Sec. 4.5. The financial assurance board shall adopt rules under IC 4-22-2 to do the following:
        (1) Establish standards, procedures, and penalties for submitting or resubmitting a claim under section 1 of this chapter when the owner or operator has failed to:
            (A) register an underground petroleum storage tank from which a release has occurred; or
            (B) pay all registration fees that are due under IC 13-23-12-1 by the date the fees are due.
        (2) Determine eligibility for new owners or operators that acquire ownership or operation of the underground petroleum storage tank as a result of:
            (A) a bona fide, good faith transaction, negotiated at arm’s length, between parties under separate ownership and control;
            (B) a foreclosure or a deed transferred in lieu of a foreclosure;
            (C) the exercise of the person’s lien rights; or
            (D) an inheritance.
As added by P.L.67-1996, SEC.8. Amended by P.L.14-2001, SEC.10.