SB 1360 Summary

• Creates the Neighborhood Preservation Act to protect property values and neighborhood safety when foreclosed properties are left unattended.

• Requires mortgage holders to enter into control and possession of foreclosed properties and maintain them in safe and habitable condition until sold, rented, or otherwise disposed of.

• Grants municipalities authority to clean up or secure foreclosed properties if mortgage holders fail to maintain them, with ability to issue violations and recover costs from the mortgage holder.

• Declares an emergency effective upon passage and approval.