NY A09926

Adds section 17-1019 to Environmental Conservation Law establishing financial security requirements for petroleum bulk storage facilities storing Bakken crude oil or bitumen crude oil with API gravity of 10 or less.

Requires the Department of Environmental Conservation to mandate financial security from covered facilities to cover all cleanup and decontamination costs resulting from oil releases, acceptable in forms including insurance, guarantees, letters of credit, or corporate surety bonds.

Financial security must remain in full force for the duration of facility registration, with replacement required within seven days of cancellation or the facility's registration is immediately suspended.

Defines key terms including "cleanup and decontamination," "contamination," and "environment" for purposes of the statute.

Takes effect 60 days after enactment.