HB3058 - Abandoned Residential Property Act

• Creates the Abandoned Residential Property Act imposing duties on first lien mortgage holders to inspect, secure, and maintain abandoned residential properties within 90 days of borrower delinquency.

• Requires exterior inspections every 25-35 days at different times of day; mandates posting notices, securing broken doors/windows, boarding up entry points, and responding to government inquiries within 7 business days of determining abandonment.

• Establishes a statewide abandoned property registry database maintained by the Department of Financial and Professional Regulation, with public access via the Department website and a toll-free hotline for neighbors to report hazards or blight.

• Imposes civil penalties up to $500 per day per property for violations; allows municipalities to enforce obligations and recover maintenance costs after providing 7 days' notice (or immediately for emergency repairs).

• Exempts State or federally chartered banks, savings banks, savings and loan associations, and credit unions holding less than 0.3% of total state loans; limits home rule authority from imposing conflicting duties on regulated entities.