If you are in doubt, google the paint by Manufacturer, paint name, and the letters MSDS. The Material Safety Data Sheet provides the information needed to comply with Federal Law.
State law supercedes only if it is stricter than the Federal mandate.
Some paints are oil based and pose significant ecological danger, & some paints and most thinners contain toluene or xylene which are flammable and *pose a significant risk to human life * due to fire. It actually has to be disposed of as a hazardous waste. On the MSDS such paints would have a RCRA waste code D001.
Your legal obligations will vary depending on the quantity of material involved. If you keep the paint in the original quart and gallon sized quatities, none of these dangers or the regulations will apply because of an exemption known as ORM-D. If you have 3, 5, or 55 gallon drums of the stuff, even waterbased paints will require a non-haz manifest.
Your moral obligations require that since you know of the potential harm to human life and to the environment (God did give man the earth to tend and care for) that you exercise due diligence to educate yourself to the danger and take reasonable and prudent steps to abate that danger.
Moral obligation supercedes only if it is stricter than the Federal mandate.
You can find all the information you need here:
www.epa.org search for RCRA.