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NY A10072
Bill
Status
5/10/2016
Primary Sponsor
Helene Weinstein
Click for details
AI Summary
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Requires mortgagees or their agents to notify the Department of Financial Services within 10 days of learning that foreclosed residential property is vacant or abandoned, including property details and contact information.
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Mandates the Department establish and maintain a statewide electronic database of foreclosed residential properties, with access granted to the Department of Law, municipalities, and authorized non-governmental entities for enforcement purposes.
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Requires mortgagees to submit amended notices within 10 days when property information materially changes or ownership is transferred.
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Establishes a toll-free hotline or internet portal for public reporting of vacant or abandoned foreclosed residential properties.
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Authorizes the Attorney General to enforce foreclosure property maintenance provisions and imposes fines of at least $1,000 per property for knowing violations, effective 180 days after enactment.
Legislative Description
Directs the department of financial services to establish an electronic database of residential real property that was foreclosed upon, and is vacant or abandoned but occupied by tenants; grants municipalities, the department of law and certain non-governmental entities access to such database for the purposes of enforcing the duty to maintain foreclosed property.
Last Action
referred to banks
5/10/2016