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NY A08983
Bill
Status
8/13/2025
Primary Sponsor
Erik Dilan
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AI Summary
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Requires the Department of Financial Services to inspect vacant and abandoned residential properties within four months of lender registration with the statewide vacant and abandoned property registry, and every six months thereafter
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Authorizes the Department of Financial Services and municipalities to impose a $500 per day civil penalty on mortgagees that fail to maintain vacant and abandoned residential properties or fail to comply with registry requirements
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Expands mandatory registration with the statewide vacant and abandoned property electronic registry to include lenders with a duty to maintain foreclosed properties under existing law
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Requires lenders to submit additional information when registering, including the date the property was determined vacant/abandoned, when the maintenance duty accrued, and names of officers who may receive service of process
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Takes effect January 1 following enactment
Legislative Description
Directs the department of financial services to periodically inspect residential real properties for which a lender has a duty to maintain; authorizes the department of financial services or the municipality to impose a $500 a day civil penalty for the failure of a lender to maintain an abandoned property that it has a duty to maintain; requires such lenders to register with the statewide vacant and abandoned property electronic registry.
Last Action
referred to judiciary
1/7/2026