HOUSE AMENDED
PRIOR PRINTER'S NOS. 12, 677 PRINTER'S NO. 1017
No. 11 Session of 1995
INTRODUCED BY STEWART, BRIGHTBILL, PORTERFIELD, SHAFFER,
LAVALLE, MUSTO, BELAN, JUBELIRER, SALVATORE, MELLOW, LOEPER,
FUMO, ANDREZESKI, BELL, TARTAGLIONE, BODACK, PUNT, MOWERY,
KASUNIC, RHOADES, HELFRICK, STOUT, SCHWARTZ, WENGER,
GREENLEAF, HECKLER, LEMMOND, MADIGAN, PETERSON, ROBBINS,
SHUMAKER, O'PAKE, WAGNER, STAPLETON, JONES, CORMAN, DAWIDA,
DELP, HART, ULIANA, GERLACH AND BAKER, JANUARY 17, 1995
AS REPORTED FROM COMMITTEE ON ENVIRONMENTAL RESOURCES AND
ENERGY, HOUSE OF REPRESENTATIVES, AS AMENDED, APRIL 26, 1995
AN ACT
1 Limiting environmental liability for economic development
2 agencies, financiers and fiduciaries.
3 The General Assembly of the Commonwealth of Pennsylvania
4 hereby enacts as follows:
5 Section 1. Short title.
6 This act shall be known and may be cited as the Economic
7 Development Agency, FIDUCIARY and Lender Environmental Liability <--
8 Protection Act.
9 Section 2. Declaration of policy.
10 The General Assembly finds and declares as follows:
11 (1) The Commonwealth has provided grant and loan funds
12 to a variety of economic development agencies, all for the
13 purpose of assisting these agencies in their efforts to
14 promote the general welfare of this Commonwealth by
1 encouraging economic development and industrial redevelopment
2 throughout this Commonwealth.
3 (2) Economic development agencies acquire title to
4 industrial property for financing purposes only and lease or
5 sell the same to industrial occupants who have sole
6 possession of the facilities for an amount of rent or
7 installment payments pursuant to an installment sale contract
8 which is determined solely on a basis of meeting the costs of
9 the financing and other costs associated with ownership
10 unrelated to profit.
11 (3) Economic development agencies acquire possession of
12 these industrial sites from time to time when the industrial
13 occupant defaults under its obligations to the agencies under
14 its lease or installment sales agreements.
15 (4) Economic development agencies also acquire
16 industrial property either for the purpose of financing or
17 redevelopment but without a motive for profit or to occupy
18 the property for their own industrial operations.
19 (5) Economic development agencies are reluctant to
20 acquire title to or other interests in property whether for
21 financing or redevelopment purposes or to secure repayment of
22 obligations unless the economic development agencies are
23 protected from liability for environmental contamination on
24 those sites they seek to assist to develop.
25 (6) The taking of legal title and any foreclosure or
26 retaking of possession of property by an industrial
27 development agency, area loan organization or industrial and
28 commercial development authority is pursuant to the following
29 acts:
30 (i) The act of May 17, 1956 (1955 P.L.1609, No.537),
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1 known as the Pennsylvania Industrial Development
2 Authority Act, which expressly requires that the
3 Pennsylvania Industrial Development Authority loan money
4 to industrial development agencies secured by not less
5 than a second mortgage lien.
6 (ii) The act of August 23, 1967 (P.L.251, No.102),
7 known as the Economic Development Financing Law, which
8 provides for issuance of debt by industrial and
9 commercial development authorities and authorizes these
10 authorities to take title to real property as security
11 for the indebtedness.
12 (iii) The act of July 2, 1984 (P.L.545, No.109),
13 known as the Capital Loan Fund Act, which requires that
14 its loans be made to area loan organizations with
15 adequate collateral.
16 (7) The maximum level of economic development and
17 business opportunity and employment and the elimination or
18 prevention of abandoned industrial and commercial property
19 and Federal Government or military lands which can best be
20 provided by the promotion, attraction, stimulation,
21 rehabilitation and revitalization of all types of industry,
22 commerce, manufacturing and business development within this
23 Commonwealth.
24 (8) To continue and further the stimulation of business
25 opportunities and economic development within this
26 Commonwealth and thereby cause the reuse and rehabilitation
27 of industrial and commercial property, it is necessary to
28 ensure various means of financing to promote economic growth
29 and the availability of fiduciary services to persons within
30 this Commonwealth.
