CO SB122

Increases the maximum liability of the petroleum storage tank fund from $2,000,000 to $2,500,000 per occurrence for leaks, spills, or releases from underground storage tanks

Allows owners or operators of storage tanks to exceed the $2,500,000 per-occurrence cap with permission from both the Director of the Division of Oil and Public Safety and the Petroleum Storage Tank Committee, who would then set a new maximum

Maintains the existing $3,000,000 aggregate annual cap per owner or operator for multiple occurrences during a state fiscal year

Authorizes the Director of the Division of Oil and Public Safety to adopt rules or issue policy guidance creating exceptions to ASTM International fuel standards to address consumer protection, pricing, supply networks, or other factors affecting Colorado communities' fuel access

Takes effect August 12, 2026, unless a referendum petition is filed