AR SB955

Allows owners or operators of eligible storage tanks to transfer corrective action payment eligibility to another person if the department determines that person has financial and legal capacity to complete the work.

Transfers of eligibility do not relieve the original owner or operator of potential liability for required corrective action.

Makes lenders or secured creditors eligible for corrective action payments on otherwise eligible storage tanks if they assume responsibility for completing the corrective action.

Requires the Arkansas Pollution Control and Ecology Commission to establish procedures for owners, operators, or consultants to receive payment for purchasing equipment needed for corrective action.

Equipment payment procedures must include amortization schedules, reasonable rent provisions, accounting for residual equipment value, and provisions for equipment reversion to the department if maintenance or payment obligations are not met.