Property Maintenance Bill Proposed in New York
Legislation Update
January 3, 2018
S07167 Summary
BILL NO S07167
SAME AS No Same As
SPONSOR KLEIN
COSPNSR AVELLA, BAILEY, HAMILTON, PERALTA, SAVINO, VALESKY
MLTSPNSR
Amd §§1307, 1308 & 1310, RPAP L
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.
Source: New York State Assembly (SB 7167 full text)
Additional Resource:
The Real Deal (Why thousands of New Yorkers’ property values are depressed by a total of $53M)