MI HB4583

Creates the refined petroleum fund within the state treasury to receive money from any source and directs the state treasurer to invest the fund, with interest and earnings remaining in the fund rather than lapsing to the general fund.

Authorizes refined petroleum fund expenditures for corrective actions, the legacy release program, department administrative costs, petroleum product inspection programs (up to $5,000,000 annually), fire services and storage tank division costs (up to $3,000,000 annually), and brownfield redevelopment grants and loans (up to $5,000,000 annually).

Establishes a legacy release program to reimburse eligible persons for 50% of corrective action costs for historic releases from refined petroleum underground storage tank systems discovered and reported before December 30, 2014, with a maximum reimbursement of $50,000 per location.

Requires owners or operators seeking fund eligibility for financial responsibility to submit a request to the authority and demonstrate compliance with registration requirements, lack of ineligibility factors, and financial responsibility for the deductible amount through approved financial assurance mechanisms or self-insurance.

Takes effect January 24, 2018, 90 days after enactment.