Requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires mortgage lenders to maintain vacant, age-restricted dwelling units during foreclosure. Specifically, lenders must notify municipal officials about foreclosure proceedings and take responsibility for maintaining the property’s exterior if it becomes vacant. If the property is an affordable unit, the lender must identify this fact. Furthermore, the bill addresses situations where the property owner vacates or abandons a unit, requiring the lender to cover maintenance fees and upkeep until title is transferred.
Bill text
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Document of record
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Sponsors
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2 on record
Primary sponsors
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