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

  (a) Application for a loan shall be made on forms incorporated in Section R311-212-10, in accordance with Subsection 19-6-409(9). Loan applications shall be accepted during application periods designated by the Director.

  (b) At least one application period shall be designated each calendar year if, on January 1,:

  (1) the current balance due for all outstanding loans is less than twenty-five per cent of the cash balance of the Petroleum Storage Tank Trust Fund, and

  (2) the cash balance of the Petroleum Storage Tank Trust Fund exceeds $10,000,000.

  (c) If the requirements of Subsections R311-212-2(b)(1) and (b)(2) are not met on January 1, but are met at a later time in the calendar year, the Director may designate an application period.

  (d) An open application period will close if:

  (1) the current balance due for all outstanding loans exceeds twenty-five per cent of the cash balance of the Petroleum Storage Tank Trust Fund, or

  (2) the cash balance of the Petroleum Storage Tank Trust Fund is less than $10,000,000.

  (e) If an open application period closes as required by Subsection R311-212-2(d), 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(a).

  (f) Applications must be received by the Director by 5:00 p.m. on the last day of the application period.

  (g) Loan applications received outside the application period shall be invalid.