Bill > S00925

This bill amends the Real Property Actions and Proceedings Law to strengthen regulations around vacant and abandoned properties, primarily focusing on improving reporting requirements and penalties. The bill increases the civil penalty for violations from $500 to $650 per day per property and expands the information that lenders and mortgage servicers must submit to the Department of Financial Services within 21 business days of identifying a vacant property. This information now includes more detailed contact details for lenders, servicers, and mortgagors, as well as foreclosure action status. The bill also enables municipalities to share information about vacant properties with each other and with municipal land banks to better coordinate property management. Additionally, the bill requires the superintendent of financial services to publish an annual report detailing the number of properties in the vacant and abandoned registry, broken down by county, city, and town, and categorized by how long properties have been on the registry. The new provisions aim to improve transparency, accountability, and management of vacant and abandoned properties, with significant financial penalties for non-compliance. The act will take effect 90 days after becoming law.

Housing and Urban Affairs, Justice

https://www.nysenate.gov/legislation/bills/2025/S925