Directs the Department of Financial Services to inspect residential properties lenders must maintain; authorizes penalties for non-compliance.

This bill mandates the Department of Financial Services to periodically inspect residential real properties that lenders are obligated to maintain. It allows the Department or the relevant municipality to impose a $500 daily civil penalty on lenders who fail to maintain abandoned properties they are responsible for. Additionally, the bill requires lenders with a duty to maintain residential properties to register with the statewide vacant and abandoned property electronic registry.

Directs the Department of Financial Services to inspect residential properties lenders must maintain; authorizes penalties for non-compliance.

This bill mandates the Department of Financial Services to periodically inspect residential real properties that lenders are obligated to maintain. It allows the Department or the relevant municipality to impose a $500 daily civil penalty on lenders who fail to maintain abandoned properties they are responsible for. Additionally, the bill requires lenders with a duty to maintain residential properties to register with the statewide vacant and abandoned property electronic registry.