(a) Establishment.--The department, in consultation with the Department of Environmental Protection, is
authorized to establish a revolving loan program for private dam owners enrolled in
the program to provide assistance.
(b) Loan criteria.--The department, in consultation with the Department of Environmental Protection, shall
establish criteria to award loans under the revolving loan program. Participation in the program shall be considered collateral for any loans awarded
under this section.
(c) Loan amounts.--A loan amount under the program may not exceed 50% of the eligible costs and may not
(d) Loan application.--Owners seeking program loans must submit a complete loan application to the department. The loan application form shall be provided by the department. The loan application form shall be developed in consultation with the Department
of Environmental Protection and shall include all of the following:
(1) The name of the applicant.
(2) A brief description of the project to be funded.
(3) A demonstrated estimate of the eligible costs of the project.
(4) Any other information as the department or Department of Environmental Protection
(e) Repayment.--Loans shall have a repayment period of up to 10 years.
(f) Interest.--Loan interest rates shall be fixed at an interest rate in effect at the time the loan
is made and shall be equal to the Five-Year United States Treasury Note on the date
the loan is awarded.
(g) Fee.--The department may charge a loan origination fee not to exceed 2.5% of the approved
(h) Penalties.--The department, in consultation with the Department of Environmental Protection, shall
establish penalties for loan recipients who fail to meet their repayment obligations
under the loan terms.
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 or via Westlaw before relying on it for your legal needs.
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