24. Prior to July 1, 1997, or upon completion of the upgrade of an underground storage tank as required pursuant to P.L.1986, c.102 (C. 58:10A-21 et seq.), the owner or operator of that underground storage tank shall submit to the department evidence of financial responsibility for taking corrective action and compensating third parties as is required pursuant to section 5 of P.L.1986, c.102 (C. 58:10A-25) or pursuant to 42 U.S.C. § 6991 et seq. The department may require that evidence of financial responsibility be submitted prior to the last disbursement of financial assistance from the fund. After a regulated tank is upgraded, the New Jersey Spill Compensation Fund, created pursuant to the “Spill Compensation and Control Act,” P.L.1976, c.141 (C. 58:10-23.11 et seq.) shall no longer serve as the evidence of financial responsibility for the regulated tank.

L.1997,c.235,s.24; amended 2003, c.148, s.6.