§ 46-12.7-11 - Emergency loans. - Rhode Island Statutes

SECTION 46-12.7-11

   § 46-12.7-11  Emergency loans. – In the event of an oil spill where more than ten thousand (10,000) gallons ofoil have been discharged in the waters of the state, in any one day from asingle event, the director, after a properly noticed public hearing, may makean emergency secured loan to any private individual or entity who demonstratedthat the individual or entity may suffer substantial financial hardship as aresult of the oil spill without such loans. However, loans under this sectionmay be made only if the director determines that sufficient amounts areavailable in the fund to cover costs incurred by state and local governmentsand entities in responding to and cleaning up the spill. The director shalladopt any regulations and guidelines determined to be necessary regardingrepayment terms, interest, security, and any other items the administratordeems appropriate.