(1) Any lender or holder who maintains indicia of ownership primarily to protect an interest in a property, facility, or other person, and who does not participate in the management of the property, facility, or other person, shall not be considered an owner or operator of that property, facility, or other person, nor liable under any pollution control or other environmental protection law, or any rule or regulation or written order of the commission in pursuance thereof, for the prevention, clean-up, removal, remediation or abatement of any pollution, hazardous waste or solid waste placed, released or dumped on, in, about or near the property, facility or other person or caused by any operator on or of the property, facility or other person.
(2) This section shall apply to actions commenced by the commission or by third parties.
(3) In implementing this section, the commission shall adopt regulations equivalent to those proposed by the United States Environmental Protection Agency for this purpose.
(4) This section shall apply to all interests existing at the time of passage of this chapter and thereafter created, whether secured or unsecured.
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