SB 1080 Summary

• Establishes a regulated substance fund administered by the director to replace the underground storage tank assurance account, with monies continuously appropriated and exempt from lapsing requirements.

• Extends the deadline for submitting applications for reimbursement or direct payment from the assurance account from June 30, 2010 to December 31, 2015, and extends the preapproval application deadline from June 30, 2009 to December 31, 2014.

• Transfers monies from the underground storage tank assurance account to the regulated substance fund upon payment of all timely claims, including copayments and remaining balances up to $60 million, with excess monies deposited into the state highway fund.

• Expands coverage eligibility to include releases reported on or after July 1, 2006 that meet specific compliance criteria and could not have been reported earlier with reasonable diligence, with such releases prioritized after pre-2006 releases.

• Establishes an underground storage tank program study committee with legislative, executive, and stakeholder representation to make recommendations on program funding, financial responsibility, leak detection, and tank inspections, with findings due by December 31, 2013.