Utah Admin. Code R305-4-9 - Loan Program Limitations

(1) Loan application shall not be approved if:

(a) awarding a loan to an applicant would result in the department's inability to fulfill its obligations under this program or this rule;

(b) the applicant does not meet the approval requirements of Sections R305-4-4 and R305-4-5, and the project eligibility requirements of Rule R307-123;

(c) the fund balance is zero;

(d) awarding a loan to an applicant would result in the fund balance being less than zero;

(e) the OEM clean vehicle purchased with the loan funds has previously been titled, registered, or driven more than 7,500 miles by a person or entity other than the applicant;

(f) the amount of a loan for any vehicle will exceed the requirements in Subsection 19-1-403(3)(b) minus the amount of any tax credit claimed under Section 59-7-618.1 or 59-10-1033.1; or

(g) the amount to be loaned for the purchase of vehicle refueling equipment will exceed the requirements in Subsection 19-1-403(3)(d)(ii).

(2) The maximum amount that may be approved by the department for a loan is $200,000; the minimum amount that may be approved is $5,000.

(3) Awards for applicants applying for both a grant and loan will not exceed the actual cost of the approved project, minus the amount of any tax credit claimed under Section 59-7-618.1 or 59-10-1033.1.

Notes

Utah Admin. Code R305-4-9

Amended by Utah State Bulletin Number 2023-04, effective 2/2/2023