Bill > S1090

This bill, titled "Relative to vacant, foreclosing and foreclosed property in the Commonwealth," proposes new regulations for municipalities to manage properties that are empty, in the process of foreclosure, or have already been foreclosed upon. It defines key terms like "Responsible Party" (anyone with care, charge, or control of the property, including mortgagees initiating foreclosure), "Vacant Property" (a structure not legally occupied), "Foreclosing Property" (property where foreclosure proceedings have begun but a deed hasn't been recorded), and "Foreclosed Property" (property where a foreclosure deed has been recorded). Municipalities that accept these provisions can implement a registration and security program, requiring responsible parties to register such properties within 30 days of them becoming vacant, foreclosing, or foreclosed. This registration includes providing contact information for a local agent and a "Certificate of Compliance" confirming an inspection. If a property is vacant, a local individual or company must be designated for security and maintenance. These properties must be maintained according to building and sanitary codes, inspected monthly, and insured, with a visible sign on the property listing the responsible party and local contact. The bill also allows municipalities to require a refundable cash bond, up to $10,000, from responsible parties to cover potential costs incurred by the municipality for securing, cleaning, or maintaining the property. Failure to comply with these regulations can result in fines and the municipality placing a lien on the property. The provisions related to registration and security programs, as well as the cash bond requirement, will only take effect in a city or town after it formally accepts them through a vote.