OAR 340-176-0060: Loan Guarantee Certificate

(1) In accordance with this part, the Department shall issue a loan guarantee certificate to an applicant who has filed a complete application and meets the requirements of OAR 340, division 172 and this Division. (2) Only one loan guarantee certificate shall be issued for each facility location. All tanks at a facility location shall be covered by the loan guarantee certificate. (3) An applicant may receive a loan guarantee certificate for more than one facility location. (4) The loan applicant may not assign any right, title, and interest in the loan guarantee certificate to any person other than a subsequent property owner, tank owner or permittee of the underground storage tank facility. (5) Loan guarantee certificates shall be valid for one year from the date of issue. A certificate may be renewed subject to availability of funds from the USTCCA fund.