R311-212-2. Declaration of Loan Application Periods, and Loan Application Submittal

(1) Application for a loan must be made on forms incorporated in Section R311-212-10, in accordance with Subsection 19-6-409(9); loan applications will be accepted during application periods designated by the director. (2) At least one application period shall be designated each calendar year if, on January 1: (a) the current balance due for outstanding loans is less than 25% of the cash balance of the Petroleum Storage Tank Fund; and (b) the cash balance of the Fund exceeds $10,000,000. (3) If the requirements of Subsections R311-212-2(2)(a) and R311-212-2(2)(b) are not met on January 1, but are met at a later time in the calendar year, the director may designate an application period. (4) An open application period will close if: (a) the current balance due for outstanding loans exceeds 25% of the cash balance of the Fund; or (b) the cash balance of the Fund is less than $10,000,000. (5) If an open application period closes as required by Subsection R311-212-2(4), loan applications currently under review when the application period closes may be renewed when a new application period opens, unless the applicant must re-apply as required by Subsection R311-212-5(1). (6) Applications must be received by the director by 5 p.m. on the last day of the application period. (7) Loan applications received outside the application period will be invalid.