Bill > S01426

This bill amends the Real Property Actions and Proceedings Law to enhance oversight and maintenance of vacant and abandoned residential properties by lenders. Specifically, the bill requires the Department of Financial Services to conduct periodic inspections of residential properties that are vacant and abandoned, with initial inspections occurring within four months of a lender registering the property and subsequent inspections every six months thereafter. The bill authorizes the Department of Financial Services and municipalities to impose a civil penalty of $500 per day if a lender fails to maintain a property for which they have a legal duty. Additionally, the bill mandates that lenders, assignees, or mortgage loan servicers register vacant and abandoned properties with a statewide electronic registry within 21 business days of learning about the property's status. The registration must include detailed information such as contact details for the lender, foreclosure action status, property address, and the date the property was determined to be vacant or abandoned. These provisions aim to address property deterioration, community blight, and ensure responsible maintenance of properties in foreclosure proceedings. The bill will take effect on the first day of January following its passage into law.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S1426