SB 390 Summary

• Extends the Recycling Market Development Revolving Loan Program and its continuous appropriation from July 1, 2011 to July 1, 2021, with repeal date moved to January 1, 2022.

• Removes the $5,000,000 cap on transfers from the Integrated Waste Management Account to the loan subaccount and eliminates the requirement that transferred amounts be repaid with interest (retroactive to January 1, 1992).

• Requires the Department of Resources Recycling and Recovery to verify applicants have obtained all significant applicable federal, state, and local permits before funding loans.

• Authorizes the department to collect application fees and loan fees or points to fund processing and administration of the revolving loan program.

• Maintains existing loan requirements including maximum 10-15 year terms, financing up to three-fourths of project costs or $2,000,000 (whichever is less), and priority for projects that increase market demand for postconsumer waste recycling.