Section 324.14501. Definitions.

Rule 1. As used in these rules:

(a)     "Applicant" means a business that applies for a small business pollution prevention loan.

(b)   "Department" means the department of environmental quality.

(c)     "Director" means the director of the department or his or her designated representative.

(d)  "Eligible pollution prevention project" means a pollution prevention project that meets the criteria in these rules.

(e)    "Energy usage" means the use of nonrenewable resources to support business operations, including electricity, water, and natural gas.

(f)   "Fixed asset" means a permanent asset that is not consumed or converted into cash or its equivalent during a 12-month period.

(g)   "Fund," as defined in part 145 of 1994 PA 451, MCL 324.14513 et seq., means the small business pollution prevention assistance revolving loan fund.

(h)    "Lender agreement" means a binding agreement between a lending institution and the department that sets forth the terms and conditions for a lending institution to make loans and otherwise participate in the small business pollution prevention loan program.

(i)   "Lending institution" means a bank, out-of-state bank, or national bank, foreign bank branch, association, savings bank, or credit union organized under the laws of this state, another state, the District of Columbia, the United States, or a territory or protectorate of the United States that has entered into a lender agreement with the department.

(j)    "Loan agreement" means a written contract or agreement between a lending institution and a loan recipient that describes the terms of the small business pollution prevention loan. (k) "Loan recipient" means a small business that has been approved for and issued a small business pollution prevention loan.

(l)   "RETAP audit" means a pollution prevention assessment conducted by engineers, scientists, and other qualified professionals participating in the retired engineer technical assistance program established under part 145 of 1994 PA 451, MCL 324.14501 et seq.

(m)   "Small business pollution prevention loan" means a low-interest loan to a small business to finance an eligible pollution prevention project as provided for under these rules and part 145 of 1994 PA 451, MCL 324.14513 et seq.

(n)     "Small business pollution prevention loan program" means the program the department administers to provide small business pollution prevention loans under these rules.

(o)   “Supplemental agreement” means a binding agreement between an applicant and the department that sets forth the terms and conditions for the applicant to receive funds and otherwise participate in the small business pollution prevention loan program.

(p)   Terms used in these rules have the same meaning as those defined and used in part 145 of 1994 PA 451.

History: 1998-2000 AACS; 2013 AACS.