Iowa Code 455G.12 – Board authority for prioritization
Current as of: 2024 | Check for updates
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1. If the board determines that, within the realm of sound business judgment and practice, prioritization of assistance is necessary in light of funds available for loan guarantees or insurance coverage, the board may develop rules for assistance or coverage prioritization based upon adherence or planned adherence of the owner or operator to higher than minimum environmental protection and safety compliance considerations.
Terms Used In Iowa Code 455G.12
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Operator: means a person who operates or is in actual physical control of a vessel. See Iowa Code 462A.2
- Owner: means a person, other than a lienholder, having the property right in or title to a motorboat or vessel. See Iowa Code 462A.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- Use: means to operate, navigate, or employ a vessel. See Iowa Code 462A.2
2. Prior to the adoption of prioritization rules, the board shall at minimum review the following issues:
a. The positive environmental impact of assistance prioritization.
b. The economic feasibility, including the availability of private financing, for an owner or operator to obtain priority status.
c. Any negative impact on Iowa’s rural petroleum distribution network which could result from prioritization.
d. Any similar prioritization systems in use by the private financing or insurance markets in this state, including terms, conditions, or exclusions.
e. The intent of this subchapter that the board shall maximize the availability of reasonably priced, financially sound insurance coverage or loan guarantee assistance.