---
kind: "section"
citation: "40 C.F.R. § 281.38"
title: "40"
number: "281.38"
heading: "Lender liability."
url: "https://uscodex.org/cfr/40/281.38"
---

# §281.38. Lender liability.

- (a) A state program that contains a security interest exemption will be considered to be no less stringent than, and as broad in scope as, the federal program provided that the state's exemption:
  - (1) Mirrors the security interest exemption provided for in [40 CFR part 280](/cfr/40/part280.md), [subpart I](/cfr/40/subpartI.md); or
  - (2) **Achieves the same effect as provided by the following key criteria—**
    - (i) A holder, meaning a person who maintains indicia of ownership primarily to protect a security interest in a petroleum UST or UST system or facility or property on which a petroleum UST or UST system is located, who does not participate in the management of the UST or UST system as defined under [§ 280.10](/cfr/40/280.10.md) of this chapter, and who does not engage in petroleum production, refining, and marketing as defined under [§ 280.200(b)](/cfr/40/280.200.md?p=b) of this chapter is not:
      - (A) An “owner” of a petroleum UST or UST system or facility or property on which a petroleum UST or UST system is located for purposes of compliance with the requirements of [40 CFR part 280](/cfr/40/part280.md); or
      - (B) An “operator” of a petroleum UST or UST system for purposes of compliance with the requirements of [40 CFR part 280](/cfr/40/part280.md), provided the holder is not in control of or does not have responsibility for the daily operation of the UST or UST system.
    - (ii) [Reserved]
- (b) [Reserved]

## Notes

### Authority

Authority: 42 U.S.C. 6912, 6991(c), 6991(d), 6991(e), 6991(i), 6991(k).

### Source

Source: 80 FR 41677, July 15, 2015, unless otherwise noted.