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1 (9) Lenders are reluctant to provide funding for
2 business opportunities and economic development, and
3 fiduciaries are reluctant to provide services to persons with
4 environmental problems, because of catastrophic risks of
5 environmental liability and remediation costs under
6 environmental laws relating to releases and contamination
7 which were not caused by lenders and fiduciaries.
8 (10) When borrowers default on loans, lenders are
9 reluctant to foreclose upon commercial property with
10 environmental problems because lenders may be forced to
11 assume costly environmental liabilities; thus, commercial
12 property is being abandoned in this Commonwealth and new
13 businesses are unable to obtain financing to purchase such
14 properties.
15 (11) Family businesses are unable to establish trusts to
16 convey their business interests to the next generation and
17 other businesses are unable to receive retirement, investment
18 and other trust services from fiduciaries, when fiduciaries,
19 in their personal or individual capacities, may be held
20 liable for environmental contamination caused by other
21 persons merely by virtue of owning property in their trustee
22 capacities and providing fiduciary services.
23 (12) In order to continue to stimulate growth and
24 continue the use or reuse of industrial and commercial
25 property, it is necessary to provide protection, to lenders,
26 fiduciaries and economic development agencies, from
27 environmental liability and remediation costs under
28 environmental laws for releases and contamination caused by
29 others.
30 (13) Environmental liability for lenders, fiduciaries
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1 and economic development agencies shall be limited in scope
2 as specifically provided in this act, and this act shall be
3 interpreted as broadly as possible in order to preempt any
4 laws, regulations or ordinances imposing environmental
5 liability on such persons in order to promote economic
6 development.
7 Section 3. Definitions.
8 The following words and phrases when used in this act shall
9 have the meanings given to them in this section unless the
10 context clearly indicates otherwise:
11 "Board." The Environmental Hearing Board of the
12 Commonwealth.
13 "Borrower." A person who has received an extension of
14 credit. The term includes, but is not limited to, a debtor, a
15 lessor, a lessee or an obligor.
16 "Conservancy." A charitable corporation, charitable
17 association or charitable trust registered with the Bureau of
18 Charitable Organizations and exempt from taxation pursuant to
19 section 501(c)(3) of the Internal Revenue Code of 1986 (Public
20 Law 99-514, 26 U.S.C. § 501(c)(3)) or other Federal or
21 Commonwealth statutes or regulations, the purpose or powers of
22 which include retaining or protecting natural, scenic,
23 agricultural or open-space values of real property; assuring the
24 availability of real property for agricultural, forest,
25 recreational or open-space use; protecting natural resources and
26 wildlife; maintaining or enhancing land, air or water quality;
27 or preserving the historical, architectural, archaeological or
28 cultural aspects of real property.
29 "Department." The Department of Environmental Resources of
30 the Commonwealth.
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1 "Economic development agencies." The term includes:
2 (1) Any redevelopment authority created under the act of
3 May 24, 1945 (P.L.991, No.385), known as the Urban
4 Redevelopment Law.
5 (2) Any industrial development agency as that term is
6 defined in the act of May 17, 1956 (1955 P.L.1609, No.537),
7 known as the Pennsylvania Industrial Development Authority
8 Act.
9 (3) Any industrial and commercial development authority
10 created under the act of August 23, 1967 (P.L.251, No.102),
11 known as the Economic Development Financing Law.
12 (4) Any area loan organization as that term is defined
13 in the act of July 2, 1984 (P.L.545, No.109), known as the
14 Capital Loan Fund Act.
15 (5) Any other Commonwealth or municipal authority which
16 acquires title or an interest in property.
17 (6) Municipalities or municipal industrial development
18 or community development departments organized by ordinance
19 under a home rule charter which buy and sell land for
20 community development purposes.
21 (7) Tourist promotion agencies or their local community-
22 based nonprofit sponsor which engage in the acquisition of
23 former industrial sites as part of an "Industrial Heritage"
24 or similar program.
25 (8) Conservancies engaged in the renewal or reclamation
26 of an industrial site.
