ORS 465.435: Rules relating to exemption from liability for security interest holder.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
(1) The Environmental Quality Commission may adopt rules necessary to clarify the scope and meaning of the exemption from liability under ORS 465.255 of a security interest holder. The rules shall: (a) Identify activities that are consistent with holding and protecting a security interest in a facility and therefore exempt from liability under ORS 465.255; (b) Identify the extent to which a security interest holder may undertake activities to oversee the affairs of a borrower for purposes of protecting a security interest in a facility and continue to be exempt from the liability imposed under ORS 465.255; (c) Identify the activities a security interest holder may undertake in connection with foreclosure on a security interest in a facility and continue to be exempt from the liability imposed under ORS 465.255; and (d) Allow a security interest holder to encourage and require responsible environmental management by borrowers. (2) In adopting rules under subsection (1) of this section, the commission shall: (a) Exclude the mere capacity or unexercised right to influence a facility’s management of hazardous substance from activities that might void a security interest holder’s exemption from liability; and (b) Distinguish activities that are consistent with holding, protecting and foreclosing of a security interest, and that are therefore exempt from liability, from activities that constitute actual participation in the management of a facility that may be grounds for liability under ORS 465.255. (3) In adopting rules under subsection (1) of this section, the commission shall consider and, to the extent consistent with subsections (1) and (2) of this section, adopt rules parallel in effect to any federal statute or regulation, adopted and effective on or after May 1, 1991, pertaining to the scope and meaning of the exemption from liability under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (P.L. 96-510 and 99-499), of a security interest holder. [1991 c.680 §4]
Administrative rules citing this section
- OAR 340-122-0030: Scope and Applicability — implements
- OAR 340-122-0040: Standards — implements
- OAR 340-122-0205: Cleanup Rules for Leaking Petroleum UST Systems: Purpose — implements
- OAR 340-122-0210: Cleanup Rules for Leaking Petroleum UST Systems: Definitions — implements
- OAR 340-122-0215: Cleanup Rules for Leaking Petroleum UST Systems: Scope and Applicability — implements
- OAR 340-122-0217: Cleanup Rules for Leaking Petroleum UST Systems: Requirements and Remediation Options — implements
- OAR 340-122-0218: Cleanup Rules for Leaking Petroleum UST Systems: Sampling and Analysis — implements
- OAR 340-122-0220: Cleanup Rules for Leaking Petroleum UST Systems: Initial Response — implements
- OAR 340-122-0225: Cleanup Rules for Leaking Petroleum UST Systems: Initial Abatement Measures and Site Check — implements
- OAR 340-122-0230: Cleanup Rules for Leaking Petroleum UST Systems: Initial Site Characterization — implements
- OAR 340-122-0235: Cleanup Rules for Leaking Petroleum UST Systems: Free Product Removal — implements
- OAR 340-122-0240: Cleanup Rules for Leaking Petroleum UST Systems: Investigation for Magnitude and Extent of Contamination — implements
- OAR 340-122-0243: Cleanup Rules for Leaking Petroleum UST Systems: Low-Impact Sites — implements
- OAR 340-122-0244: Cleanup Rules for Leaking Petroleum UST Systems: Risk-Based Concentrations — implements
- OAR 340-122-0250: Cleanup Rules for Leaking Petroleum UST Systems: Corrective Action Plan — implements
- OAR 340-122-0252: Cleanup Rules for Leaking Petroleum UST Systems: Generic Remedies — implements
- OAR 340-122-0260: Cleanup Rules for Leaking Petroleum UST Systems: Public Participation — implements
- OAR 340-122-0320: Cleanup Rules for Leaking Petroleum UST Systems: Soil Matrix Cleanup Options — implements
- OAR 340-122-0325: Cleanup Rules for Leaking Petroleum UST Systems: Evaluation of Matrix Cleanup Level — implements
- OAR 340-122-0330: Cleanup Rules for Leaking Petroleum UST Systems: Evaluation Parameters — implements
- OAR 340-122-0335: Cleanup Rules for Leaking Petroleum UST Systems: Numeric Soil Cleanup Standards — implements
- OAR 340-122-0340: Cleanup Rules for Leaking Petroleum UST Systems: Sample Number and Location — implements
- OAR 340-122-0345: Cleanup Rules for Leaking Petroleum UST Systems: Sample Collection Methods — implements
- OAR 340-122-0355: Cleanup Rules for Leaking Petroleum UST Systems: Evaluation of Analytical Results — implements
- OAR 340-150-0008: Exemptions and Deferrals — authority
This rule cites
- ORS 465.255 — resolved
Cited by
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors465.html