Chicago Issues New Vacant Property Ordinance

Law360, New York (December 15, 2011, 4:17 PM EST) -- In the wake of a lawsuit brought by federal regulators over a July ordinance requiring mortgage holders to register vacant buildings, Cook County, Ill., passed another such rule Wednesday calling for mortgagees to pay a $250 fee to list vacant buildings on a countywide registry.

The ordinance, which passed unanimously at a Cook County Board meeting, will require mortgage holders to register and care for properties that have been vacant for at least 30 days and are in some stage of the foreclosure process.

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