Bill
Bill > S2102
NJ S2102
Requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.
summary
Introduced
03/16/2020
03/16/2020
In Committee
03/16/2020
03/16/2020
Crossed Over
Passed
Dead
01/11/2022
01/11/2022
Introduced Session
2020-2021 Regular Session
Bill Summary
This bill places certain obligations on creditors to maintain vacant dwelling units in age-restricted communities during foreclosure. The bill provides that if the owner of a dwelling unit in an age-restricted community vacates or abandons a unit on which a foreclosure proceeding has been initiated or if a unit becomes vacant at any point subsequent to the creditor's filing the summons and complaint in an action to foreclose on a mortgage against the unit, but prior to vesting of title in the creditor or any other third party, a representative of the community may notify the creditor of the vacancy. The creditor, in addition to any other applicable responsibilities under the current provisions of section 17 of P.L.2008, c.127 (C.46:10B-51) with respect to maintaining residential property, shall have the responsibility, in the same manner and to the same extent as the title owner of the unit pursuant to the bylaws, rules, and regulations of the community, to: (1) pay the unit's monthly maintenance fee and the unit's share of any other common expenses of administering, maintaining, or operating the community; and (2) maintain the unit. The creditor may recover, against the title owner in the foreclosure or any other action, any outstanding fees paid or expenses incurred toward the maintenance of a vacant or abandoned property. If the creditor, subsequent to receipt of notice from the community, fails to pay the monthly maintenance fee or other common expenses or fails to maintain the dwelling unit pursuant to the bylaws, rules, and regulations of the community, the community shall have the same recourse against the creditor as it would have against the title owner of the unit pursuant to the bylaws, rules, and regulations of the community. The bill adds the nonpayment of any condominium or age-restricted community unit's monthly maintenance fee and common expenses for administering, maintaining, or operating the community or maintenance of the unit to the list of conditions indicating that a property is vacant and abandoned pursuant to P.L.2012, c.70 (C.2A:50-73).
AI Summary
This bill places certain obligations on creditors to maintain vacant dwelling units in age-restricted communities during foreclosure. The bill requires creditors to pay the unit's monthly maintenance fee and other common expenses, as well as maintain the unit, if the owner vacates or abandons the unit during the foreclosure process. The community may take the same recourse against the creditor as it would against the title owner if the creditor fails to meet these responsibilities. The bill also adds the nonpayment of condominium or age-restricted community fees and failure to maintain the unit as conditions indicating a property is vacant and abandoned.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 03/16/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.njleg.state.nj.us/bill-search/2020/S2102 |
BillText | https://www.njleg.state.nj.us/Bills/2020/S2500/2102_I1.HTM |
Bill | https://www.njleg.state.nj.us/Bills/2020/S2500/2102_I1.PDF |
BillText | https://www.njleg.state.nj.us/2020/Bills/S2500/2102_I1.HTM |
Bill | https://www.njleg.state.nj.us/2020/Bills/S2500/2102_I1.PDF |
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