construction work plan.
(5) The applicant must close the loan within 30 days after the director conveys the loan documents for the applicant's signature.
(a) if the applicant fails to close
the loan within this time period, the approval is forfeited and the applicant
must re-apply.
(b) an exception to
the 30-day period may be granted by the director if the closing is delayed due
to circumstances beyond the applicant's control.
Disclaimer: These regulations may not be the most recent version. Utah may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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