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Involuntary Cleanup - 1983

Event: New Jersey passed the Environmental Cleanup Responsibility Act (ECRA) in 1983, which was the first state environmental disclosure and cleanup law. The Industrial Sites Recovery Act (ISRA) amended ECRA in 1993. Action: ECRA/ISRA requires owners or operators to disclose property information, identify chemical substances used in operations, investigate environmental impact and clean up their property prior to transfer. Sites regulated under ECRA/ISRA must be cleaned up before they could be transferred. Connection: Environmental consultants were busily employed to help owners and operators understand the new law and conduct investigations and cleanups. This was the beginning of environmental due diligence and the start of defining what elements were included in a Phase I Site Assessment. Following New Jersey’s lead, other states began to adopt environmental disclosure laws to protect purchasers. Environmental investigations begin to be considered as part of the industrial property transfer process. During the late 1980s our country…Log In to Read Full Article

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