(a) Establishment.--There is established a separate account in the State Treasury to be known as the Hazardous Sites Loan Fund, which shall be a special fund administered by the Department of Commerce.¹

(b) Purpose.--In the case of a release or threatened release of hazardous substances from a site for which the department has identified no more than two persons as potentially liable under section 702,² such persons may be eligible, upon written application to the Department of Commerce, to receive long-term, low-interest loans in an amount sufficient to fund all or a portion of the response costs at the site. The Department of Commerce shall promulgate regulations establishing eligibility criteria for the loans. As part of this effort, the Department of Commerce shall include a determination of the availability of other sources of funds at reasonable rates to finance all or a portion of the response action and the need for Department of Commerce assistance to finance the response action.

(c) Funds.--In addition to any funds as may be appropriated by the General Assembly, at least 2% of the funds raised annually by the assessments imposed by section 903³ shall be deposited into the loan fund.

(d) Annual report.--Beginning October 1, 1989, and annually thereafter, the Department of Commerce shall transmit to the General Assembly a report concerning activities and expenditures made pursuant to this section for the preceding State fiscal year. Included in this report shall be information concerning all revenues and receipts deposited into the loan fund and all loans extended to eligible applicants.

(e) Sunset.--The loan fund shall cease to exist on June 30, 1992, unless it is reestablished by action of the General Assembly. Any funds remaining in the loan fund on June 30, 1992, shall lapse to the Hazardous Sites Cleanup Fund. Money received by the Department of Commerce as repayment of outstanding loans after June 30, 1992, shall lapse to the Hazardous Sites Cleanup Fund.