<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 34A-15-1 - Legislative findings. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2058703Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2058703SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2058703CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2058703Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2058703DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2058703Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2058703DefaultParagraphFont-000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2058703000003 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2058703SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2058703SCL-000004 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2058703Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=34A-15-1"><span class="s2058703SENU">34A-15-1</span></a><span xml:space="preserve" class="s2058703SENU">. </span><span class="s2058703CL">Legislative findings.</span></p><p dir="ltr" class="s2058703Normal-000000"><span class="s2058703DefaultParagraphFont">The Legislature hereby finds, and declare to be the public policy of this state, that:</span></p><p dir="ltr" class="s2058703Normal-000001"><span class="s2058703DefaultParagraphFont">(1)    Environmental laws of the United States and this state provide that the owner of the real property is liable for the cleanup of property contamination and define who is the owner of such property;</span></p><p dir="ltr" class="s2058703Normal-000001"><span class="s2058703DefaultParagraphFont">(2)    If a borrower defaults on a loan, a lender must decide whether to foreclose and potentially become the owner. For fear of becoming liable for conditions they did not create, lenders are showing a reluctance to foreclose, thus leaving no one responsible for the cleanup. Additionally, lenders are reluctant to lend to certain types of businesses because of this potential liability;</span></p><p dir="ltr" class="s2058703Normal-000001"><span class="s2058703DefaultParagraphFont">(3)    So that lenders can predict with more certainty what the costs will be if they foreclose, it is the intent of the Legislature to limit third</span><span class="s2058703DefaultParagraphFont-000002">-</span><span class="s2058703DefaultParagraphFont">party liability for lenders who comply with certain conditions.</span></p><p dir="ltr" class="s2058703Normal"><span xml:space="preserve" class="s2058703000003"> </span></p><p dir="ltr" class="s2058703Normal"><span class="s2058703SCL">Source:</span><span xml:space="preserve" class="s2058703SCL-000004"> SL 1992, ch 261, § 1.</span></p></div></body></html>