Directs the Department of Financial Services to inspect residential properties for maintenance; imposes a $500 daily penalty for non-compliance.

The bill mandates the Department of Financial Services to periodically inspect residential properties that lenders are obligated to maintain. It authorizes the Department or the municipality to impose a $500 daily civil penalty on lenders who fail to maintain abandoned properties. Additionally, it requires lenders to register with the statewide vacant and abandoned property registry. The inspections must occur within four months of the lender registering with the registry and every six months thereafter until the property is no longer subject to these provisions.

Directs the Department of Financial Services to inspect residential properties for maintenance; imposes a $500 daily penalty for non-compliance.

The bill mandates the Department of Financial Services to periodically inspect residential properties that lenders are obligated to maintain. It authorizes the Department or the municipality to impose a $500 daily civil penalty on lenders who fail to maintain abandoned properties. Additionally, it requires lenders to register with the statewide vacant and abandoned property registry. The inspections must occur within four months of the lender registering with the registry and every six months thereafter until the property is no longer subject to these provisions.