(a) As used in this section, “nutrient” means a substance assimilated by an organism that promotes growth and replacement of cellular constituents, including without limitation nitrogen, phosphorus, and carbon.
(b)
(1) The Arkansas Pollution Control and Ecology Commission may adopt rules that specify requirements, standards, and procedures governing the establishment and implementation of nutrient water quality trading programs, including without limitation program scope, eligibility, and threshold treatment requirements.
(2) The nutrient water quality trading programs may include without limitation the following:
(A) The establishment and regulation of nutrient water quality trading exchanges;
(B) The establishment and regulation of nutrient water quality compliance associations;
(C) The authorization and regulation of nutrient water quality trading credits;
(D) The authorization and regulation of nutrient water quality offsets; and
(E)
(i) The establishment of a schedule of user fees to be collected by the Division of Environmental Quality from persons or entities applying for approval of, generating, or utilizing nutrient water quality trades or offsets to comply with permit limits.
(ii) The user fees shall be based on a record calculating the reasonable costs to the division of evaluating, implementing, and enforcing each nutrient water quality trading, credit, or offset program.
(c) Under rules adopted by the commission under subsection (b) of this section, the division may:
(1) Include terms and conditions in any appropriate permit that allow the eligible permit holder to use water quality trading arrangements such as water quality trading credits and water quality offsets as a means for complying with appropriate nutrient effluent limitations or conditions contained in the permit; and
(2) Issue permits to eligible compliance associations as a means for multiple eligible permit holders to collectively satisfy their aggregate permit limits for one (1) or more appropriate nutrient water quality parameters.
(d) A nutrient water quality trading program or arrangement established under this section shall provide that a decision to participate in the nutrient water quality trading program or arrangement is a matter of voluntary choice on the part of each participant in the nutrient water quality trading program or arrangement.