Bill > A08983

This bill requires the New York State Department of Financial Services to periodically inspect residential properties that are vacant, abandoned, or in foreclosure and that are legally required to be maintained by lenders. Specifically, the department must conduct an initial inspection within four months of a lender registering the property in the statewide vacant and abandoned property electronic registry, and then continue inspections every six months until the property is no longer considered abandoned. The bill authorizes the Department of Financial Services or the local municipality to impose a civil penalty of $500 per day if a lender fails to maintain an abandoned property or fails to comply with registration requirements. Lenders, assignees, or mortgage loan servicers must now register properties that are vacant, abandoned, or subject to a foreclosure judgment, providing detailed information such as contact details, foreclosure status, property address, and the date the property was determined to be abandoned. The bill aims to improve oversight and maintenance of abandoned properties, protecting neighborhoods from potential deterioration and ensuring lenders take responsibility for properties in their possession. The new requirements will take effect on the first day of January following the bill's enactment.

Justice

https://www.nysenate.gov/legislation/bills/2025/A8983