Bill > H1498

This bill, titled "Relative to vacant, foreclosing and foreclosed property in the Commonwealth," proposes to add new regulations for properties that are vacant, in the process of foreclosure, or have already been foreclosed upon. Municipalities that accept these provisions can implement a registration and security program for such properties, requiring "Responsible Parties" – which include owners, servicers, property managers, or real estate brokers with care, charge, or control of the property, or those involved in the foreclosure process – to register these properties. This registration must include contact information for a local agent and a designation for someone responsible for the property's security and maintenance if it's vacant. Properties must be maintained according to building and sanitary codes, inspected monthly, and have liability insurance. Additionally, a visible posting with contact information for the responsible party and their local agent must be displayed on the property. The bill also allows municipalities to require a refundable cash bond, up to $10,000, to cover expenses related to property maintenance, inspection, and securing. Failure to comply with these regulations can result in fines and the municipality placing a lien on the property. The provisions of this bill will only take effect in a city or town after it formally accepts them through a vote by its governing body.