Relates to penalties for failure to comply with maintenance and reporting of vacant and abandoned properties, and reporting and release of information; provides for the sharing of information between municipalities; provides for enforcement for failure to report on abandoned and vacant properties.
Summary
Bill A01608 seeks to amend the real property actions and proceedings law by increasing penalties for mortgagees who fail to comply with maintenance and reporting requirements for vacant and abandoned properties. The bill proposes a civil penalty of up to $650 per day for violations and establishes a statewide registry for such properties, which will be managed by the Department of Financial Services. Additionally, it mandates that lenders and mortgage servicers report information about vacant properties within 21 business days of identifying them as vacant or abandoned.
Impact
The bill will enhance the enforcement mechanisms related to the maintenance and reporting of vacant and abandoned properties in New York. By increasing penalties for non-compliance and establishing a registry, the legislation aims to improve accountability among mortgagees and promote better management of these properties. This could lead to more effective local governance and potentially reduce the negative impacts of vacant properties on communities.
Sentiment
The sentiment surrounding Bill A01608 appears to be generally supportive, as it addresses a significant issue of vacant and abandoned properties that affect many communities. However, there may be concerns from mortgagees regarding the increased penalties and the administrative burden of compliance with the new reporting requirements.
Contention
Notable points of contention may arise from mortgage lenders and servicers who could argue that the increased penalties are excessive and that the reporting requirements may impose significant operational challenges. Additionally, there may be debates regarding the confidentiality of the information in the registry and how it is shared among municipalities.
Same As
Relates to penalties for failure to comply with maintenance and reporting of vacant and abandoned properties, and reporting and release of information; provides for the sharing of information between municipalities; provides for enforcement for failure to report on abandoned and vacant properties.
Relates to penalties for failure to comply with maintenance and reporting of vacant and abandoned properties, and reporting and release of information; provides for the sharing of information between municipalities; provides for enforcement for failure to report on abandoned and vacant properties.
Relates to penalties for failure to comply with maintenance and reporting of vacant and abandoned properties, and reporting and release of information; provides for the sharing of information between municipalities; provides for enforcement for failure to report on abandoned and vacant properties.
Requires municipal accounting of abandoned properties before receiving certain State aid; establishes State database of abandoned properties; requires owners of abandoned properties to document rehabilitation efforts.
Directs the department of financial services to periodically inspect residential real properties for which a lender has a duty to maintain; authorizes the department of financial services or the municipality to impose a $500 a day civil penalty for the failure of a lender to maintain an abandoned property that it has a duty to maintain; requires such lenders to register with the statewide vacant and abandoned property electronic registry.
HOUSE RESOLUTION EXTENDING THE REPORTING AND EXPIRATION DATES OF THE SPECIAL LEGISLATIVE COMMISSION TO STUDY AND REVIEW THE COST AND STATUS OF THE STATE OF RHODE ISLAND OWNED, VACANT, AND ABANDONED PROPERTIES AND PROVIDE RECOMMENDATIONS FOR METHODS TO MITIGATE THE ASSOCIATED EXPENSES (Extends the reporting and expiration dates of the Commission to review the cost and status of State owned, vacant, and abandoned properties and makes recommendations to mitigate expenses to May 24, 2026, and expires December 15, 2026.)