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 R311-212-6 - Security for Loans
Current through Bulletin 2024-06, March 15, 2024
(1) When an applicant applies for a loan of greater than $30,000, the applicant must pledge for security personal or real property which meets or exceeds the following criteria:
(2) The applicant shall provide acceptable documentation of the value of the property to be used as security using:
(3) A title report on all real property and a UCC-1 clearance on all personal property used as security shall be submitted to the director by a title company or appropriate professional person approved by the director.
(4) When the title report indicates an existing lien or encumbrance on real property to be used as security, the existing lien holders may subordinate their interest in favor of the Department.
(5) When a corporation seeks a loan, its principals must guarantee the loan personally.
(6) The applicant must provide a complete financial statement with cash flow projections for debt service.
(7) Aboveground storage tanks and real property on which they are located will not be acceptable as security.
(8) USTs and the real property on which they are located will not be acceptable as security unless:
(9) If a loan is made without security, the maximum loan repayment period will be seven years.