27 "Environmental acts." Collectively and separately, the act
28 of June 22, 1937 (P.L.1987, No.394), known as The Clean Streams
29 Law, the act of January 8, 1960 (1959 P.L.2119, No.787), known
30 as the Air Pollution Control Act, the act of July 7, 1980
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1 (P.L.380, No.97), known as the Solid Waste Management Act, the
2 act of October 5, 1984 (P.L.734, No.159), known as the Worker
3 and Community Right-to-Know Act, the act of July 13, 1988
4 (P.L.525, No.93), referred to as the Infectious and
5 Chemotherapeutic Waste Law, the act of October 18, 1988
6 (P.L.756, No.108), known as the Hazardous Sites Cleanup Act, the
7 act of July 6, 1989 (P.L.169, No.32), known as the Storage Tank
8 and Spill Prevention Act, the act of December 7, 1990 (P.L.639,
9 No.165), known as the Hazardous Material Emergency Planning and
10 Response Act, and the act of June 11, 1992 (P.L.303, No.52),
11 known as the Oil Spill Responder Liability Act, and all such
12 acts as they may be amended from time to time, and any Federal,
13 State or local law, statute, regulation, rule, ordinance, court
14 or administrative order or decree, interpretation or guidance,
15 now or hereafter in existence pertaining to employees,
16 occupational health and safety, public health or safety, natural
17 resources or the environment.
18 "Environmental due diligence." Investigative techniques,
19 including, but not limited to, visual property inspections,
20 electronic environmental data base searches, review of ownership
21 and use history of the property, environmental questionnaires,
22 transaction screens, environmental assessments or audits.
23 "Fiduciary." Any person which is considered a fiduciary
24 under section 3(21) of the Employee Retirement Income Security
25 Act of 1974 (Public Law 93-406, 88 Stat. 829) or who acts as
26 trustee, executor, administrator, custodian, guardian of
27 estates, conservator, committee of estates of persons who are
28 disabled, personal representative, receiver, agent, nominee,
29 registrar of stocks and bonds, assignee or in any other capacity
30 for the benefit of another person.
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1 "Foreclosure." The date upon which title vests in property
2 through realizing upon a security interest, including, but not
3 limited to, any ownership of property recognized under
4 applicable law as vesting the holder of the security interest
5 with some indicia of title, legal or equitable title obtained at
6 or in lieu of foreclosure, sheriff sales, bankruptcy
7 distributions and their equivalents.
8 "Fund." Collectively and separately, any special fund of
9 Commonwealth moneys administered by the Commonwealth or the
10 Department of Environmental Resources, including, but not
11 limited to, the Hazardous Sites Cleanup Fund and the Underground
12 Storage Tank Indemnification Fund, as well as any other fund of
13 Commonwealth moneys now or hereafter in existence created for
14 the funding or reimbursement of costs and damages such as
15 response costs, emergency response measures and their equivalent
16 relating to natural resources or the environment.
17 "Guarantor." The term includes guarantors and sureties of
18 security interests, securities and other obligations, issuers of
19 letters of credit and other credit enhancements, title insurers
20 and entities which directly or indirectly acquire indicia of
21 ownership in the course of protecting a security interest or
22 acting as such guarantors, sureties, issuers of letters of
23 credit or other credit enhancements or title insurers. The term
24 includes guaranties, surety bonds, title insurance policies,
25 letters of credit and other credit enhancements, and other
26 agreements with a guarantor relating to the obligations
27 described in this definition. The term directly or indirectly
28 includes any interest in property, security interest, indicia of
29 ownership title or right to title held or acquired by a
30 fiduciary or similar entity for the benefit of a holder of a
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1 security interest.
2 "Indicia of ownership." Any legal or equitable interest in
3 property acquired directly or indirectly:
4 (1) for securing payment of a loan or indebtedness, a
5 right of reimbursement or subrogation under a guaranty or the
6 performance of another obligation;
7 (2) evidencing ownership under a lease financing
8 transaction where the lessor does not initially select or
9 ordinarily control the daily operation or maintenance of the
10 property; or
11 (3) in the course of creating, protecting or enforcing a
12 security interest or right of reimbursement of subrogation
13 under a guaranty.
14 The term includes evidence of interest in mortgages, deeds of
15 trust, liens, surety bonds, guaranties, lease financing
16 transactions where the lessor does not initially select or
17 ordinarily control the daily operation or maintenance of the
18 property, other forms of encumbrances against property
19 recognized under applicable law as vesting the holder of the
20 security interest with some indicia of title.
21 "Industrial activity." Commercial, manufacturing, public
22 utility, mining or any other activity done to further either the
23 development, manufacturing or distribution of goods and
24 services, intermediate and final products and solid waste
25 created during such activities, including, but not limited to,
26 administration of business activities, research and development,
27 warehousing, shipping, transport, remanufacturing, stockpiling
28 of raw materials, storage, repair and maintenance of commercial
29 machinery and equipment and solid waste management.
30 "Industrial site." A site which now has or once had an
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1 industrial activity on it.
2 "Lender." Any person regulated or supervised by any Federal
3 or State regulatory agency and any of its affiliates or
4 subsidiaries, successors or assigns, including its officers,
5 directors, employees, representatives or agents, and any Federal
6 or State banking or lending agency or its successors, including,
7 but not limited to, Resolution Trust Corporation, Federal
8 Deposit Insurance Corporation, Federal Reserve Bank, Board of
9 Governors of the Federal Reserve System, Federal Home Loan Bank,
10 National Credit Union Administrator Board, Office of the
11 Comptroller of the Currency, Office of Thrift Supervision, Farm
12 Credit Administration and Small Business Administration or
13 similarly chartered Federal instrumentality. The term also
14 includes the initial lender and any subsequent holder of a
15 security interest or note, guarantor, lease financier or any
16 successor or a receiver or other person who acts on behalf or
17 for the benefit of a holder of a security interest. The term
18 includes an economic development agency.
19 "Occupant." A party which occupies or has the right to
20 occupy property owned by an economic development agency by any
21 instrument, including, but not limited to, a lease, mortgage,
22 installment sale contract, disposition agreement or trust
23 agreement.
24 "Person." An individual, partnership, corporation, business
25 trust, joint-stock fund, estate trust, banking association,
26 governmental, administrative or regulatory agency, institution
27 or any other type of legal entity whatsoever.
28 "Property." All types of real and personal and tangible and
29 intangible property.
30 "Redevelopment." Undertakings and activities made under the
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1 act of May 24, 1945 (P.L.991, No.385), known as the Urban
2 Redevelopment Law, including, but not limited to, planning,
3 acquisition, site preparation, demolition, rehabilitation,
4 renovation, conservation, reuse, renewal, improvement,
5 clearance, sale and lease of real property and improvements
6 thereon.
7 "Regulated substance." Any element, compound or material
8 which is subject to regulation under the environmental acts or
9 any element, compound or material defined as a hazardous, toxic,
10 regulated infectious chemotherapeutic substance or chemical
11 contaminant, waste, any type of pollution or condition or any
12 equivalent under the environmental acts.
13 "Release." Any spill, rupture, emission, discharge, other
14 action, occurrence, condition or any other term defined as a
15 "release" or other threat of release or operative word or event
16 which would trigger compliance requirements or liability under
17 the environmental acts.
18 "Response action." An action, including, but not limited to,
19 a response or interim response, remedial response or remedy or
20 corrective action, closure, or any other action under the
21 environmental acts in response to a release, such as testing,
22 inspections, sampling, installations, corrective action,
23 removals, closure, response costs, assessments or any types of
24 claims, damages, actions, fines and penalties.
25 "Security interest." An interest in property created or
26 established for the purpose of securing a loan, right of
27 reimbursement or subrogation under a guaranty or other
28 obligation or constituting a lease financing transaction. The
29 term includes security interests created under 13 Pa.C.S.
30 (relating to commercial code), mortgages, deeds of trust, liens,
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1 lease financing transactions in which the lessor does not
2 initially select or ordinarily control the daily operation or
3 maintenance of the property, trust receipt transactions and
4 their equivalents. Security interest may also arise from
5 transactions such as sales and leasebacks, conditional sales,
6 installment sales, certain assignments, factoring agreements,
7 accounts receivable, financing arrangements and consignments, if
8 the transaction creates or establishes an interest in property
9 for the purpose of securing a loan, right of reimbursement or
10 subrogation under a guaranty or other obligation. The term also
11 includes a confession of judgment or money judgment whereby a
12 lender commences an execution on such judgments with a writ of
13 execution and thereby causes property to be levied and attached.
14 Section 4. Limitation of economic development agency
15 environmental liability.
16 An economic development agency that holds an indicia of
17 ownership in property as a security interest for the purpose of
18 developing or redeveloping the property or to finance an
19 economic development or redevelopment activity shall not be
20 liable under the environmental acts to the department or to any
21 other person in accordance with the following:
22 (1) An economic development agency shall not be liable
23 in an action by the department, as a responsible person,
24 owner, operator or occupier, for remediating a release if the <--
25 economic development agency demonstrates any of the
26 following:
27 (i) The economic development agency exercised
28 reasonable maintenance of the property when it had
29 possession of the property.
30 (ii) The economic development agency, including its
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1 employees and agents, did not cause or exacerbate a
2 release of regulated substances on or from the property.
3 (iii) The property is an industrial site. UNLESS THE <--
4 ECONOMIC DEVELOPMENT AGENCY, ITS EMPLOYEES OR AGENTS
5 DIRECTLY CAUSE AN IMMEDIATE RELEASE, OR DIRECTLY
6 EXACERBATE A RELEASE, OF A REGULATED SUBSTANCE ON OR FROM
7 THE PROPERTY.
8 (2) An economic development agency which forecloses on
9 or assumes possession of a property shall remain within the
10 exemption from liability under this section.
11 (3) An economic development agency that conducts a
12 remedial action in accordance with a written agreement with
13 the department shall not be liable, as a responsible party,
14 owner, operator or occupier, in any action by the department
15 for a release or potential release of any regulated
16 substance.
17 (4) There is cooperation with governmental agencies
18 performing a remedial action, as follows:
19 (i) An economic development agency and any of its
20 successors and assigns may take no action that would
21 disturb or be inconsistent with remedial response that is
22 proposed, approved or implemented by the Federal
23 Environmental Protection Agency.
24 (ii) An economic development agency and any of its
25 successors and assigns shall permit access to Federal and
26 Commonwealth agencies and other parties acting under the
27 direction of these agencies to evaluate, perform or
28 maintain a remedial action.
29 (iii) An economic development agency or any of its
30 successors and assigns shall perform, operate and
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1 maintain remedial actions pursuant to State laws as
2 directed by the department.
3 Section 5. Limitation of lender environmental liability.
4 (a) Scope of lender liability.--A lender who engages in
5 activities involved in the routine practices of commercial
6 lending, including, but not limited to, the providing of
7 financial services, holding of security interests, workout
8 practices, foreclosure or the recovery of funds from the sale of
9 property shall not be liable under the environmental acts or
10 common law equivalents to the Department of Environmental
11 Resources or to any other person by virtue of the fact that the
12 lender engages in such commercial lending practice unless:
13 (1) the lender, its employees or agents directly cause
14 an immediate release or directly exacerbate a release of
15 regulated substances on or from the property; or
16 (2) the lender, its employees or agents knowingly and
17 willfully compelled the borrower to:
18 (i) do an action which caused an immediate release
19 of regulated substances; or
20 (ii) violate an environmental act.
21 (b) Limitation of lender liability.--Liability pursuant to
22 this act shall be limited to the cost for a response action
23 which may be directly attributable to the lender's activities as
24 specified in subsection (a). Liability shall arise only if the
25 lender's actions were the proximate and efficient cause of the
26 release or violation. Ownership or control of the property after
27 foreclosure shall not by itself trigger liability. No lender
28 shall be liable for any response action, if such response action
29 arises solely from a release of regulated substances which
30 occurred prior to or commences before and continues after
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1 foreclosure, provided, however, that the lender shall be
2 responsible for that portion of the response action which is
3 directly attributed to the lender's exacerbation of a release. A
4 release of regulated substances discovered in the course of
5 conducting environmental due diligence shall be presumed to be a
6 prior or continuing release on the property.
7 Section 6. Limitation of fiduciary environmental liability.
8 (a) Scope of fiduciary liability.--Any person who acts or
9 has acted as a fiduciary to another person shall not be liable
10 in its personal or individual capacity under the environmental
11 acts or common law equivalents to the department or to any other
12 person by virtue of the fact that the fiduciary provides or
13 provided such services unless:
14 (1) during the time when the fiduciary services were
15 actively provided, an event occurred which constituted a
16 release of regulated substances according to the
17 environmental acts at the time of such event;
18 (2) the fiduciary had the express power and authority to
19 control property which was the cause of or the site of such
20 release as part of actively providing services; and
21 (3) the release was caused by an act or omission which
22 constituted gross negligence or willful misconduct of the
23 fiduciary according to the law or standard practices at the
24 time of the release.
25 (b) Limitation of fiduciary liability.--Liability under this
26 act shall be limited to only the cost for a response action
27 which is directly attributable to the fiduciary's activities as
28 specified in this section. Under subsection (a)(2), control of
29 property shall be deemed to be in the lessee and not the lessor
30 for leased property. No fiduciary shall be liable for any
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1 response action, if such response action arises from a release
2 of regulated substances which occurred prior to, or commences
3 before and continues after the fiduciary takes action as
4 specified in subsection (a). Notwithstanding the foregoing, a
5 fiduciary shall be responsible for that portion of a response
6 action which is directly attributable to exacerbating a release.
7 A release of regulated substances discovered in the course of
8 conducting an environmental due diligence shall be presumed to
9 be a prior and continuing release on the property.
10 (c) Estate claims.--Nothing in this section shall prevent
11 claims against the fiduciary in its representative capacity.
12 Section 7. Defenses to liability.
13 A lender, fiduciary or economic development agency can avoid
14 liability under the environmental acts or the common-law
15 equivalents by showing evidence that a release or threatened
16 release of regulated substances for which the lender or
17 fiduciary otherwise is responsible under sections 4, 5 and 6 was
18 caused by any of the following:
19 (1) An act of God.
20 (2) An intervening act of a public agency.
21 (3) Migration from property owned by a third party.
22 (4) Actions taken or omitted in the course of rendering
23 care, assistance or advice in accordance with the
24 environmental acts or at the direction of the department.
25 (5) An act of a third party who was not an agent or
26 employee of the lender, fiduciary or economic development
27 agency.
28 (6) If the alleged liability for a lender or economic
29 development agency arises after foreclosure, and the lender
30 or economic development agency exercised due care with
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1 respect to the lender's or economic development agency's
2 knowledge about the regulated substances, and took reasonable
3 precautions based upon such knowledge against foreseeable
4 actions of third parties and the consequences arising
5 therefrom. A lender, fiduciary or economic development agency
6 can avoid liability by proving any other defense which may be
7 available to it under the environmental acts or common law.
8 Section 8. Savings clause.
9 Nothing in this act shall affect the rights, immunities or
10 other defenses that are available under other applicable law to
11 a lender, fiduciary or economic development agency, including,
12 but not limited to, rights of contribution and indemnity.
13 Nothing in this act shall be construed to create any new,
14 different or additional liability for or create a private right
15 of action against any lender, fiduciary or economic development
16 agency.
17 Section 9. Apportionment of liability.
18 Notwithstanding anything to the contrary, if two or more
19 persons acting independently cause distinct harm or a single
20 harm for which there is a reasonable basis for division
21 according to the contribution of each, a lender, fiduciary or
22 economic development agency shall be subject to liability only
23 for the portion of the total liability that is directly
24 attributable to the lender, fiduciary or economic development
25 agency.
26 Section 10. Construction of act.
27 The terms and conditions of this act are to be liberally
28 construed so as to best achieve and effectuate the goals and
29 purposes of this act. Liability shall be based on proximate and
30 efficient causation. This act preempts and eliminates all
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1 present liability standards, including, but not limited to, the
2 concept of a person who, without participation in the management
3 of property, holds indicia of ownership primarily to protect a
4 security interest. Under all provisions herein, the burden of
5 proof shall be upon the person seeking to have a lender,
6 fiduciary or economic development agency held liable for a
7 response action or damages.
8 Section 11. Severability.
9 The provisions of this act are severable. If any provision of
10 this act or its application to any person or circumstance is
11 held invalid, the invalidity shall not affect other provisions
12 or applications of this act which can be given effect without
13 the invalid provision or application.
14 Section 12. Repeals.
15 To the extent that any environmental acts are inconsistent
16 with this act, or pose liability as addressed in this act, such
17 provision of those laws are preempted and deemed repealed so
18 that the provisions of this act may be enforced. No
19 environmental law enacted after this act shall be applied
20 retroactively to impose liability upon lenders, fiduciaries or
21 economic development agencies, unless there are express
22 repealers which explain the extent of the repeal.
23 Section 13. Applicability.
24 The provisions of this act shall apply to the following:
25 (1) All indicia of ownership, including those presently
26 or subsequently acquired, or those acquired prior to the date
27 of enactment that are held primarily to protect a security
28 interest in the property.
29 (2) Each fiduciary with respect to any services provided
30 by the fiduciary, including those presently or subsequently
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1 provided, and those rendered prior to the date of enactment.
2 (3) All administrative actions, actions, suits or claims
3 against lenders, fiduciaries or economic development agencies
4 not yet finally resolved by the department or any court or
5 administrative hearing board having any action, suit or claim
6 pending before it or an appeal from a lower court, regardless
7 of when the release or interest in the subject property
8 occurred.
9 Section 14. Effective date.
10 This act shall take effect immediately upon the effective
11 date of the act of , 1995 (P.L. , No. ), known
12 as the Land Recycling and Environmental Remediation Standards
13 Act.
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