Bill > A01608

This bill amends the Real Property Actions and Proceedings Law to strengthen regulations around vacant and abandoned properties. The legislation increases civil penalties for mortgagees who fail to maintain or report on vacant properties from $500 to $650 per day. It expands the Department of Financial Services' statewide vacant and abandoned property registry by allowing more flexible information sharing between public officials, municipalities, and municipal landbanks. The bill requires lenders, assignees, and mortgage loan servicers to submit detailed information about vacant properties within 21 business days of discovering they are abandoned, including contact information for responsible parties and the property's foreclosure status. Additionally, the bill introduces a new enforcement mechanism with potential civil penalties of up to $5,000 per property for failing to submit required information. The legislation also mandates an annual public report from the superintendent of financial services detailing the registry's data, including the number of properties and dwelling units in different counties, cities, and towns, and how long these properties have been vacant. The new provisions aim to improve transparency, accountability, and maintenance of abandoned properties, with the goal of addressing community blight and property deterioration.

Justice

https://www.nysenate.gov/legislation/bills/2025/A1608