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.
Summary
Bill S01426 aims to enhance the maintenance of vacant and abandoned residential properties by imposing stricter regulations on lenders. It mandates the Department of Financial Services to conduct periodic inspections of such properties and requires lenders to register with a statewide registry. If lenders fail to maintain these properties, they may face civil penalties of $500 per day. The bill seeks to ensure that abandoned properties do not become blights on communities and that lenders are held accountable for their upkeep.
Impact
This legislation will amend the Real Property Actions and Proceedings Law, introducing new obligations for lenders regarding the maintenance of vacant and abandoned properties. It establishes a framework for inspections and penalties, which could lead to improved property conditions and reduced neighborhood deterioration. Municipalities will gain authority to enforce these regulations, potentially increasing local government involvement in property maintenance issues.
Sentiment
The sentiment surrounding Bill S01426 appears to be generally supportive among those advocating for community improvement and property maintenance. However, there may be concerns from lenders regarding the additional regulatory burdens and potential financial penalties associated with the bill. The lack of voting history and committee discussions suggests that the bill is still in the early stages of consideration.
Contention
Notable points of contention may arise from lenders who argue that the bill imposes excessive regulatory requirements and financial penalties. There may also be concerns regarding the feasibility of compliance with the inspection and registration processes. Advocates for the bill, however, emphasize the importance of maintaining community standards and protecting neighborhoods from the negative impacts of abandoned properties.
Same As
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.
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.
Authorizes municipalities and the department of financial services to seek civil penalties for violations of the duty to maintain a foreclosed property in an amount of up to $500 per day for each day such violation persists after the judgement of foreclosure has been issued.
Authorizes municipalities and the department of financial services to seek civil penalties for violations of the duty to maintain a foreclosed property in an amount of up to $650 per day for each day such violation persists after the judgement of foreclosure has been issued.