New Jersey passed a bill enacting foreclosed property registration program provisions. Under the bill, a municipality may adopt ordinances to create a property registration program for the purposes of identifying and monitoring residential properties within the municipality for which a foreclosure summons and complaint has been filed. The bill mandates the requirements that must be included in the ordinances if a municipality elects to enact such ordinances (including a requirement that lenders and servicers care for, maintain and secure the exterior of vacant and abandoned property). The bill also permits municipalities to adopt ordinances authorizing a public officer or local official to issue violation notices to the lender or servicer if the lender or servicer fails to care for, maintain or secure the exterior of vacant and abandoned property. The bill went into effect January 18, 2022.
Click to view the NJ AB 2877: https://www.tenaco.com/wp-content/uploads/2022/01/NY-SB-1780-12-24-21.pdf
