OK HB2505

Amends 17 O.S. 2011, Section 356 to modify the Oklahoma Petroleum Storage Tank Release Indemnity Program by adding limitations on reimbursements made from the Fund after a certain date.

For claims filed after the effective date, reimbursement limits may be reduced if remediation costs exceed the economic value of the property and the Fund director can negotiate removal of contaminated structures at lower cost than corrective action.

Deletes certain costs that are not reimbursable from the Fund, including loss of business, taking of property associated with corrective action, and legal expenses.

Clarifies that the Fund covers corrective action and physical/medical damages from eligible releases but excludes punitive damages and losses of time.

Effective date: November 1, 2012.