New Jersey Allows Localities To Levy Fines For Failure To Maintain Vacant Properties

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On May 15, New Jersey Governor Chris Christie signed AB 347, which authorizes municipalities to impose penalties on a creditor that fails to timely remedy violations related to the maintenance of vacant residential property in foreclosure for which the creditors are responsible under current law. A municipality must provide at least 30 days for the creditor to remedy the violation, and must include a description of the conditions that gave rise to the code violation as part of the notice of violation already required under state law. If the creditor fails to remedy the violation within that time period, the municipality may impose penalties allowed for the violation of municipal ordinances under current state statute. The new authority becomes effective July 14, 2014, 60 days after enactment.

 

Topics:  Abandoned Property, Fines, Foreclosure, Municipalities, New Legislation, Property Owners, Remedies, Secured Creditors

Published In: Civil Procedure Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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