Skip to main content
Find a Lawyer

Maryland Code, Environment § 4-605

Current as of January 01, 2025 | Updated by Findlaw Staff

(a)(1) A loan agreement under this subtitle shall contain those conditions that the Secretary requires by regulation to achieve the purposes of this subtitle and to protect the interests of the State.

(2) A loan agreement under this subtitle shall contain provisions that authorize the Secretary to recall the loan and require that any amount of financial assistance provided under this subtitle be returned to the State under terms established by the Secretary, if the Secretary determines that:

(i) The recipient of a loan under this subtitle fails to remain in compliance with any law or regulation governing the installation, operation, or use of underground storage tanks; or

(ii) The proceeds of a loan provided under this subtitle have been used for a purpose other than one authorized under this subtitle.

(3) Any funds returned to the State under this subsection shall be credited to the Underground Storage Tank Upgrade and Replacement Fund.

(b) A loan extended under this subtitle:

(1) May not exceed $50,000 for any one upgrade;

(2) Shall bear at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works; and

(3) Shall be repaid in full in a term not to exceed 15 years in accordance with the provisions of the loan agreement.

(c) The aggregate amount of all loans awarded under this subtitle to a single applicant in any calendar year may not exceed $150,000, unless the Secretary determines that extraordinary circumstances exist.

(d) The proceeds of a loan awarded under this subtitle may be applied to the costs of developing plans and specifications, equipment, construction, and site assessment related to the upgrade and replacement of underground storage tanks.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Maryland Code, Environment § 4-605 - last updated January 01, 2025 | https://codes.findlaw.com/md/environment/md-code-envir-sect-4-605/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard