California Health and Safety Code

§ 80730

HSC § 80730 Effective Jan 1, 2023Div. 45 · Part 2 · Ch. 11 · Art. 1

Statute text

“Secured creditor insurance” means insurance made available to an insured that covers all of the following:

(a)Response costs at a site incurred by the lender after a default by the borrower or foreclosure by the lender that occurs as a result of a pollution condition at the site, and the costs are reasonably necessary to remediate the site for its intended use so that it can be sold.

(b)Damages or other liability for a pollution condition at a site incurred by a lender as a result of that lender exercising a foreclosure option.

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Legislative history

Added by Stats. 2022, Ch. 257, Sec. 2. (AB 2293) Effective January 1, 2023. Operative January 1, 2024, pursuant to Sec. 4 of Stats. 2022, Ch. 257.