NJ Bill Would Force Banks To Maintain Vacant Properties

Law360, New York (May 1, 2013, 5:32 PM EDT) -- A New Jersey assemblyman on Monday introduced legislation to hold banks and property owners accountable for the cleanup and upkeep of abandoned vacant properties in an effort to minimize neighborhood eyesores and public safety issues stemming from the foreclosure crisis.

Assembly Bill 4031 would require the title holder or mortgage lender to register the vacant property with the municipality where it is located within 60 days of the property becoming vacant. The registrations shall include contact information for the responsible parties that will respond to notices...
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