Bill > HB2949

This bill requires owners and operators of bulk oils and liquid fuels terminals to obtain a certificate of financial responsibility from the Department of Environmental Quality (DEQ), demonstrating their ability to cover potential spill-related liabilities. The bill establishes that these covered entities must maintain financial assurance mechanisms such as insurance, surety bonds, letters of credit, or trusts to address potential environmental and economic damages from oil, liquid fuel, or hazardous material spills. The Environmental Quality Commission will develop rules to establish minimum financial assurance amounts, considering factors like the type and size of facilities, operational risks, historical spill costs, and environmental sensitivity, with a maximum financial assurance limit of $300 million. An advisory committee composed of industry stakeholders, local government representatives, and community members will help draft these rules. The bill prohibits local governments from imposing additional financial assurance requirements beyond the state's standards and requires the DEQ to submit biennial reports to the Legislative Assembly describing the implementation of these requirements. The first detailed report, due by September 15, 2026, will assess the progress of rule development, the sufficiency of financial assurance amounts, and the ability of covered entities to comply with the new regulations. The bill takes effect 91 days after the 2025 legislative session adjourns and includes provisions for periodic review and potential adjustment of financial assurance requirements.

Budget and Finance, Military Affairs and Security

https://olis.oregonlegislature.gov/liz/2025R1/Measures/Overview/HB2949